Analysts forecast that Best Buy Co Inc (NYSE:BBY) will announce $9.57 billion in sales for the current quarter, Zacks reports. Eight analysts have made estimates for Best Buy’s earnings, with estimates ranging from $9.52 billion to $9.62 billion. Best Buy reported sales of $9.38 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2%. The company is expected to announce its next earnings report on Tuesday, August 27th.
According to Zacks, analysts expect that Best Buy will report full-year sales of $43.68 billion for the current fiscal year, with estimates ranging from $43.38 billion to $43.91 billion. For the next fiscal year, analysts anticipate that the business will report sales of $44.34 billion, with estimates ranging from $43.56 billion to $44.91 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Best Buy.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.14. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The company had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.14 billion. During the same period in the previous year, the business posted $0.82 earnings per share. The business’s quarterly revenue was up .4% compared to the same quarter last year.
NYSE:BBY traded up $0.87 during trading on Friday, reaching $74.71. The company’s stock had a trading volume of 1,720,421 shares, compared to its average volume of 3,076,396. The company has a market capitalization of $19.82 billion, a price-to-earnings ratio of 14.04, a price-to-earnings-growth ratio of 1.47 and a beta of 1.07. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.39 and a current ratio of 1.12. The company has a 50 day simple moving average of $68.71. Best Buy has a 12 month low of $47.72 and a 12 month high of $84.37.
The business also recently declared a quarterly dividend, which was paid on Friday, July 5th. Shareholders of record on Thursday, June 13th were given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend was Wednesday, June 12th. Best Buy’s dividend payout ratio is currently 37.59%.
In other news, Director Lisa Caputo sold 2,500 shares of Best Buy stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $75.20, for a total transaction of $188,000.00. Following the sale, the director now owns 45,936 shares of the company’s stock, valued at approximately $3,454,387.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Richard M. Schulze sold 69,400 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $75.12, for a total value of $5,213,328.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $130,145,400. The disclosure for this sale can be found here. Insiders have sold a total of 1,512,845 shares of company stock worth $104,589,616 over the last 90 days. Insiders own 0.95% of the company’s stock.
Several large investors have recently bought and sold shares of the business. FMR LLC raised its holdings in shares of Best Buy by 0.9% in the first quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock valued at $1,688,517,000 after buying an additional 215,871 shares during the last quarter. BlackRock Inc. grew its position in shares of Best Buy by 1.7% in the first quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock valued at $1,236,916,000 after purchasing an additional 295,060 shares during the last quarter. Norges Bank acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $145,454,000. Amundi Pioneer Asset Management Inc. boosted its position in Best Buy by 5.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,471,392 shares of the technology retailer’s stock worth $130,885,000 after acquiring an additional 128,144 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Best Buy by 7.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,414,905 shares of the technology retailer’s stock worth $127,879,000 after acquiring an additional 171,050 shares during the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.
About Best Buy
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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