Analysts expect Best Buy Co Inc (NYSE:BBY) to report earnings per share of $0.87 for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Best Buy’s earnings, with the highest EPS estimate coming in at $0.90 and the lowest estimate coming in at $0.85. Best Buy reported earnings of $0.82 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 6.1%. The firm is scheduled to issue its next earnings results on Thursday, May 23rd.
On average, analysts expect that Best Buy will report full-year earnings of $5.64 per share for the current fiscal year, with EPS estimates ranging from $5.55 to $5.80. For the next fiscal year, analysts forecast that the company will post earnings of $6.00 per share, with EPS estimates ranging from $5.79 to $6.18. Zacks’ earnings per share calculations are a mean average based on a survey of research analysts that that provide coverage for Best Buy.
Best Buy (NYSE:BBY) last issued its earnings results on Wednesday, February 27th. The technology retailer reported $2.72 earnings per share for the quarter, beating analysts’ consensus estimates of $2.57 by $0.15. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. The company had revenue of $14.80 billion for the quarter, compared to the consensus estimate of $14.69 billion. During the same quarter in the prior year, the company earned $2.42 EPS. The firm’s quarterly revenue was down 3.7% on a year-over-year basis.
Several research firms have recently weighed in on BBY. Oppenheimer cut Best Buy from a “buy” rating to a “market perform” rating in a research report on Monday, March 25th. Evercore ISI started coverage on Best Buy in a research note on Wednesday, March 20th. They set an “in-line” rating and a $75.00 price objective for the company. ValuEngine upgraded Best Buy from a “sell” rating to a “hold” rating in a research report on Monday, March 11th. Wolfe Research upgraded Best Buy from a “market perform” rating to a “buy” rating in a report on Wednesday, March 6th. Finally, Citigroup lifted their price objective on Best Buy from $72.00 to $77.00 and gave the company a “neutral” rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $76.82.
NYSE:BBY traded up $0.51 during mid-day trading on Friday, reaching $73.67. The stock had a trading volume of 53,326 shares, compared to its average volume of 2,711,423. Best Buy has a fifty-two week low of $47.72 and a fifty-two week high of $84.37. The company has a market capitalization of $19.59 billion, a P/E ratio of 13.86, a P/E/G ratio of 1.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.46 and a current ratio of 1.18.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 10th. Shareholders of record on Wednesday, March 20th were given a dividend of $0.50 per share. This is a positive change from Best Buy’s previous quarterly dividend of $0.45. The ex-dividend date was Tuesday, March 19th. This represents a $2.00 annualized dividend and a dividend yield of 2.71%. Best Buy’s payout ratio is 37.59%.
Best Buy declared that its board has authorized a stock buyback program on Wednesday, February 27th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the technology retailer to reacquire up to 18.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, SVP Mathew Watson sold 380 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $68.79, for a total transaction of $26,140.20. Following the transaction, the senior vice president now directly owns 20,206 shares of the company’s stock, valued at approximately $1,389,970.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Corie S. Barry sold 27,788 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $68.55, for a total value of $1,904,867.40. Following the transaction, the chief financial officer now directly owns 120,093 shares in the company, valued at $8,232,375.15. The disclosure for this sale can be found here. Insiders have sold a total of 1,239,284 shares of company stock worth $85,077,082 in the last ninety days. Insiders own 0.75% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Personal Wealth Partners acquired a new position in shares of Best Buy during the 1st quarter worth approximately $227,000. Quantitative Systematic Strategies LLC bought a new stake in Best Buy in the 1st quarter valued at $546,000. Raymond James Trust N.A. bought a new stake in Best Buy in the 1st quarter valued at $219,000. Sciencast Management LP bought a new stake in Best Buy in the 1st quarter valued at $336,000. Finally, Scout Investments Inc. lifted its position in shares of Best Buy by 12.0% during the 1st quarter. Scout Investments Inc. now owns 530,667 shares of the technology retailer’s stock valued at $37,709,000 after acquiring an additional 56,733 shares during the period. 84.10% of the stock is currently owned by institutional investors and hedge funds.
Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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