Wedbush Weighs in on Best Buy Co., Inc.’s Q3 2018 Earnings (BBY)
Best Buy Co., Inc. (NYSE:BBY) – Wedbush raised their Q3 2018 earnings estimates for shares of Best Buy Co. in a research report issued to clients and investors on Wednesday. Wedbush analyst M. Pachter now forecasts that the technology retailer will earn $0.80 per share for the quarter, up from their prior estimate of $0.67. Wedbush has a “Underperform” rating and a $29.00 price objective on the stock. Wedbush also issued estimates for Best Buy Co.’s Q4 2018 earnings at $1.91 EPS, FY2018 earnings at $3.95 EPS, Q1 2019 earnings at $0.63 EPS, Q2 2019 earnings at $0.73 EPS and Q3 2019 earnings at $0.80 EPS.
A number of other brokerages have also commented on BBY. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Best Buy Co. in a research report on Tuesday. BidaskClub raised shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Barclays PLC reissued a “buy” rating and issued a $65.00 price objective on shares of Best Buy Co. in a research report on Monday. Piper Jaffray Companies reissued a “buy” rating and issued a $70.00 price objective on shares of Best Buy Co. in a research report on Wednesday, August 23rd. Finally, ValuEngine lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Friday, May 26th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $58.25.
Shares of Best Buy Co. (NYSE BBY) traded down 0.28% during mid-day trading on Thursday, reaching $54.04. 2,587,264 shares of the company were exchanged. Best Buy Co. has a 12 month low of $36.51 and a 12 month high of $63.32. The company has a market capitalization of $16.43 billion, a price-to-earnings ratio of 14.30 and a beta of 1.45. The firm’s 50-day moving average is $58.19 and its 200-day moving average is $52.51.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same period in the prior year, the company earned $0.57 EPS. The firm’s revenue was up 4.8% on a year-over-year basis.
A number of large investors have recently bought and sold shares of the company. Independence Advisors LLC purchased a new stake in Best Buy Co. during the second quarter valued at $284,000. FNY Managed Accounts LLC boosted its stake in Best Buy Co. by 18,281.8% in the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after buying an additional 2,011 shares in the last quarter. Huntington National Bank boosted its stake in Best Buy Co. by 18.4% in the second quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after buying an additional 318 shares in the last quarter. Exane Derivatives boosted its stake in Best Buy Co. by 65.5% in the second quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after buying an additional 1,010 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new stake in Best Buy Co. during the first quarter valued at $134,000. 86.43% of the stock is owned by institutional investors and hedge funds.
In related news, insider Shari L. Ballard sold 2,246 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $134,580.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Mathew Watson sold 503 shares of the company’s stock in a transaction dated Friday, June 9th. The shares were sold at an average price of $59.00, for a total transaction of $29,677.00. Following the completion of the transaction, the vice president now owns 15,767 shares in the company, valued at $930,253. The disclosure for this sale can be found here. Insiders sold 61,924 shares of company stock worth $3,562,092 over the last 90 days. 1.21% of the stock is currently owned by corporate insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be paid a $0.34 dividend. The ex-dividend date is Monday, September 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.51%. Best Buy Co.’s dividend payout ratio (DPR) is presently 35.88%.
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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