$10.85 Billion in Sales Expected for Best Buy Co., Inc. (NYSE:BBY) This Quarter

Equities analysts expect that Best Buy Co., Inc. (NYSE:BBYGet Rating) will report sales of $10.85 billion for the current quarter, according to Zacks. Ten analysts have provided estimates for Best Buy’s earnings. The highest sales estimate is $10.93 billion and the lowest is $10.76 billion. Best Buy reported sales of $11.85 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 8.4%. The business is scheduled to report its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Best Buy will report full year sales of $49.10 billion for the current fiscal year, with estimates ranging from $48.49 billion to $49.49 billion. For the next financial year, analysts anticipate that the business will report sales of $50.60 billion, with estimates ranging from $48.61 billion to $52.31 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Best Buy.

Best Buy (NYSE:BBYGet Rating) last announced its earnings results on Tuesday, May 24th. The technology retailer reported $1.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.04). The business had revenue of $10.65 billion for the quarter, compared to analyst estimates of $10.43 billion. Best Buy had a return on equity of 63.39% and a net margin of 4.33%. The business’s revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.23 EPS.

A number of brokerages have recently commented on BBY. DA Davidson lifted their price target on shares of Best Buy from $107.00 to $110.00 and gave the stock a “buy” rating in a report on Wednesday, May 25th. Wedbush lowered their price target on shares of Best Buy from $80.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. JPMorgan Chase & Co. lowered their price target on shares of Best Buy from $134.00 to $107.00 and set a “buy” rating for the company in a report on Monday, February 28th. Barclays downgraded shares of Best Buy from an “overweight” rating to an “equal weight” rating and set a $80.00 price target for the company. in a report on Wednesday, May 25th. Finally, Wells Fargo & Company lowered their price target on shares of Best Buy to $82.00 in a report on Wednesday, May 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $94.88.

In other Best Buy news, insider Todd G. Hartman sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 9th. The shares were sold at an average price of $101.73, for a total transaction of $203,460.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Richard M. Schulze bought 250,000 shares of Best Buy stock in a transaction dated Wednesday, May 25th. The shares were purchased at an average cost of $79.60 per share, for a total transaction of $19,900,000.00. Following the completion of the transaction, the chairman now owns 20,464,051 shares of the company’s stock, valued at approximately $1,628,938,459.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 95,522 shares of company stock valued at $8,387,282. 0.44% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC acquired a new position in shares of Best Buy during the fourth quarter worth $25,000. Stonebridge Capital Advisors LLC lifted its position in shares of Best Buy by 65.4% during the third quarter. Stonebridge Capital Advisors LLC now owns 253 shares of the technology retailer’s stock worth $27,000 after purchasing an additional 100 shares in the last quarter. Capital Advisory Group Advisory Services LLC acquired a new position in shares of Best Buy during the first quarter worth $27,000. Concord Wealth Partners lifted its position in shares of Best Buy by 1,016.0% during the fourth quarter. Concord Wealth Partners now owns 279 shares of the technology retailer’s stock worth $28,000 after purchasing an additional 254 shares in the last quarter. Finally, Jacobi Capital Management LLC acquired a new position in shares of Best Buy during the third quarter worth $29,000. 80.79% of the stock is currently owned by institutional investors and hedge funds.

Shares of BBY opened at $80.39 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.24 and a debt-to-equity ratio of 0.42. The stock has a market cap of $18.09 billion, a P/E ratio of 8.92, a PEG ratio of 0.97 and a beta of 1.42. The company has a 50-day moving average of $88.75 and a two-hundred day moving average of $97.38. Best Buy has a 12-month low of $69.07 and a 12-month high of $141.97.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 5th. Shareholders of record on Tuesday, June 14th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, June 13th. This represents a $3.52 annualized dividend and a yield of 4.38%. Best Buy’s dividend payout ratio is currently 39.07%.

Best Buy Company Profile (Get 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 provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; 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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Earnings History and Estimates for Best Buy (NYSE:BBY)

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