FY2017 Earnings Estimate for Best Buy Co. (BBY) Issued By Oppenheimer Holdings
Best Buy Co. (NYSE:BBY) – Analysts at Oppenheimer Holdings raised their FY2017 earnings estimates for shares of Best Buy in a research report issued to clients and investors on Thursday. Oppenheimer Holdings analyst B. Nagel now forecasts that the brokerage will post earnings of $3.23 per share for the year, up from their previous estimate of $3.00. Oppenheimer Holdings also issued estimates for Best Buy’s Q1 2018 earnings at $0.49 EPS, Q2 2018 earnings at $0.60 EPS, Q3 2018 earnings at $0.58 EPS, Q4 2018 earnings at $1.64 EPS and FY2018 earnings at $3.30 EPS.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, November 17th. The technology retailer reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.15. The company had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a return on equity of 22.44% and a net margin of 2.62%. The firm’s revenue for the quarter was up 1.4% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS.
Several other equities research analysts have also recently issued reports on BBY. Zacks Investment Research cut shares of Best Buy from a “buy” rating to a “sell” rating in a research report on Tuesday, July 26th. BTIG Research reaffirmed a “buy” rating on shares of Best Buy in a research report on Tuesday, August 2nd. Vetr cut 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. Jefferies Group cut shares of Best Buy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $39.00 to $36.00 in a research report on Monday, August 15th. Finally, Ladenburg Thalmann started coverage on shares of Best Buy in a research report on Wednesday, August 17th. They set an “outperform” rating for the company. Three analysts have rated the stock with a sell rating, fourteen have given a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $38.89.
Shares of Best Buy (NYSE:BBY) traded down 2.707% during midday trading on Friday, reaching $44.745. The company’s stock had a trading volume of 9,341,428 shares. The company has a 50 day moving average of $39.11 and a 200-day moving average of $34.88. Best Buy has a 52 week low of $25.31 and a 52 week high of $46.72. The stock has a market capitalization of $14.20 billion, a price-to-earnings ratio of 14.561 and a beta of 1.51.
A number of institutional investors have recently bought and sold shares of BBY. Ameriprise Financial Inc. increased its position in Best Buy by 170.5% in the third quarter. Ameriprise Financial Inc. now owns 5,710,836 shares of the technology retailer’s stock worth $218,033,000 after buying an additional 3,599,363 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in Best Buy by 40.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 3,814,209 shares of the technology retailer’s stock valued at $116,715,000 after buying an additional 1,095,720 shares during the last quarter. Prudential Financial Inc. raised its stake in Best Buy by 89.3% in the third quarter. Prudential Financial Inc. now owns 1,859,290 shares of the technology retailer’s stock valued at $70,988,000 after buying an additional 876,968 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Best Buy by 200.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 1,296,280 shares of the technology retailer’s stock valued at $35,926,000 after buying an additional 865,211 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in Best Buy by 94.8% in the third quarter. Two Sigma Advisers LP now owns 1,455,593 shares of the technology retailer’s stock valued at $55,575,000 after buying an additional 708,503 shares during the last quarter. 86.48% of the stock is currently owned by institutional investors.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of the stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the transaction, the vice president now owns 18,876 shares of the company’s stock, valued at $744,658.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.21% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.44%. Best Buy’s dividend payout ratio is currently 36.48%.
Best Buy Company Profile
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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