Analysts expect that Best Buy Co., Inc. (NYSE:BBY) will announce sales of $11.60 billion for the current quarter, according to Zacks Investment Research. Eight analysts have issued estimates for Best Buy's earnings, with estimates ranging from $11.47 billion to $11.69 billion. Best Buy posted sales of $9.91 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 17.1%. The company is scheduled to issue its next earnings results on Tuesday, August 24th.
On average, analysts expect that Best Buy will report full-year sales of $49.56 billion for the current fiscal year, with estimates ranging from $48.55 billion to $51.10 billion. For the next financial year, analysts forecast that the company will report sales of $48.36 billion, with estimates ranging from $46.64 billion to $50.07 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 posted its earnings results on Wednesday, May 26th. The technology retailer reported $2.23 EPS for the quarter, beating the Zacks' consensus estimate of $1.39 by $0.84. Best Buy had a return on equity of 59.67% and a net margin of 4.44%. The company had revenue of $11.64 billion for the quarter, compared to the consensus estimate of $10.43 billion. During the same quarter in the previous year, the business earned $0.67 earnings per share. The company's revenue for the quarter was up 35.9% on a year-over-year basis.
Several equities research analysts recently issued reports on the company. Barclays boosted their price objective on Best Buy from $121.00 to $135.00 and gave the company an "overweight" rating in a report on Friday, May 28th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Best Buy to a "buy" rating and boosted their price objective for the company from $86.00 to $109.00 in a report on Friday, May 28th. Royal Bank of Canada cut their price objective on Best Buy from $130.00 to $114.00 and set a "sector perform" rating on the stock in a report on Thursday, March 4th. Telsey Advisory Group boosted their price objective on Best Buy from $130.00 to $140.00 and gave the company an "outperform" rating in a report on Friday, May 28th. Finally, UBS Group boosted their price objective on Best Buy from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Thursday, February 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. Best Buy has an average rating of "Buy" and an average target price of $120.79.
NYSE:BBY opened at $112.54 on Friday. Best Buy has a 52 week low of $75.23 and a 52 week high of $128.57. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.17 and a quick ratio of 0.58. The stock has a market capitalization of $28.19 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.66 and a beta of 1.53. The company has a fifty day simple moving average of $118.02.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Investors of record on Thursday, June 17th will be given a $0.70 dividend. The ex-dividend date is Wednesday, June 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.49%. Best Buy's dividend payout ratio (DPR) is presently 35.40%.
In related news, CAO Mathew Watson sold 567 shares of the company's stock in a transaction dated Tuesday, March 16th. The stock was sold at an average price of $113.88, for a total value of $64,569.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 1,166 shares of the company's stock in a transaction dated Thursday, April 22nd. The shares were sold at an average price of $119.51, for a total value of $139,348.66. Following the completion of the sale, the insider now directly owns 25,173 shares of the company's stock, valued at $3,008,425.23. The disclosure for this sale can be found here. Over the last three months, insiders sold 182,358 shares of company stock valued at $21,229,515. Insiders own 0.36% of the company's stock.
A number of institutional investors and hedge funds have recently bought and sold shares of BBY. First Trust Advisors LP raised its stake in Best Buy by 19.0% during the 4th quarter. First Trust Advisors LP now owns 216,164 shares of the technology retailer's stock valued at $21,571,000 after acquiring an additional 34,505 shares during the last quarter. California Public Employees Retirement System raised its stake in Best Buy by 4.8% during the 4th quarter. California Public Employees Retirement System now owns 580,510 shares of the technology retailer's stock valued at $57,929,000 after acquiring an additional 26,685 shares during the last quarter. Fort Washington Investment Advisors Inc. OH raised its stake in Best Buy by 11.8% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 7,357 shares of the technology retailer's stock valued at $734,000 after acquiring an additional 777 shares during the last quarter. Baker Tilly Financial LLC purchased a new stake in Best Buy during the 4th quarter valued at approximately $284,000. Finally, State of Wisconsin Investment Board raised its stake in Best Buy by 13.3% during the 4th quarter. State of Wisconsin Investment Board now owns 138,250 shares of the technology retailer's stock valued at $13,796,000 after acquiring an additional 16,260 shares during the last quarter. 77.39% of the stock is owned by hedge funds and other institutional investors.
About Best Buy
Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.
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