Wall Street brokers expect Best Buy Co., Inc. (NYSE: BBY – Get Rating) to report earnings per share of $1.57 for the current fiscal quarter, according to Zacks. Ten analysts released earnings estimates for Best Buy, with the lowest EPS estimate at $0.90 and the highest at $1.90. Best Buy posted earnings per share of $2.23 in the same quarter last year, suggesting a negative 29.6% year-over-year growth rate. The company is due to release its next quarterly earnings report on Monday, January 1.
According to Zacks, analysts expect Best Buy to report annual earnings of $8.97 per share for the current year, with EPS estimates ranging from $8.86 to $9.11. For next year, analysts expect the company to post earnings of $10.58 per share, with EPS estimates ranging from $9.40 to $11.36. Zacks earnings per share calculations are an average average based on a survey of research analysts who follow Best Buy.
Best Buy (NYSE:BBY – Get Rating) last released its quarterly earnings data on Thursday, March 3. The tech retailer reported earnings per share (EPS) of $2.73 for the quarter, matching the Zacks consensus estimate of $2.73. Best Buy had a return on equity of 63.23% and a net margin of 4.74%. The company posted revenue of $16.37 billion in the quarter, compared to $16.54 billion expected by analysts. During the same period last year, the company posted earnings per share of $3.48. The company’s revenue was down 3.4% year-over-year.
A number of brokerages have weighed in on BBY recently. Zacks Investment Research downgraded Best Buy from a “sell” to a “hold” rating and set a target price of $102.00 on the stock in a Wednesday, March 2 research note. Raymond James downgraded Best Buy from an “outperforming” rating to a “market performing” rating in a Friday, March 4 research note. Telsey Advisory Group lowered its price target on Best Buy from $150.00 to $125.00 and set an “outperform” rating on the stock in a Monday, Feb. 28 research note. Wells Fargo & Company lowered its target price on Best Buy from $110.00 to $90.00 and placed a “buy” rating on the stock in a research note on Monday, February 28. Finally, Citigroup lowered its price target on Best Buy from $90.00 to $87.00 and set a “buy” rating on the stock in a Monday, Feb. 28 research note. Four equity research analysts gave the stock a hold rating and thirteen gave the company a buy rating. According to data from MarketBeat.com, Best Buy has a consensus rating of “Buy” and an average target price of $118.93.
NYSE BBY shares were down $2.36 during Friday trading hours, hitting $91.28. 1,956,037 shares were traded, against an average volume of 3,063,376. The company has a market capitalization of $20.56 billion, a price/earnings ratio of 9.28, a P/E/G ratio of 1 .10 and a beta of 1.51. The company has a debt ratio of 0.40, a quick ratio of 0.43 and a current ratio of 0.99. Best Buy has a 52-week minimum of $85.58 and a 52-week maximum of $141.97. The stock’s fifty-day simple moving average is $96.70 and its 200-day simple moving average is $104.99.
The company also recently announced a quarterly dividend, which was paid on Thursday, April 14. Shareholders of record on Thursday, March 24 received a dividend of $0.88. This represents a dividend of $3.52 on an annualized basis and a dividend yield of 3.86%. The ex-dividend date was Wednesday, March 23. This is an increase from Best Buy’s previous quarterly dividend of $0.70. Best Buy’s dividend payout ratio (DPR) is currently 35.77%.
Separately, insider Todd G. Hartman sold 2,000 shares of the company in a trade on Wednesday, March 9. The stock was sold at an average price of $101.73, for a total transaction of $203,460.00. The transaction was disclosed in a document filed with the SEC, accessible via the SEC’s website. Additionally, CEO Corie S. Barry sold 17,741 shares of the company in a trade on Tuesday, March 22. The shares were sold at an average price of $99.06, for a total value of $1,757,423.46. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 36,955 shares of the company worth $3,662,097. Insiders of the company own 0.36% of the shares of the company.
Several hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. State Street Corp increased its holdings of Best Buy shares by 2.8% during the fourth quarter. State Street Corp now owns 10,400,021 shares of the tech retailer valued at $1,063,725,000 after acquiring an additional 282,542 shares last quarter. Geode Capital Management LLC increased its stake in Best Buy shares by 6.2% during the third quarter. Geode Capital Management LLC now owns 4,418,405 shares of the tech retailer valued at $465,937,000 after acquiring an additional 257,611 shares last quarter. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 4.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,484,436 shares of the tech retailer worth $354,019,000 after purchasing an additional 150,628 shares during the period. Bank of New York Mellon Corp increased its stake in Best Buy by 1.5% in the third quarter. Bank of New York Mellon Corp now owns 3,139,985 shares of the tech retailer worth $331,926,000 after buying an additional 45,000 shares during the period. Finally, Norges Bank acquired a new position in Best Buy during the 4th quarter for a value of approximately $251,898,000. 79.39% of the shares are currently held by institutional investors.
About Best Buy (Get a rating)
Best Buy Co, Inc retails technology products in the United States and Canada. The Company operates in two segments, domestic and international. Its stores offer computer products, such as desktops, laptops and peripherals; mobile phones with associated mobile network operator fees; networking products; tablets covering e-readers; smart watches; and consumer electronics including digital imaging, health and fitness, home theater, portable audio including headphones and portable speakers, and smart home products.
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