Best Buy (NYSE:BBY) Posts Earnings Results, Beats Estimates By $0.35 EPS

Best Buy (NYSE:BBYGet Rating) announced its quarterly earnings results on Tuesday. The technology retailer reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.35, RTT News reports. The business had revenue of $10.59 billion during the quarter, compared to analysts’ expectations of $10.30 billion. Best Buy had a return on equity of 57.26% and a net margin of 3.23%. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter last year, the business posted $2.08 earnings per share.

Best Buy Trading Up 3.1 %

Shares of Best Buy stock traded up $2.51 during trading hours on Thursday, reaching $82.39. The stock had a trading volume of 6,270,950 shares, compared to its average volume of 3,555,419. The firm has a market capitalization of $18.55 billion, a price-to-earnings ratio of 12.33, a P/E/G ratio of 0.73 and a beta of 1.46. The company has a current ratio of 0.98, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38. Best Buy has a 1 year low of $60.78 and a 1 year high of $121.87. The firm has a 50 day simple moving average of $68.17 and a two-hundred day simple moving average of $73.10.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Tuesday, December 13th will be issued a $0.88 dividend. The ex-dividend date is Monday, December 12th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is 52.69%.

Insider Activity at Best Buy

In related news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Damien Harmon sold 1,308 shares of the firm’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $76.58, for a total transaction of $100,166.64. Following the sale, the executive vice president now directly owns 44,910 shares in the company, valued at approximately $3,439,207.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kathleen Scarlett sold 25,071 shares of the firm’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $72.37, for a total value of $1,814,388.27. Following the sale, the executive vice president now owns 50,101 shares in the company, valued at $3,625,809.37. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,533 shares of company stock worth $1,925,382. 0.44% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently bought and sold shares of the business. National Pension Service increased its holdings in Best Buy by 3.0% during the 3rd quarter. National Pension Service now owns 376,569 shares of the technology retailer’s stock worth $24,507,000 after purchasing an additional 10,881 shares during the last quarter. Captrust Financial Advisors grew its position in shares of Best Buy by 1.9% in the 3rd quarter. Captrust Financial Advisors now owns 76,894 shares of the technology retailer’s stock worth $4,870,000 after acquiring an additional 1,430 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund grew its position in shares of Best Buy by 3.8% in the 3rd quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 7,182 shares of the technology retailer’s stock worth $455,000 after acquiring an additional 265 shares in the last quarter. Kentucky Retirement Systems grew its position in shares of Best Buy by 4.4% in the 3rd quarter. Kentucky Retirement Systems now owns 15,687 shares of the technology retailer’s stock worth $994,000 after acquiring an additional 660 shares in the last quarter. Finally, Baird Financial Group Inc. grew its position in shares of Best Buy by 18.1% in the 3rd quarter. Baird Financial Group Inc. now owns 238,001 shares of the technology retailer’s stock worth $15,075,000 after acquiring an additional 36,510 shares in the last quarter. 79.86% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on BBY shares. JPMorgan Chase & Co. decreased their price objective on Best Buy from $85.00 to $78.00 and set a “neutral” rating on the stock in a research note on Friday, November 18th. UBS Group increased their price objective on Best Buy to $80.00 in a research note on Thursday. Morgan Stanley decreased their price objective on Best Buy from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 31st. Telsey Advisory Group increased their price objective on Best Buy from $82.00 to $88.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Bank of America increased their price objective on Best Buy from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $81.44.

Best Buy Company Profile

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

See Also

Earnings History for Best Buy (NYSE:BBY)

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