Best Buy (NYSE:BBY) Announces Earnings Results

Best Buy (NYSE:BBY) posted its earnings results on Thursday. The technology retailer reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.09, RTT News reports. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The company had revenue of $9.54 billion for the quarter, compared to the consensus estimate of $9.55 billion. During the same quarter in the prior year, the company earned $0.91 earnings per share. Best Buy’s revenue was up 1.7% on a year-over-year basis.

NYSE BBY opened at $69.00 on Thursday. The stock’s 50-day moving average price is $70.99 and its 200-day moving average price is $69.16. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. Best Buy has a 52 week low of $47.72 and a 52 week high of $81.66. The company has a market capitalization of $18.07 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 1.34 and a beta of 1.06.

BBY has been the topic of a number of recent research reports. Guggenheim initiated coverage on Best Buy in a report on Monday, July 8th. They issued a “buy” rating and a $80.00 target price on the stock. Wedbush set a $71.00 target price on Best Buy and gave the company a “hold” rating in a report on Monday. ValuEngine raised Best Buy from a “sell” rating to a “hold” rating in a report on Tuesday, August 13th. Goldman Sachs Group initiated coverage on Best Buy in a report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 target price on the stock. Finally, Telsey Advisory Group reissued a “market perform” rating on shares of Best Buy in a report on Thursday, July 25th. Thirteen research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $79.12.



In other news, major shareholder Richard M. Schulze sold 206,188 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $72.07, for a total value of $14,859,969.16. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $124,861,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kathleen Scarlett sold 2,694 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $64.33, for a total value of $173,305.02. Following the completion of the transaction, the insider now directly owns 30,044 shares in the company, valued at approximately $1,932,730.52. The disclosure for this sale can be found here. Insiders sold 1,384,142 shares of company stock worth $101,477,662 in the last ninety days. Corporate insiders own 0.95% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Virtus ETF Advisers LLC bought a new stake in Best Buy during the 2nd quarter valued at approximately $25,000. TRUE Private Wealth Advisors bought a new stake in Best Buy during the 2nd quarter valued at approximately $27,000. Advisors Preferred LLC bought a new stake in Best Buy during the 2nd quarter valued at approximately $27,000. Oppenheimer Asset Management Inc. bought a new stake in Best Buy during the 1st quarter valued at approximately $34,000. Finally, Braun Bostich & Associates Inc. bought a new stake in Best Buy during the 1st quarter valued at approximately $40,000. 78.16% of the stock is currently owned by institutional investors.

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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Earnings History for Best Buy (NYSE:BBY)

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