Best Buy (BBY) Expected to Post Earnings of $0.74 Per Share

Equities analysts forecast that Best Buy (NYSE:BBY) will announce $0.74 earnings per share (EPS) for the current fiscal quarter, according to Zacks Investment Research. Six analysts have provided estimates for Best Buy’s earnings, with the lowest EPS estimate coming in at $0.71 and the highest estimate coming in at $0.79. Best Buy posted earnings of $0.60 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 23.3%. The business is scheduled to report its next quarterly earnings results on Thursday, May 24th.

On average, analysts expect that Best Buy will report full year earnings of $4.99 per share for the current fiscal year, with EPS estimates ranging from $4.75 to $5.22. For the next fiscal year, analysts forecast that the business will report earnings of $5.41 per share, with EPS estimates ranging from $5.25 to $5.91. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that cover Best Buy.

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Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, March 1st. The technology retailer reported $2.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.05 by $0.37. Best Buy had a return on equity of 32.68% and a net margin of 2.37%. The firm had revenue of $15.36 billion for the quarter, compared to the consensus estimate of $14.52 billion. During the same quarter in the previous year, the business earned $1.93 EPS. The company’s quarterly revenue was up 14.0% compared to the same quarter last year.

BBY has been the topic of several recent research reports. Moffett Nathanson initiated coverage on Best Buy in a report on Monday, December 4th. They set a “sell” rating on the stock. Wedbush set a $38.00 price target on Best Buy and gave the stock a “sell” rating in a report on Monday, January 8th. Loop Capital set a $80.00 price target on Best Buy and gave the stock a “buy” rating in a report on Tuesday, January 16th. Telsey Advisory Group downgraded Best Buy from an “outperform” rating to a “market perform” rating and upped their price target for the stock from $62.00 to $81.00 in a report on Thursday, January 25th. They noted that the move was a valuation call. Finally, Barclays upped their price target on Best Buy from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Tuesday, January 30th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Best Buy presently has an average rating of “Hold” and a consensus price target of $70.88.

Shares of NYSE BBY opened at $69.60 on Monday. The company has a current ratio of 1.26, a quick ratio of 0.59 and a debt-to-equity ratio of 0.22. Best Buy has a 1-year low of $47.68 and a 1-year high of $78.59. The stock has a market cap of $20,459.93, a price-to-earnings ratio of 15.75, a P/E/G ratio of 0.97 and a beta of 0.94.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 12th. Stockholders of record on Thursday, March 22nd will be given a dividend of $0.45 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.34. This represents a $1.80 annualized dividend and a dividend yield of 2.59%. The ex-dividend date of this dividend is Wednesday, March 21st. Best Buy’s dividend payout ratio is currently 40.72%.

In related news, SVP Mathew Watson sold 990 shares of the company’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $77.21, for a total value of $76,437.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Corie S. Barry sold 399 shares of the company’s stock in a transaction dated Tuesday, March 13th. The shares were sold at an average price of $72.45, for a total value of $28,907.55. Following the completion of the sale, the chief financial officer now directly owns 81,206 shares of the company’s stock, valued at $5,883,374.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 356,785 shares of company stock valued at $24,999,914. Insiders own 0.84% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BBY. New York State Common Retirement Fund boosted its position in shares of Best Buy by 3.5% in the 3rd quarter. New York State Common Retirement Fund now owns 709,696 shares of the technology retailer’s stock valued at $40,424,000 after purchasing an additional 23,726 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Best Buy by 35.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 187,324 shares of the technology retailer’s stock valued at $10,669,000 after purchasing an additional 49,099 shares during the period. Macquarie Group Ltd. boosted its position in shares of Best Buy by 143.3% in the 3rd quarter. Macquarie Group Ltd. now owns 36,500 shares of the technology retailer’s stock valued at $2,079,000 after purchasing an additional 21,500 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Best Buy by 9.5% in the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 21,577 shares of the technology retailer’s stock valued at $1,229,000 after purchasing an additional 1,866 shares during the period. Finally, Zeke Capital Advisors LLC acquired a new stake in shares of Best Buy in the 3rd quarter valued at about $234,000. 85.11% of the stock is owned by hedge funds and other institutional investors.

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About Best Buy

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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