Best Buy Co Inc to Post FY2019 Earnings of $5.02 Per Share, Wedbush Forecasts (BBY)
Best Buy Co Inc (NYSE:BBY) – Wedbush dropped their FY2019 earnings estimates for Best Buy in a research note issued to investors on Thursday, August 23rd. Wedbush analyst M. Pachter now anticipates that the technology retailer will post earnings of $5.02 per share for the year, down from their prior estimate of $5.05. Wedbush has a “Sell” rating and a $65.00 price objective on the stock. Wedbush also issued estimates for Best Buy’s Q1 2020 earnings at $0.85 EPS, Q3 2020 earnings at $1.09 EPS and FY2020 earnings at $5.30 EPS.
Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.08. The company had revenue of $9.38 billion for the quarter, compared to analysts’ expectations of $9.25 billion. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The firm’s revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.69 earnings per share.
Shares of NYSE:BBY opened at $77.57 on Monday. The firm has a market cap of $22.93 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.43 and a beta of 0.79. Best Buy has a 1-year low of $51.61 and a 1-year high of $84.37. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.56 and a current ratio of 1.27.
In related news, insider Asheesh Saksena sold 18,570 shares of the stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $73.69, for a total value of $1,368,423.30. Following the sale, the insider now owns 77,478 shares of the company’s stock, valued at approximately $5,709,353.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Kathleen Scarlett sold 1,225 shares of the stock in a transaction dated Monday, June 4th. The stock was sold at an average price of $68.85, for a total transaction of $84,341.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,252 shares of company stock worth $1,485,915. Corporate insiders own 0.75% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Hanseatic Management Services Inc. grew its position in Best Buy by 31.6% in the 1st quarter. Hanseatic Management Services Inc. now owns 3,984 shares of the technology retailer’s stock valued at $279,000 after buying an additional 957 shares in the last quarter. Hennessy Advisors Inc. grew its position in Best Buy by 115.0% in the 1st quarter. Hennessy Advisors Inc. now owns 99,100 shares of the technology retailer’s stock valued at $6,936,000 after buying an additional 53,000 shares in the last quarter. Daiwa Securities Group Inc. grew its position in Best Buy by 47.7% in the 1st quarter. Daiwa Securities Group Inc. now owns 24,474 shares of the technology retailer’s stock valued at $1,713,000 after buying an additional 7,908 shares in the last quarter. ARP Americas LP grew its position in Best Buy by 21.5% in the 1st quarter. ARP Americas LP now owns 30,561 shares of the technology retailer’s stock valued at $2,139,000 after buying an additional 5,400 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its position in Best Buy by 58.8% in the 1st quarter. Wedge Capital Management L L P NC now owns 741,412 shares of the technology retailer’s stock valued at $51,891,000 after buying an additional 274,427 shares in the last quarter. 82.10% of the stock is currently owned by institutional investors and hedge funds.
Best Buy Company Profile
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.
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