Brokerages Expect Best Buy Co Inc (BBY) to Post $2.58 EPS

Wall Street brokerages forecast that Best Buy Co Inc (NYSE:BBY) will report earnings of $2.58 per share for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Best Buy’s earnings, with the highest EPS estimate coming in at $2.65 and the lowest estimate coming in at $2.52. Best Buy reported earnings of $2.42 per share during the same quarter last year, which indicates a positive year-over-year growth rate of 6.6%. The firm is scheduled to announce its next quarterly earnings report on Thursday, March 7th.

According to Zacks, analysts expect that Best Buy will report full-year earnings of $5.19 per share for the current financial year, with EPS estimates ranging from $5.13 to $5.26. For the next year, analysts anticipate that the company will report earnings of $5.51 per share, with EPS estimates ranging from $5.38 to $5.74. Zacks’ EPS averages are an average based on a survey of sell-side research analysts that follow Best Buy.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Tuesday, November 20th. The technology retailer reported $0.93 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.85 by $0.08. The company had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The business’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 earnings per share.

A number of analysts recently weighed in on the stock. Loop Capital restated a “buy” rating on shares of Best Buy in a research note on Tuesday, November 27th. Morgan Stanley cut their target price on shares of Best Buy from $80.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Friday, November 23rd. Jefferies Financial Group set a $70.00 target price on shares of Best Buy and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Telsey Advisory Group restated a “hold” rating on shares of Best Buy in a research note on Wednesday, November 21st. Finally, Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 21st. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $77.06.

Shares of BBY stock traded up $0.52 during trading hours on Friday, reaching $64.59. 3,991,273 shares of the stock were exchanged, compared to its average volume of 4,818,480. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.28 and a current ratio of 1.10. Best Buy has a 12-month low of $57.51 and a 12-month high of $84.37. The firm has a market capitalization of $17.53 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 1.08 and a beta of 1.01.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Tuesday, December 11th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date of this dividend is Monday, December 10th. Best Buy’s dividend payout ratio (DPR) is 40.72%.

In related news, CFO Corie S. Barry sold 6,783 shares of the company’s stock in a transaction that occurred on Friday, October 19th. The stock was sold at an average price of $72.80, for a total value of $493,802.40. Following the completion of the transaction, the chief financial officer now directly owns 80,961 shares of the company’s stock, valued at $5,893,960.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen sold 33,473 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $80.38, for a total value of $2,690,559.74. The disclosure for this sale can be found here. Insiders sold 71,711 shares of company stock valued at $5,693,126 over the last ninety days. 0.75% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in BBY. MERIAN GLOBAL INVESTORS UK Ltd boosted its holdings in Best Buy by 647.0% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock valued at $225,641,000 after purchasing an additional 2,462,655 shares in the last quarter. Swedbank acquired a new position in Best Buy in the third quarter valued at approximately $174,994,000. Marshall Wace LLP boosted its holdings in Best Buy by 454.5% in the second quarter. Marshall Wace LLP now owns 1,287,293 shares of the technology retailer’s stock valued at $96,006,000 after purchasing an additional 1,055,122 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Best Buy by 84.4% in the second quarter. Janus Henderson Group PLC now owns 2,102,292 shares of the technology retailer’s stock valued at $156,794,000 after purchasing an additional 962,231 shares in the last quarter. Finally, LSV Asset Management boosted its holdings in Best Buy by 31.1% in the second quarter. LSV Asset Management now owns 3,134,306 shares of the technology retailer’s stock valued at $233,756,000 after purchasing an additional 742,913 shares in the last quarter. 84.91% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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