Best Buy Co., Inc. (BBY) Updates Q3 Earnings Guidance
Best Buy Co., Inc. (NYSE:BBY) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.75-0.80 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.65. The company issued revenue guidance of $9.3-9.4 billion, compared to the consensus revenue estimate of $9.00 billion.
A number of research firms have recently issued reports on BBY. UBS AG restated a buy rating and issued a $51.00 target price (up previously from $47.00) on shares of Best Buy Co. in a report on Wednesday, May 24th. Royal Bank Of Canada increased their target price on Best Buy Co. from $60.00 to $61.00 and gave the company a sector perform rating in a report on Wednesday. Bank of America Corporation restated a buy rating and issued a $68.00 target price (up previously from $58.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Loop Capital upgraded Best Buy Co. from a sell rating to a hold rating and reduced their target price for the company from $37.00 to $35.00 in a report on Monday, May 15th. Finally, ValuEngine lowered Best Buy Co. from a buy rating to a hold rating in a report on Friday, May 26th. Four research analysts have rated the stock with a sell rating, three have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $58.25.
Shares of Best Buy Co., Inc. (BBY) opened at 54.19 on Thursday. The stock has a 50 day moving average price of $58.19 and a 200 day moving average price of $52.51. The firm has a market capitalization of $16.53 billion, a P/E ratio of 14.58 and a beta of 1.45. Best Buy Co., Inc. has a 12 month low of $36.51 and a 12 month high of $63.32.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, analysts expect that Best Buy Co., Inc. will post $4.02 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Tuesday, September 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 2.51%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is currently 35.88%.
In related news, insider Asheesh Saksena sold 18,706 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $57.08, for a total transaction of $1,067,738.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Shari L. Ballard sold 2,246 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. In the last three months, insiders sold 61,924 shares of company stock worth $3,562,092. Insiders own 1.21% of the company’s stock.
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Best Buy Co. 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 has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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