Jefferies Group Analysts Lift Earnings Estimates for Best Buy Co. (BBY)
Best Buy Co. (NYSE:BBY) – Research analysts at Jefferies Group upped their FY2017 EPS estimates for shares of Best Buy in a note issued to investors on Friday. Jefferies Group analyst D. Binder now forecasts that the firm will post earnings of $3.28 per share for the year, up from their previous forecast of $3.02. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Best Buy’s Q4 2017 earnings at $1.67 EPS, Q1 2018 earnings at $0.44 EPS, Q2 2018 earnings at $0.60 EPS, Q4 2018 earnings at $1.70 EPS, FY2018 earnings at $3.31 EPS and FY2020 earnings at $3.49 EPS.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.15. The firm had revenue of $8.95 billion for the quarter, compared to the consensus estimate of $8.85 billion. Best Buy had a net margin of 2.78% and a return on equity of 24.18%. The business’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.41 earnings per share.
Several other equities analysts have also recently weighed in on BBY. Zacks Investment Research cut Best Buy from a “buy” rating to a “sell” rating in a research note on Tuesday, July 26th. BTIG Research reiterated a “buy” rating on shares of Best Buy in a research note on Tuesday, August 2nd. Vetr cut Best Buy from a “buy” rating to a “hold” rating and set a $33.48 target price on the stock. in a research note on Monday, August 8th. Ladenburg Thalmann initiated coverage on Best Buy in a research note on Wednesday, August 17th. They set an “outperform” rating on the stock. Finally, Wedbush reiterated a “buy” rating and set a $20.50 target price on shares of Best Buy in a research note on Wednesday, August 17th. Three equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $39.66.
Shares of 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 firm’s 50-day moving average is $39.31 and its 200-day moving average is $34.97. The firm has a market capitalization of $14.16 billion, a P/E ratio of 13.37 and a beta of 1.51.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 8th will be given a $0.28 dividend. 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 payout ratio is currently 33.73%.
In other Best Buy news, VP Mathew Watson sold 1,030 shares of the business’s stock in a transaction that occurred on 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 sale, the vice president now owns 18,876 shares in the company, valued at $744,658.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.21% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in BBY. Mizuho Asset Management Co. Ltd. increased its position in shares of Best Buy by 100.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,725 shares of the technology retailer’s stock worth $114,000 after buying an additional 1,866 shares in the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of Best Buy by 24.2% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 3,124 shares of the technology retailer’s stock worth $119,000 after buying an additional 608 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Best Buy by 6.6% in the second quarter. Pacer Advisors Inc. now owns 4,063 shares of the technology retailer’s stock worth $124,000 after buying an additional 253 shares in the last quarter. Global X Management Co. LLC increased its position in shares of Best Buy by 128.9% in the second quarter. Global X Management Co. LLC now owns 5,379 shares of the technology retailer’s stock worth $165,000 after buying an additional 3,029 shares in the last quarter. Finally, Kernodle & Katon Asset Management Group LLC acquired a new position in shares of Best Buy during the third quarter worth approximately $173,000. Institutional investors own 86.47% of the company’s stock.
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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