Jefferies Group Comments on Best Buy Co.’s FY2017 Earnings (BBY)
Best Buy Co. (NYSE:BBY) – Equities researchers at Jefferies Group raised their FY2017 earnings per share (EPS) estimates for Best Buy in a note issued to investors on Tuesday. Jefferies Group analyst D. Binder now anticipates that the brokerage will earn $3.02 per share for the year, up from their previous estimate of $3.01. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Best Buy’s Q1 2018 earnings at $0.49 EPS, Q2 2018 earnings at $0.58 EPS, Q3 2018 earnings at $0.45 EPS and Q4 2018 earnings at $1.57 EPS.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.15. Best Buy had a net margin of 2.62% and a return on equity of 22.44%. The firm had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same period last year, the business earned $0.41 EPS. Best Buy’s revenue for the quarter was up 1.4% compared to the same quarter last year.
Several other equities research analysts have also issued reports on BBY. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “sell” rating in a research report on Tuesday, July 26th. BTIG Research reissued a “buy” rating on shares of Best Buy in a research report on Tuesday, August 2nd. Vetr lowered shares of Best Buy from a “buy” rating to a “hold” rating and set a $33.48 price objective for the company. in a research report on Monday, August 8th. Ladenburg Thalmann initiated coverage on shares of Best Buy in a research report on Wednesday, August 17th. They issued an “outperform” rating for the company. Finally, Wedbush restated a “buy” rating and issued a $20.50 target price on shares of Best Buy in a research note on Wednesday, August 17th. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $37.84.
Best Buy (NYSE:BBY) traded up 7.6576% on Wednesday, reaching $43.5475. 5,520,059 shares of the company’s stock were exchanged. The stock’s 50 day moving average price is $38.88 and its 200 day moving average price is $34.80. Best Buy has a 1-year low of $25.31 and a 1-year high of $43.59. The firm has a market capitalization of $13.82 billion, a price-to-earnings ratio of 14.1710 and a beta of 1.51.
In related news, VP Mathew Watson sold 1,030 shares of Best Buy stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $39.45, for a total value of $40,633.50. Following the completion of the transaction, the vice president now directly owns 18,876 shares of the company’s stock, valued at $744,658.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.21% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlueMountain Capital Management LLC boosted its stake in shares of Best Buy by 22.3% in the first quarter. BlueMountain Capital Management LLC now owns 2,250,517 shares of the technology retailer’s stock valued at $73,007,000 after buying an additional 411,059 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Best Buy by 0.7% in the first quarter. Legal & General Group Plc now owns 1,497,028 shares of the technology retailer’s stock valued at $48,571,000 after buying an additional 10,100 shares in the last quarter. Aberdeen Asset Management PLC UK boosted its stake in shares of Best Buy by 11.6% in the second quarter. Aberdeen Asset Management PLC UK now owns 402,595 shares of the technology retailer’s stock valued at $12,319,000 after buying an additional 41,926 shares in the last quarter. Jensen Investment Management Inc. boosted its stake in shares of Best Buy by 3.6% in the second quarter. Jensen Investment Management Inc. now owns 12,720 shares of the technology retailer’s stock valued at $389,000 after buying an additional 440 shares in the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp boosted its stake in shares of Best Buy by 62.4% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 210,399 shares of the technology retailer’s stock valued at $6,438,000 after buying an additional 80,825 shares in the last quarter. 86.48% of the stock is owned by institutional investors and hedge funds.
About Best Buy
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 operates through two segments: Domestic and International. The Domestic segment consists of the operations in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home.
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