Best Buy Co Inc (NYSE:BBY) Expected to Post Quarterly Sales of $9.74 Billion
Wall Street analysts expect that Best Buy Co Inc (NYSE:BBY) will announce $9.74 billion in sales for the current quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Best Buy’s earnings, with the lowest sales estimate coming in at $9.70 billion and the highest estimate coming in at $9.79 billion. Best Buy posted sales of $9.59 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.6%. The company is scheduled to report its next quarterly earnings results before the market opens on Tuesday, November 26th.
According to Zacks, analysts expect that Best Buy will report full-year sales of $43.48 billion for the current financial year, with estimates ranging from $43.32 billion to $43.69 billion. For the next year, analysts forecast that the business will report sales of $44.22 billion, with estimates ranging from $43.51 billion to $44.53 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Best Buy.
Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.09. Best Buy had a return on equity of 48.56% and a net margin of 3.52%. The business had revenue of $9.54 billion during the quarter, compared to analyst estimates of $9.55 billion. During the same quarter in the previous year, the company posted $0.91 earnings per share. Best Buy’s revenue for the quarter was up 1.7% on a year-over-year basis.
In related news, Director Hubert Joly sold 407,880 shares of the business’s stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $66.97, for a total value of $27,315,723.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mathew Watson sold 1,000 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $68.03, for a total value of $68,030.00. The disclosure for this sale can be found here. Insiders sold 408,913 shares of company stock worth $27,386,014 over the last quarter. 0.95% of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the stock. Virtus ETF Advisers LLC purchased a new stake in shares of Best Buy in the second quarter worth about $25,000. Advisors Preferred LLC purchased a new stake in Best Buy during the second quarter valued at approximately $27,000. TRUE Private Wealth Advisors purchased a new stake in Best Buy during the second quarter valued at approximately $27,000. Rational Advisors LLC raised its position in Best Buy by 168.3% during the third quarter. Rational Advisors LLC now owns 550 shares of the technology retailer’s stock valued at $38,000 after purchasing an additional 345 shares during the period. Finally, Whittier Trust Co. raised its position in Best Buy by 138.4% during the third quarter. Whittier Trust Co. now owns 553 shares of the technology retailer’s stock valued at $38,000 after purchasing an additional 321 shares during the period. Institutional investors own 78.60% of the company’s stock.
Shares of NYSE BBY traded up $0.84 during mid-day trading on Tuesday, reaching $76.85. The company’s stock had a trading volume of 1,984,155 shares, compared to its average volume of 2,872,394. The firm has a market capitalization of $20.13 billion, a PE ratio of 14.45, a P/E/G ratio of 1.65 and a beta of 1.14. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.08 and a quick ratio of 0.39. The stock has a fifty day moving average of $70.00 and a two-hundred day moving average of $69.43. Best Buy has a 52 week low of $47.72 and a 52 week high of $78.53.
The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, September 18th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.60%. Best Buy’s dividend payout ratio is currently 37.59%.
About Best Buy
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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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