Best Buy Co Inc (NYSE:BBY) – Research analysts at Wedbush upped their Q1 2019 earnings per share (EPS) estimates for Best Buy in a research report issued on Monday. Wedbush analyst M. Pachter now forecasts that the technology retailer will post earnings per share of $0.73 for the quarter, up from their previous forecast of $0.61. Wedbush currently has a “Sell” rating and a $38.00 price target on the stock. Wedbush also issued estimates for Best Buy’s Q2 2019 earnings at $0.85 EPS, Q3 2019 earnings at $0.94 EPS, Q4 2019 earnings at $2.33 EPS and FY2019 earnings at $4.79 EPS.
Several other brokerages also recently weighed in on BBY. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a report on Tuesday, October 10th. Jefferies Group reiterated a “hold” rating and issued a $60.00 price target on shares of Best Buy in a research note on Monday, November 13th. They noted that the move was a valuation call. Oppenheimer reiterated a “hold” rating on shares of Best Buy in a research note on Wednesday, September 20th. Piper Jaffray Companies reiterated a “buy” rating and issued a $68.00 price target on shares of Best Buy in a research note on Thursday, September 21st. Finally, Telsey Advisory Group decreased their price target on shares of Best Buy from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 20th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $59.14.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The firm had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. Best Buy had a net margin of 3.09% and a return on equity of 28.46%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 EPS.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bremer Trust National Association purchased a new stake in shares of Best Buy during the 4th quarter valued at about $285,000. Dalton Greiner Hartman Maher & Co. purchased a new stake in shares of Best Buy during the 4th quarter valued at about $231,000. Sit Investment Associates Inc. raised its position in shares of Best Buy by 783,437.5% during the 4th quarter. Sit Investment Associates Inc. now owns 188,049 shares of the technology retailer’s stock valued at $12,876,000 after buying an additional 188,025 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Best Buy by 19.8% during the 3rd quarter. Prudential Financial Inc. now owns 1,053,380 shares of the technology retailer’s stock valued at $60,001,000 after buying an additional 173,903 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Best Buy by 2.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,396,332 shares of the technology retailer’s stock valued at $79,535,000 after buying an additional 30,414 shares in the last quarter. Hedge funds and other institutional investors own 88.45% of the company’s stock.
In other news, major shareholder Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $58.80, for a total transaction of $58,800,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, General Counsel Keith J. Nelsen sold 44,235 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the sale, the general counsel now owns 107,503 shares in the company, valued at $6,104,020.34. The disclosure for this sale can be found here. Insiders have sold a total of 3,134,253 shares of company stock worth $191,063,125 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th were given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Wednesday, December 6th. Best Buy’s dividend payout ratio is 34.43%.
Best Buy Company Profile
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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