Best Buy Co Inc (NYSE:BBY) Expected to Post Quarterly Sales of $9.56 Billion

Equities research analysts expect Best Buy Co Inc (NYSE:BBY) to post $9.56 billion in sales for the current fiscal quarter, according to Zacks. Nine analysts have provided estimates for Best Buy’s earnings. The highest sales estimate is $9.62 billion and the lowest is $9.52 billion. Best Buy reported sales of $9.38 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The company is expected to announce its next earnings results on Tuesday, August 27th.

On average, analysts expect that Best Buy will report full-year sales of $43.66 billion for the current year, with estimates ranging from $43.38 billion to $43.91 billion. For the next fiscal year, analysts forecast that the firm will report sales of $44.29 billion, with estimates ranging from $43.56 billion to $44.91 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover Best Buy.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.88 by $0.14. The firm had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The business’s revenue was up .4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS.

Several research firms have weighed in on BBY. Evercore ISI assumed coverage on shares of Best Buy in a report on Wednesday, March 20th. They issued an “in-line” rating and a $75.00 price target on the stock. Bank of America raised shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 target price on the stock in a report on Wednesday, February 27th. Jefferies Financial Group raised shares of Best Buy from a “hold” rating to a “buy” rating and raised their target price for the stock from $72.00 to $88.00 in a report on Wednesday, April 24th. Citigroup raised their target price on shares of Best Buy from $72.00 to $77.00 and gave the stock a “neutral” rating in a report on Friday, March 1st. Finally, Cleveland Research reaffirmed a “neutral” rating on shares of Best Buy in a report on Tuesday, June 18th. Twelve investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $77.81.

Best Buy stock traded up $1.75 during trading hours on Friday, hitting $68.14. The company had a trading volume of 141,438 shares, compared to its average volume of 2,687,274. The stock has a market capitalization of $18.02 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.34 and a beta of 1.05. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. Best Buy has a one year low of $47.72 and a one year high of $84.37. The business’s 50-day moving average is $66.91.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Thursday, June 13th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 2.94%. Best Buy’s dividend payout ratio is presently 37.59%.

Best Buy declared that its Board of Directors has initiated a share repurchase plan on Wednesday, February 27th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the technology retailer to repurchase up to 18.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

In related news, CEO Hubert Joly sold 171,711 shares of Best Buy stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $73.68, for a total value of $12,651,666.48. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kathleen Scarlett sold 2,694 shares of Best Buy stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $64.33, for a total transaction of $173,305.02. Following the completion of the transaction, the insider now directly owns 30,044 shares in the company, valued at $1,932,730.52. The disclosure for this sale can be found here. Insiders sold 814,973 shares of company stock worth $54,406,869 over the last three months. 0.95% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in BBY. Semmax Financial Advisors Inc. acquired a new stake in Best Buy in the fourth quarter valued at approximately $33,000. PRW Wealth Management LLC acquired a new position in Best Buy in the fourth quarter valued at $33,000. Pearl River Capital LLC acquired a new position in Best Buy in the fourth quarter valued at $34,000. Oppenheimer Asset Management Inc. acquired a new position in Best Buy in the first quarter valued at $34,000. Finally, Lindbrook Capital LLC acquired a new position in Best Buy in the fourth quarter valued at $37,000. 78.78% of the stock is currently owned by institutional investors and hedge funds.

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 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 and Estimates for Best Buy (NYSE:BBY)

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