Best Buy Co Inc (BBY) Expected to Post Quarterly Sales of $9.22 Billion

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Wall Street brokerages forecast that Best Buy Co Inc (NYSE:BBY) will report sales of $9.22 billion for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have made estimates for Best Buy’s earnings. The highest sales estimate is $9.29 billion and the lowest is $9.15 billion. Best Buy posted sales of $8.94 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 3.1%. The business is expected to issue its next quarterly earnings report on Tuesday, September 4th.

According to Zacks, analysts expect that Best Buy will report full-year sales of $42.21 billion for the current year, with estimates ranging from $41.80 billion to $42.78 billion. For the next financial year, analysts expect that the firm will post sales of $42.90 billion per share, with estimates ranging from $41.53 billion to $44.92 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Best Buy.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 24th. The technology retailer reported $0.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.08. Best Buy had a net margin of 2.39% and a return on equity of 36.16%. The company had revenue of $9.11 billion during the quarter, compared to analysts’ expectations of $8.75 billion. During the same period in the prior year, the company posted $0.60 earnings per share. Best Buy’s revenue for the quarter was up 6.8% compared to the same quarter last year.

A number of equities research analysts have commented on BBY shares. Zacks Investment Research cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, May 28th. Jefferies Financial Group restated a “buy” rating and issued a $74.00 price target (up from $60.00) on shares of Best Buy in a report on Tuesday, February 27th. Wedbush restated a “sell” rating and issued a $38.00 price target on shares of Best Buy in a report on Monday, February 26th. UBS Group restated a “neutral” rating and issued a $77.00 price target (up from $70.00) on shares of Best Buy in a report on Friday, March 2nd. Finally, Wells Fargo & Co set a $77.00 price target on shares of Best Buy and gave the stock a “hold” rating in a report on Thursday, May 24th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $72.41.

In other news, insider Rajendra M. Mohan sold 2,617 shares of Best Buy stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $70.98, for a total transaction of $185,754.66. Following the completion of the transaction, the insider now directly owns 97,897 shares in the company, valued at $6,948,729.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Patricia H. Walker sold 8,854 shares of Best Buy stock in a transaction dated Tuesday, April 24th. The shares were sold at an average price of $73.63, for a total transaction of $651,920.02. Following the transaction, the insider now owns 26,698 shares of the company’s stock, valued at $1,965,773.74. The disclosure for this sale can be found here. Insiders have sold 33,568 shares of company stock valued at $2,452,327 over the last quarter. Corporate insiders own 0.75% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SWS Partners bought a new position in shares of Best Buy during the fourth quarter valued at about $110,000. Bristol John W & Co. Inc. NY bought a new position in shares of Best Buy during the first quarter valued at about $129,000. Squar Milner Financial Services LLC bought a new position in shares of Best Buy during the fourth quarter valued at about $201,000. Private Capital Group LLC lifted its position in shares of Best Buy by 850.7% during the first quarter. Private Capital Group LLC now owns 2,852 shares of the technology retailer’s stock valued at $201,000 after purchasing an additional 2,552 shares in the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Best Buy during the first quarter valued at about $212,000. 87.80% of the stock is currently owned by institutional investors.

Shares of BBY traded up $1.49 during trading hours on Tuesday, hitting $74.81. 6,386,944 shares of the stock were exchanged, compared to its average volume of 4,569,754. Best Buy has a fifty-two week low of $51.61 and a fifty-two week high of $79.90. The company has a quick ratio of 0.56, a current ratio of 1.27 and a debt-to-equity ratio of 0.23. The stock has a market cap of $20.90 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 1.23 and a beta of 0.86.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 5th. Stockholders of record on Thursday, June 14th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend is Wednesday, June 13th. Best Buy’s dividend payout ratio is currently 40.72%.

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 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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Earnings History and Estimates for Best Buy (NYSE:BBY)

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