Best Buy Co., Inc. (BBY) Issues Quarterly Earnings Results
Best Buy Co., Inc. (NYSE:BBY) announced its quarterly earnings results on Tuesday. The technology retailer reported $0.69 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06, Bloomberg Earnings reports. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 earnings per share. Best Buy Co. updated its Q3 guidance to $0.75-0.80 EPS.
Shares of Best Buy Co. (NYSE BBY) opened at 55.02 on Wednesday. The stock has a market cap of $16.78 billion, a PE ratio of 14.80 and a beta of 1.45. Best Buy Co. has a 52-week low of $36.51 and a 52-week high of $63.32. The company’s 50-day moving average price is $58.19 and its 200-day moving average price is $52.51.
In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total transaction of $134,580.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Hubert Joly sold 14,734 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $882,861.28. Following the transaction, the chief executive officer now owns 540,694 shares in the company, valued at $32,398,384.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 61,924 shares of company stock worth $3,562,092. 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 BBY. Vanguard Group Inc. raised its position in Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. BlackRock Inc. increased its stake in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Best Buy Co. by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 14,724,133 shares of the technology retailer’s stock valued at $723,692,000 after buying an additional 898,300 shares in the last quarter. State Street Corp increased its stake in Best Buy Co. by 1.9% in the first quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock valued at $673,407,000 after buying an additional 250,469 shares in the last quarter. Finally, American International Group Inc. increased its stake in Best Buy Co. by 1.3% in the first quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock valued at $533,116,000 after buying an additional 142,042 shares in the last quarter. Hedge funds and other institutional investors own 86.43% of the company’s stock.
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Several equities analysts have commented on BBY shares. Loop Capital upgraded shares of Best Buy Co. from a “sell” rating to a “hold” rating and dropped their price target for the company from $37.00 to $35.00 in a research note on Monday, May 15th. Wedbush reissued an “underperform” rating and issued a $29.00 price objective on shares of Best Buy Co. in a report on Monday, May 22nd. UBS AG reissued a “buy” rating and issued a $51.00 price objective (up from $47.00) on shares of Best Buy Co. in a report on Wednesday, May 24th. Jefferies Group LLC increased their price objective on Best Buy Co. from $43.00 to $51.00 and gave the company a “hold – buy” rating in a report on Thursday, May 25th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a report on Thursday, May 25th. Four equities research analysts have rated the stock with a sell rating, three have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $57.42.
About Best Buy Co.
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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