Best Buy Co Inc (NYSE:BBY) Expected to Announce Quarterly Sales of $9.57 Billion
Analysts expect that Best Buy Co Inc (NYSE:BBY) will announce sales of $9.57 billion for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Best Buy’s earnings, with estimates ranging from $9.52 billion to $9.62 billion. Best Buy posted sales of $9.38 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 2%. The company is scheduled to issue its next earnings results before the market opens on Thursday, August 29th.
On average, analysts expect that Best Buy will report full-year sales of $43.68 billion for the current fiscal year, with estimates ranging from $43.38 billion to $43.91 billion. For the next financial year, analysts forecast that the company will report sales of $44.34 billion, with estimates ranging from $43.56 billion to $44.91 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow 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 consensus estimate of $0.88 by $0.14. The business 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 firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.82 earnings per share.
NYSE:BBY traded down $1.55 during trading hours on Tuesday, hitting $67.36. The company had a trading volume of 1,527,095 shares, compared to its average volume of 2,467,038. The firm has a market cap of $18.40 billion, a P/E ratio of 12.66, a PEG ratio of 1.36 and a beta of 1.06. The company’s 50-day simple moving average is $72.15. Best Buy has a 52 week low of $47.72 and a 52 week high of $84.37. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00.
In other news, CEO Hubert Joly sold 600,826 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $64.42, for a total transaction of $38,705,210.92. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Richard M. Schulze sold 51,265 shares of the business’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $75.01, for a total transaction of $3,845,387.65. Following the sale, the insider now owns 1,732,500 shares in the company, valued at approximately $129,954,825. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,991,971 shares of company stock worth $140,642,341. Company insiders own 0.95% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Wetherby Asset Management Inc. boosted its stake in Best Buy by 3.9% in the 2nd quarter. Wetherby Asset Management Inc. now owns 3,686 shares of the technology retailer’s stock worth $257,000 after purchasing an additional 138 shares in the last quarter. Creative Planning boosted its stake in Best Buy by 0.3% in the 1st quarter. Creative Planning now owns 56,749 shares of the technology retailer’s stock worth $4,033,000 after purchasing an additional 168 shares in the last quarter. Alpha Omega Wealth Management LLC boosted its stake in Best Buy by 28.0% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 768 shares of the technology retailer’s stock worth $55,000 after purchasing an additional 168 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Best Buy by 34.6% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 653 shares of the technology retailer’s stock worth $46,000 after purchasing an additional 168 shares in the last quarter. Finally, Bridges Investment Management Inc. boosted its stake in Best Buy by 2.0% in the 2nd quarter. Bridges Investment Management Inc. now owns 8,729 shares of the technology retailer’s stock worth $609,000 after purchasing an additional 169 shares in the last quarter. Hedge funds and other institutional investors own 78.48% of the company’s stock.
About Best Buy
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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