Best Buy (BBY) Releases Q3 Earnings Guidance

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Best Buy (NYSE:BBY) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.79-0.84 for the period, compared to the Thomson Reuters consensus estimate of $0.92. The company issued revenue guidance of $9.4-9.5 billion, compared to the consensus revenue estimate of $9.48 billion.Best Buy also updated its FY19 guidance to $4.95-5.10 EPS.

Shares of NYSE:BBY opened at $77.63 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.27 and a quick ratio of 0.56. The firm has a market capitalization of $22.82 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 1.42 and a beta of 0.79. Best Buy has a 52-week low of $51.61 and a 52-week high of $84.37.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.08. The company had revenue of $9.38 billion during the quarter, compared to analysts’ expectations of $9.25 billion. Best Buy had a return on equity of 36.16% and a net margin of 2.39%. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. equities analysts expect that Best Buy will post 5.04 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 9th. Shareholders of record on Tuesday, September 18th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.32%. Best Buy’s payout ratio is currently 40.72%.

Several analysts have issued reports on BBY shares. Zacks Investment Research upgraded Best Buy from a hold rating to a buy rating and set a $87.00 target price for the company in a report on Monday, May 14th. Wedbush restated a sell rating and issued a $48.00 target price on shares of Best Buy in a report on Monday, May 21st. Wells Fargo & Co set a $77.00 target price on Best Buy and gave the company a hold rating in a report on Thursday, May 24th. Loop Capital set a $85.00 target price on Best Buy and gave the company a buy rating in a report on Thursday, May 24th. Finally, ValuEngine cut Best Buy from a buy rating to a hold rating in a report on Saturday, May 26th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and six have issued a buy rating to the company. Best Buy currently has an average rating of Hold and an average target price of $79.35.

In related news, 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Asheesh Saksena sold 18,570 shares of the stock in a transaction dated Thursday, June 14th. The stock was sold at an average price of $73.69, for a total value of $1,368,423.30. Following the transaction, the insider now directly owns 77,478 shares in the company, valued at approximately $5,709,353.82. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,252 shares of company stock valued at $1,485,915. Company insiders own 0.75% of the company’s stock.

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

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