Equities Analysts Set Expectations for Best Buy Co., Inc.’s Q3 2018 Earnings (BBY)
Best Buy Co., Inc. (NYSE:BBY) – Equities researchers at SunTrust Banks upped their Q3 2018 earnings estimates for Best Buy Co. in a report issued on Tuesday. SunTrust Banks analyst D. Magee now forecasts that the technology retailer will post earnings per share of $0.77 for the quarter, up from their prior forecast of $0.65. SunTrust Banks currently has a “Buy” rating and a $70.00 price target on the stock. SunTrust Banks also issued estimates for Best Buy Co.’s Q4 2018 earnings at $1.93 EPS and FY2018 earnings at $3.95 EPS.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business posted $0.57 earnings per share. Best Buy Co.’s revenue was up 4.8% compared to the same quarter last year. WARNING: This news story was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this news story on another publication, it was illegally copied and republished in violation of international copyright & trademark law. The legal version of this news story can be read at https://www.thecerbatgem.com/2017/08/31/equities-analysts-set-expectations-for-best-buy-co-inc-s-q3-2018-earnings-bby.html.
Several other brokerages have also commented on BBY. UBS AG reissued a “buy” rating and set a $51.00 price objective (up previously from $47.00) on shares of Best Buy Co. in a research report on Wednesday, May 24th. Deutsche Bank AG reissued a “buy” rating and set a $60.00 price objective on shares of Best Buy Co. in a research report on Thursday, August 3rd. Jefferies Group LLC reissued a “hold” rating and set a $60.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 9th. Piper Jaffray Companies reissued a “buy” rating and set a $70.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Finally, Loop Capital reissued a “buy” rating and set a $72.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 16th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Best Buy Co. presently has a consensus rating of “Buy” and an average price target of $58.25.
Best Buy Co. (BBY) opened at 54.19 on Wednesday. The company has a 50-day moving average of $58.19 and a 200 day moving average of $52.51. The firm has a market capitalization of $16.53 billion, a price-to-earnings ratio of 14.58 and a beta of 1.45. Best Buy Co. has a one year low of $36.51 and a one year high of $63.32.
Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its position in shares of Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Best Buy Co. during the first quarter worth $265,777,000. Renaissance Technologies LLC raised its position in shares of Best Buy Co. by 762.4% in the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after buying an additional 3,119,700 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Best Buy Co. by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after buying an additional 1,645,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. Institutional investors own 86.43% of the company’s stock.
In other Best Buy Co. news, insider Shari L. Ballard sold 2,246 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $134,580.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Corie S. Barry sold 787 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the sale, the chief financial officer now owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,924 shares of company stock valued at $3,562,092. 1.21% of the stock is currently owned by company insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.
About Best Buy Co.
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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