Brokerages Expect Best Buy Co Inc (BBY) Will Post Quarterly Sales of $14.48 Billion

Wall Street brokerages expect Best Buy Co Inc (NYSE:BBY) to announce sales of $14.48 billion for the current quarter, Zacks reports. Seven analysts have issued estimates for Best Buy’s earnings, with the lowest sales estimate coming in at $14.21 billion and the highest estimate coming in at $15.05 billion. Best Buy posted sales of $13.48 billion during the same quarter last year, which suggests a positive year over year growth rate of 7.4%. The business is expected to report its next earnings report before the market opens on Thursday, March 1st.

On average, analysts expect that Best Buy will report full-year sales of $14.48 billion for the current financial year, with estimates ranging from $41.00 billion to $41.84 billion. For the next year, analysts expect that the company will post sales of $40.82 billion per share, with estimates ranging from $39.79 billion to $41.63 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Best Buy.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. The company had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The business’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS.

BBY has been the topic of several analyst reports. Loop Capital set a $72.00 target price on shares of Best Buy and gave the stock a “buy” rating in a research report on Tuesday, October 24th. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Wedbush set a $38.00 target price on shares of Best Buy and gave the stock a “sell” rating in a research report on Monday, January 8th. Moffett Nathanson initiated coverage on shares of Best Buy in a research report on Monday, December 4th. They issued a “sell” rating on the stock. Finally, Jefferies Group reissued a “hold” rating and issued a $60.00 target price on shares of Best Buy in a research report on Monday, November 13th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Best Buy currently has a consensus rating of “Hold” and an average target price of $62.97.

Best Buy (NYSE BBY) opened at $70.76 on Monday. The firm has a market cap of $20,685.06, a P/E ratio of 17.87, a PEG ratio of 1.14 and a beta of 1.11. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. Best Buy has a 1 year low of $41.67 and a 1 year high of $78.59.

In related news, General Counsel Keith J. Nelsen sold 44,235 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the transaction, the general counsel now directly owns 107,503 shares of the company’s stock, valued at $6,104,020.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Richard M. Schulze sold 250,000 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The shares were sold at an average price of $66.83, for a total transaction of $16,707,500.00. Following the transaction, the insider now directly owns 1,732,500 shares in the company, valued at $115,782,975. The disclosure for this sale can be found here. Insiders have sold 3,134,253 shares of company stock worth $191,063,125 over the last ninety days. 1.21% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Fieldpoint Private Securities LLC acquired a new stake in Best Buy in the third quarter valued at approximately $139,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its stake in Best Buy by 232.8% in the fourth quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock valued at $139,000 after acquiring an additional 1,420 shares during the last quarter. Smithfield Trust Co. acquired a new stake in Best Buy in the third quarter valued at approximately $178,000. Squar Milner Financial Services LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $201,000. Finally, Harbour Capital Advisors LLC acquired a new stake in Best Buy in the fourth quarter valued at approximately $205,000. Hedge funds and other institutional investors own 88.70% of the company’s stock.

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About Best Buy

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.

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