Best Buy Co Inc (NYSE:BBY) – Piper Jaffray Companies decreased their Q3 2019 earnings per share (EPS) estimates for Best Buy in a research note issued to investors on Tuesday, August 28th. Piper Jaffray Companies analyst P. Keith now anticipates that the technology retailer will post earnings per share of $0.82 for the quarter, down from their prior forecast of $0.95. Piper Jaffray Companies also issued estimates for Best Buy’s Q4 2019 earnings at $2.57 EPS, FY2019 earnings at $5.06 EPS, Q1 2020 earnings at $0.94 EPS and Q3 2020 earnings at $0.93 EPS.
Several other brokerages also recently issued reports on BBY. Zacks Investment Research downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Thursday, August 23rd. Jefferies Financial Group assumed coverage on shares of Best Buy in a research report on Tuesday, August 21st. They set a “hold” rating and a $79.00 price objective on the stock. Wedbush set a $65.00 price objective on shares of Best Buy and gave the stock a “sell” rating in a research report on Thursday, August 23rd. ValuEngine raised shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Thursday, July 19th. Finally, Bank of America restated a “buy” rating and issued a $92.00 target price on shares of Best Buy in a research note on Tuesday. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the company. Best Buy presently has an average rating of “Hold” and an average target price of $79.35.
Shares of Best Buy stock opened at $77.63 on Thursday. Best Buy has a 1 year low of $51.61 and a 1 year high of $84.37. The company has a current ratio of 1.27, a quick ratio of 0.56 and a debt-to-equity ratio of 0.23. The firm has a market cap of $22.82 billion, a price-to-earnings ratio of 17.34, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79.
Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 28th. The technology retailer reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 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 $9.38 billion for the quarter, compared to the consensus estimate of $9.25 billion. During the same period last year, the firm posted $0.69 EPS. Best Buy’s revenue for the quarter was up 4.6% on a year-over-year basis.
A number of large investors have recently bought and sold shares of the business. Northern Trust Corp increased its holdings in Best Buy by 3.4% during the 1st quarter. Northern Trust Corp now owns 3,840,174 shares of the technology retailer’s stock valued at $268,774,000 after acquiring an additional 125,125 shares in the last quarter. OppenheimerFunds Inc. grew its holdings in shares of Best Buy by 20.9% during the second quarter. OppenheimerFunds Inc. now owns 3,498,002 shares of the technology retailer’s stock worth $260,880,000 after buying an additional 604,282 shares in the last quarter. LSV Asset Management grew its holdings in shares of Best Buy by 31.1% during the second quarter. LSV Asset Management now owns 3,134,306 shares of the technology retailer’s stock worth $233,756,000 after buying an additional 742,913 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Best Buy by 84.4% during the second quarter. Janus Henderson Group PLC now owns 2,102,292 shares of the technology retailer’s stock worth $156,794,000 after buying an additional 962,231 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Best Buy by 44.7% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,635,325 shares of the technology retailer’s stock worth $121,963,000 after buying an additional 505,061 shares in the last quarter. Hedge funds and other institutional investors own 82.10% of the company’s stock.
In other Best Buy news, insider Kathleen Scarlett sold 1,225 shares of the firm’s stock in a transaction dated Monday, June 4th. The shares were sold at an average price of $68.85, for a total transaction of $84,341.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Mathew Watson sold 457 shares of the firm’s stock in a transaction dated Monday, June 11th. The shares were sold at an average price of $72.54, for a total transaction of $33,150.78. Following the transaction, the senior vice president now owns 20,241 shares of the company’s stock, valued at $1,468,282.14. The disclosure for this sale can be found here. Insiders sold 20,252 shares of company stock valued at $1,485,915 in the last quarter. Company insiders own 0.75% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 9th. Investors of record on Tuesday, September 18th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 2.32%. Best Buy’s dividend payout ratio (DPR) is 40.72%.
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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