FY2017 EPS Estimates for Best Buy Co. Raised by KeyCorp (BBY)
Best Buy Co. (NYSE:BBY) – Stock analysts at KeyCorp boosted their FY2017 earnings per share estimates for shares of Best Buy in a research note issued to investors on Thursday. KeyCorp analyst B. Thomas now forecasts that the firm will post earnings per share of $3.30 for the year, up from their prior forecast of $3.05. KeyCorp also issued estimates for Best Buy’s Q4 2017 earnings at $1.67 EPS and FY2018 earnings at $3.55 EPS.
Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, November 17th. The technology retailer reported $0.62 EPS for the quarter, beating 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 net margin of 2.78% and a return on equity of 24.18%. The firm’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS.
BBY has been the topic of several other reports. Bank of America Corp. reaffirmed a “sell” rating and set a $29.00 price objective on shares of Best Buy in a report on Wednesday, August 24th. Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a report on Tuesday, October 4th. SunTrust Banks Inc. reissued a “buy” rating on shares of Best Buy in a research note on Wednesday, October 12th. Vetr raised shares of Best Buy from a “hold” rating to a “buy” rating and set a $39.59 price target on the stock in a research note on Thursday, September 8th. Finally, Citigroup Inc. raised their price target on shares of Best Buy from $32.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 24th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $37.67.
Best Buy (NYSE:BBY) traded up 0.77% during midday trading on Monday, reaching $46.96. 2,170,132 shares of the company’s stock traded hands. Best Buy has a 1-year low of $25.31 and a 1-year high of $47.29. The firm’s 50-day moving average is $39.76 and its 200-day moving average is $35.22. The company has a market capitalization of $14.85 billion, a price-to-earnings ratio of 14.02 and a beta of 1.51.
The business 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 dividend of $0.28 per share. The ex-dividend date is Tuesday, December 6th. This represents a $1.12 annualized dividend and a dividend yield of 2.40%. Best Buy’s dividend payout ratio is presently 33.73%.
In other news, VP Mathew Watson sold 1,030 shares of the business’s 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 completion of the sale, the vice president now owns 18,876 shares in the company, valued at approximately $744,658.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.21% of the company’s stock.
Several institutional investors have recently made changes to their positions in BBY. Ameriprise Financial Inc. boosted its position 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. Massachusetts Financial Services Co. MA boosted its position in shares of 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 worth $116,715,000 after buying an additional 1,095,720 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Best Buy by 89.3% in the third quarter. Prudential Financial Inc. now owns 1,859,290 shares of the technology retailer’s stock worth $70,988,000 after buying an additional 876,968 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of 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 worth $35,926,000 after buying an additional 865,211 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of 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 worth $55,575,000 after buying an additional 708,503 shares during the last quarter. 86.47% of the stock is currently owned by institutional investors and hedge funds.
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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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