Best Buy Co., Inc. (BBY) Expected to Announce Quarterly Sales of $14.32 Billion
Wall Street analysts forecast that Best Buy Co., Inc. (NYSE:BBY) will announce sales of $14.32 billion for the current quarter, Zacks reports. Four analysts have issued estimates for Best Buy Co.’s earnings, with the highest sales estimate coming in at $14.45 billion and the lowest estimate coming in at $14.22 billion. Best Buy Co. reported sales of $13.48 billion in the same quarter last year, which indicates a positive year over year growth rate of 6.2%. The company is expected to issue its next earnings results on Wednesday, March 7th.
On average, analysts expect that Best Buy Co. will report full-year sales of $14.32 billion for the current fiscal year. For the next fiscal year, analysts anticipate that the business will post sales of $40.74 billion per share, with estimates ranging from $39.68 billion to $41.75 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Best Buy Co..
Best Buy Co. (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, hitting the Zacks’ consensus estimate of $0.78. Best Buy Co. had a net margin of 2.55% and a return on equity of 22.46%. The business had revenue of $9.32 billion during the quarter, compared to the consensus estimate of $9.36 billion. During the same period in the prior year, the firm posted $0.60 EPS. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year.
A number of equities research analysts have issued reports on BBY shares. Loop Capital reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Best Buy Co. in a research report on Thursday, August 31st. Barclays PLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a research report on Monday, August 28th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $70.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Deutsche Bank AG reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a research report on Thursday, August 3rd. Finally, BidaskClub raised shares of Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Best Buy Co. currently has a consensus rating of “Buy” and an average price target of $58.86.
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Shares of Best Buy Co. (NYSE:BBY) traded up $0.52 during mid-day trading on Friday, reaching $56.35. 4,153,855 shares of the company’s stock were exchanged, compared to its average volume of 4,483,838. Best Buy Co. has a twelve month low of $41.67 and a twelve month high of $63.32. The company has a quick ratio of 0.52, a current ratio of 1.25 and a debt-to-equity ratio of 0.19. The company has a market cap of $16,920.00, a P/E ratio of 13.89, a price-to-earnings-growth ratio of 1.16 and a beta of 1.42.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.41%. The ex-dividend date is Wednesday, December 6th. Best Buy Co.’s dividend payout ratio is presently 34.43%.
In other Best Buy Co. news, CFO Corie S. Barry sold 3,134 shares of the stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Corie S. Barry sold 3,426 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $187,333.68. Following the completion of the sale, the chief financial officer now owns 57,903 shares in the company, valued at $3,166,136.04. The disclosure for this sale can be found here. Insiders sold a total of 145,799 shares of company stock worth $7,956,730 over the last quarter. Corporate insiders own 0.84% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Gyroscope Capital Management Group LLC lifted its stake in Best Buy Co. by 4.5% in the 3rd quarter. Gyroscope Capital Management Group LLC now owns 103,033 shares of the technology retailer’s stock worth $5,869,000 after purchasing an additional 4,469 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in Best Buy Co. in the 3rd quarter worth approximately $482,000. IFM Investors Pty Ltd bought a new position in shares of Best Buy Co. in the 3rd quarter worth $462,000. Fieldpoint Private Securities LLC bought a new position in shares of Best Buy Co. in the 3rd quarter worth $139,000. Finally, Dana Investment Advisors Inc. bought a new position in shares of Best Buy Co. in the 3rd quarter worth $9,482,000. Institutional investors and hedge funds own 86.50% of the company’s stock.
Best Buy Co. 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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