Best Buy Co. to Post FY2017 Earnings of $3.25 Per Share, SunTrust Banks Forecasts (BBY)
Best Buy Co. (NYSE:BBY) – Analysts at SunTrust Banks increased their FY2017 earnings estimates for shares of Best Buy in a research note issued to investors on Thursday. SunTrust Banks analyst D. Magee now forecasts that the firm will post earnings of $3.25 per share for the year, up from their prior estimate of $3.00. SunTrust Banks currently has a “Buy” rating on the stock. SunTrust Banks also issued estimates for Best Buy’s Q4 2017 earnings at $1.65 EPS, Q1 2018 earnings at $0.48 EPS, Q2 2018 earnings at $0.60 EPS, Q4 2018 earnings at $1.78 EPS, FY2018 earnings at $3.50 EPS and FY2019 earnings at $3.80 EPS.
Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.15. The company had revenue of $8.95 billion for the quarter, compared to analyst estimates of $8.85 billion. Best Buy had a return on equity of 24.18% and a net margin of 2.78%. The business’s revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.41 earnings per share.
Several other research firms have also issued reports on BBY. Telsey Advisory Group upped their price objective on Best Buy from $42.00 to $48.00 and gave the company an “outperform” rating in a research note on Friday, November 18th. Royal Bank Of Canada upped their price objective on Best Buy from $42.00 to $47.00 and gave the company a “sector perform” rating in a research note on Friday, November 18th. Wedbush upped their price objective on Best Buy from $20.50 to $24.50 and gave the company an “underperform” rating in a research note on Friday, November 18th. RBC Capital Markets increased their target price on Best Buy from $42.00 to $47.00 and gave the stock a “sector perform” rating in a research note on Friday, November 18th. Finally, Morgan Stanley reiterated a “buy” rating on shares of Best Buy in a research note on Friday, November 18th. Three analysts have rated the stock with a sell rating, fourteen have issued a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $37.67.
Best Buy (NYSE:BBY) traded up 0.77% during trading on Monday, reaching $46.96. The company’s stock had a trading volume of 2,170,121 shares. The company’s 50 day moving average price is $39.76 and its 200-day moving average price is $35.22. The stock has a market cap of $14.85 billion, a P/E ratio of 14.02 and a beta of 1.51. Best Buy has a 1-year low of $25.31 and a 1-year high of $47.29.
Hedge funds have recently modified their holdings of the stock. Boston Partners raised its stake in shares of Best Buy by 1.8% in the second quarter. Boston Partners now owns 8,248,785 shares of the technology retailer’s stock worth $252,412,000 after buying an additional 148,547 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Best Buy by 2.1% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 7,977,465 shares of the technology retailer’s stock worth $304,580,000 after buying an additional 162,323 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its stake in shares of Best Buy by 1.7% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 6,317,039 shares of the technology retailer’s stock worth $193,301,000 after buying an additional 106,227 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of 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 during the last quarter. Finally, BlackRock Fund Advisors raised its stake in shares of Best Buy by 3.6% in the third quarter. BlackRock Fund Advisors now owns 4,700,572 shares of the technology retailer’s stock worth $179,468,000 after buying an additional 161,355 shares during the last quarter. 86.47% of the stock is owned by institutional investors and hedge funds.
In other 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 approximately $744,658.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.21% of the stock is owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. The ex-dividend date is Tuesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 33.73%.
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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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