FY2019 Earnings Estimate for Best Buy Co., Inc. Issued By Wedbush (BBY)
Best Buy Co., Inc. (NYSE:BBY) – Equities research analysts at Wedbush increased their FY2019 earnings per share estimates for shares of Best Buy Co. in a report issued on Wednesday. Wedbush analyst M. Pachter now expects that the technology retailer will earn $4.07 per share for the year, up from their previous estimate of $3.41. Wedbush currently has a “Buy” rating and a $33.00 target price on the stock. Wedbush also issued estimates for Best Buy Co.’s Q4 2019 earnings at $1.95 EPS.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm earned $0.57 EPS. Best Buy Co.’s revenue was up 4.8% on a year-over-year basis.
A number of other analysts also recently weighed in on BBY. Loop Capital upgraded shares of Best Buy Co. from a “sell” rating to a “hold” rating and cut their price target for the company from $37.00 to $35.00 in a research report on Monday, May 15th. UBS AG reaffirmed a “buy” rating and set a $51.00 price target (up from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Jefferies Group LLC raised their price target on shares of Best Buy Co. from $43.00 to $51.00 and gave the stock a “hold – buy” rating in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Best Buy Co. in a research note on Thursday, May 25th. Finally, Telsey Advisory Group raised their target price on shares of Best Buy Co. from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Friday, May 26th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $58.92.
Shares of Best Buy Co. (BBY) opened at 54.48 on Friday. Best Buy Co. has a 12-month low of $36.51 and a 12-month high of $63.32. The company has a 50 day moving average of $58.37 and a 200-day moving average of $52.93. The company has a market capitalization of $16.57 billion, a P/E ratio of 14.42 and a beta of 1.48.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Independence Advisors LLC acquired a new position 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 worth $114,000 after buying an additional 2,011 shares during the period. 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 worth $118,000 after buying an additional 318 shares during the period. 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 worth $146,000 after buying an additional 1,010 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in Best Buy Co. during the first quarter worth approximately $134,000. Institutional investors and hedge funds own 86.43% of the company’s stock.
In other Best Buy Co. news, insider Asheesh Saksena sold 22,255 shares of Best Buy Co. stock in a transaction on Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the completion of the transaction, the insider now owns 82,440 shares in the company, valued at $4,588,610.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mathew Watson sold 503 shares of Best Buy Co. stock in a transaction on Friday, June 9th. The shares were sold at an average price of $59.00, for a total value of $29,677.00. Following the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $930,253. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,924 shares of company stock worth $3,562,092. Corporate insiders own 1.21% of the company’s stock.
The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.50%. Best Buy Co.’s dividend payout ratio is currently 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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