Zacks: Brokerages Anticipate Best Buy Co Inc (NYSE:BBY) Will Announce Earnings of $1.04 Per Share

Equities research analysts forecast that Best Buy Co Inc (NYSE:BBY) will report earnings of $1.04 per share for the current quarter, according to Zacks Investment Research. Eight analysts have provided estimates for Best Buy’s earnings, with estimates ranging from $1.00 to $1.08. Best Buy reported earnings of $0.93 per share in the same quarter last year, which suggests a positive year over year growth rate of 11.8%. The business is scheduled to announce its next earnings results on Tuesday, November 19th.

According to Zacks, analysts expect that Best Buy will report full year earnings of $5.75 per share for the current fiscal year, with EPS estimates ranging from $5.67 to $5.86. For the next financial year, analysts forecast that the business will report earnings of $6.04 per share, with EPS estimates ranging from $5.41 to $6.38. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Best Buy.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.09. Best Buy had a net margin of 3.52% and a return on equity of 48.56%. The firm had revenue of $9.54 billion for the quarter, compared to analyst estimates of $9.55 billion. During the same quarter last year, the business posted $0.91 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis.



BBY has been the topic of a number of research analyst reports. Goldman Sachs Group initiated coverage on shares of Best Buy in a research report on Thursday, July 11th. They issued a “neutral” rating and a $73.00 target price on the stock. Telsey Advisory Group cut their target price on shares of Best Buy from $76.00 to $70.00 and set a “market perform” rating on the stock in a research report on Friday, August 30th. Morgan Stanley cut their target price on shares of Best Buy from $77.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, August 30th. Guggenheim initiated coverage on shares of Best Buy in a research report on Monday, July 8th. They issued a “buy” rating and a $80.00 target price on the stock. Finally, Bank of America set a $75.00 target price on shares of Best Buy and gave the company a “hold” rating in a research report on Monday, August 26th. Eleven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Best Buy currently has a consensus rating of “Hold” and an average target price of $77.13.

In other news, major shareholder Richard M. Schulze sold 430,600 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $75.26, for a total transaction of $32,406,956.00. Following the completion of the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lisa Caputo sold 2,500 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 45,936 shares of the company’s stock, valued at approximately $3,454,387.20. The disclosure for this sale can be found here. Insiders have sold 1,381,448 shares of company stock valued at $101,304,357 in the last ninety days. Insiders own 0.95% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. Invesco Ltd. raised its stake in Best Buy by 289.7% during the second quarter. Invesco Ltd. now owns 4,918,106 shares of the technology retailer’s stock worth $342,938,000 after buying an additional 3,656,220 shares during the last quarter. Nuveen Asset Management LLC raised its stake in Best Buy by 3,218.5% during the second quarter. Nuveen Asset Management LLC now owns 3,259,002 shares of the technology retailer’s stock worth $227,250,000 after buying an additional 3,160,794 shares during the last quarter. AQR Capital Management LLC raised its stake in Best Buy by 40.6% during the second quarter. AQR Capital Management LLC now owns 4,797,656 shares of the technology retailer’s stock worth $330,991,000 after buying an additional 1,385,457 shares during the last quarter. Vanguard Group Inc. raised its stake in Best Buy by 3.7% during the second quarter. Vanguard Group Inc. now owns 27,605,353 shares of the technology retailer’s stock worth $1,924,922,000 after buying an additional 993,608 shares during the last quarter. Finally, BlackRock Inc. raised its stake in Best Buy by 4.4% during the second quarter. BlackRock Inc. now owns 18,179,382 shares of the technology retailer’s stock worth $1,267,648,000 after buying an additional 772,762 shares during the last quarter. 78.12% of the stock is owned by institutional investors and hedge funds.

Best Buy stock traded down $1.27 during mid-day trading on Wednesday, reaching $67.15. The company had a trading volume of 1,713,362 shares, compared to its average volume of 3,063,620. Best Buy has a fifty-two week low of $47.72 and a fifty-two week high of $81.66. The company has a current ratio of 1.08, a quick ratio of 0.39 and a debt-to-equity ratio of 1.06. The company has a market cap of $17.95 billion, a P/E ratio of 12.62, a P/E/G ratio of 1.35 and a beta of 1.11. The business has a fifty day simple moving average of $67.24 and a 200 day simple moving average of $69.69.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, September 18th. Best Buy’s payout ratio is currently 37.59%.

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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