Best Buy Co. Forecasted to Earn Q1 2018 Earnings of $0.37 Per Share (BBY)
Best Buy Co. (NYSE:BBY) – Equities researchers at Wedbush increased their Q1 2018 earnings estimates for Best Buy in a research report issued to clients and investors on Friday. Wedbush analyst M. Pachter now expects that the firm will post earnings per share of $0.37 for the quarter, up from their previous estimate of $0.36. Wedbush currently has a “Underperform” rating and a $24.50 target price on the stock. Wedbush also issued estimates for Best Buy’s Q2 2018 earnings at $0.52 EPS.
BBY has been the topic of several other research reports. Citigroup Inc. boosted their price target on Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 24th. BTIG Research reaffirmed a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Bank of America Corp. reaffirmed a “sell” rating and issued a $29.00 target price on shares of Best Buy in a research note on Wednesday, August 24th. Deutsche Bank AG upped their target price on Best Buy from $32.00 to $41.00 and gave the company a “hold” rating in a research note on Wednesday, August 24th. Finally, Zacks Investment Research lowered Best Buy from a “strong-buy” rating to a “sell” rating in a research note on Tuesday, October 25th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. Best Buy currently has an average rating of “Hold” and an average price target of $39.66.
Best Buy (NYSE:BBY) opened at 44.79 on Monday. 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 $14.16 billion, a price-to-earnings ratio of 13.37 and a beta of 1.51. The stock’s 50 day moving average price is $39.31 and its 200 day moving average price is $34.97.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, topping the consensus estimate of $0.47 by $0.15. Best Buy had a return on equity of 24.18% and a net margin of 2.78%. The business earned $8.95 billion during the quarter, compared to analyst estimates of $8.85 billion. During the same period last year, the business posted $0.41 earnings per share. The company’s quarterly revenue was up 1.4% on a year-over-year basis.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 8th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 6th. This represents a $1.12 annualized dividend and a yield of 2.50%. Best Buy’s dividend payout ratio (DPR) is 33.73%.
In related news, VP Mathew Watson sold 1,030 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $39.45, for a total transaction of $40,633.50. Following the sale, the vice president now owns 18,876 shares in the company, valued at $744,658.20. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.21% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in BBY. LPL Financial LLC raised its stake in Best Buy by 2.6% in the third quarter. LPL Financial LLC now owns 14,892 shares of the technology retailer’s stock valued at $566,000 after buying an additional 371 shares during the period. Cornerstone Capital Management Holdings LLC. raised its stake in Best Buy by 31.5% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 861,395 shares of the technology retailer’s stock valued at $32,887,000 after buying an additional 206,499 shares during the period. Credit Suisse AG raised its stake in Best Buy by 24.2% in the third quarter. Credit Suisse AG now owns 1,262,373 shares of the technology retailer’s stock valued at $48,197,000 after buying an additional 246,033 shares during the period. Cognios Capital LLC acquired a new stake in Best Buy during the third quarter valued at $1,419,000. Finally, Verition Fund Management LLC acquired a new stake in Best Buy during the third quarter valued at $447,000. Hedge funds and other institutional investors own 86.47% of the company’s stock.
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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