Brokerages expect Best Buy Co., Inc. (NYSE:BBY) to report sales of $8.65 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Best Buy Co.’s earnings, with estimates ranging from $8.58 billion to $8.72 billion. Best Buy Co. posted sales of $8.53 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.4%. The company is scheduled to report its next earnings report before the market opens on Tuesday, August 29th.

On average, analysts expect that Best Buy Co. will report full-year sales of $8.65 billion for the current fiscal year, with estimates ranging from $40.06 billion to $40.93 billion. For the next financial year, analysts expect that the company will post sales of $39.89 billion per share, with estimates ranging from $38.90 billion to $40.47 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Best Buy Co..

Best Buy Co. (NYSE:BBY) last issued its earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The firm had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share.

BBY has been the topic of a number of research reports. Bank of America Corporation upgraded Best Buy Co. from a “neutral” rating to a “buy” rating and raised their price target for the stock from $46.00 to $58.00 in a research note on Tuesday, April 25th. Loop Capital upgraded Best Buy Co. from a “sell” rating to a “hold” rating and dropped their price target for the stock from $37.00 to $35.00 in a research note on Monday, May 15th. Wedbush restated an “underperform” rating and issued a $29.00 price target on shares of Best Buy Co. in a research note on Monday, May 22nd. UBS AG restated a “buy” rating and issued a $51.00 price target (up from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Finally, Jefferies Group LLC raised their price target on Best Buy Co. from $43.00 to $51.00 and gave the stock a “hold – buy” rating in a research note on Thursday, May 25th. Four research analysts have rated the stock with a sell rating, three have given a hold rating and twenty have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $56.76.

Shares of Best Buy Co. (NYSE BBY) opened at 60.07 on Monday. The company has a market capitalization of $18.32 billion, a price-to-earnings ratio of 16.16 and a beta of 1.45. The firm has a 50 day moving average price of $57.16 and a 200 day moving average price of $51.33. Best Buy Co. has a 52 week low of $32.20 and a 52 week high of $62.36.

In other news, VP Mathew Watson sold 758 shares of Best Buy Co. stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total value of $39,279.56. Following the sale, the vice president now directly owns 19,172 shares of the company’s stock, valued at $993,493.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Asheesh Saksena sold 18,706 shares of Best Buy Co. stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $57.08, for a total value of $1,067,738.48. The disclosure for this sale can be found here. Insiders sold 121,917 shares of company stock worth $7,107,375 over the last ninety days. Insiders own 1.21% of the company’s stock.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after buying an additional 1,241,888 shares during the period. BlackRock Inc. boosted its stake in shares of Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Best Buy Co. by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 14,724,133 shares of the technology retailer’s stock valued at $723,692,000 after buying an additional 898,300 shares during the period. State Street Corp boosted its stake in shares of Best Buy Co. by 1.9% in the first quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock valued at $673,407,000 after buying an additional 250,469 shares during the period. Finally, American International Group Inc. boosted its stake in shares of Best Buy Co. by 1.3% in the first quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock valued at $533,116,000 after buying an additional 142,042 shares during the period. 94.06% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: “$8.65 Billion in Sales Expected for Best Buy Co., Inc. (BBY) This Quarter” was originally posted by American Banking News and is the property of of American Banking News. If you are reading this report on another site, it was stolen and republished in violation of United States & international copyright legislation. The legal version of this report can be viewed at https://www.americanbankingnews.com/2017/08/14/8-65-billion-in-sales-expected-for-best-buy-co-inc-bby-this-quarter.html.

About Best Buy Co.

Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.

Get a free copy of the Zacks research report on Best Buy Co. (BBY)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Best Buy Co. (NYSE:BBY)

Receive News & Ratings for Best Buy Co. Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy Co. Inc. and related companies with MarketBeat.com's FREE daily email newsletter.