Best Buy (NYSE:BBY) released its quarterly earnings results on Tuesday. The technology retailer reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.08, Bloomberg Earnings reports. The firm had revenue of $9.59 billion for the quarter, compared to analysts’ expectations of $9.56 billion. Best Buy had a return on equity of 40.28% and a net margin of 2.44%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.78 EPS.
NYSE:BBY opened at $62.20 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 1.21 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $18.24 billion, a PE ratio of 14.07, a P/E/G ratio of 1.11 and a beta of 1.01. Best Buy has a one year low of $55.81 and a one year high of $84.37.
Several equities analysts have recently weighed in on the company. Barclays reissued a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Wednesday, August 29th. Zacks Investment Research cut Best Buy from a “buy” rating to a “hold” rating in a report on Wednesday, November 14th. Credit Suisse Group increased their price target on Best Buy from $74.00 to $78.00 and gave the company a “hold” rating in a report on Wednesday, August 29th. Bank of America reissued a “buy” rating and set a $92.00 price target on shares of Best Buy in a report on Tuesday, August 28th. Finally, Wells Fargo & Co reissued a “hold” rating and set a $78.00 price target on shares of Best Buy in a report on Tuesday, August 28th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $79.25.
In other news, General Counsel Keith J. Nelsen sold 33,473 shares of the company’s stock in a transaction on Tuesday, September 4th. The stock was sold at an average price of $80.38, for a total value of $2,690,559.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patricia H. Walker sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $77.66, for a total value of $388,300.00. Following the completion of the sale, the insider now owns 21,698 shares of the company’s stock, valued at $1,685,066.68. The disclosure for this sale can be found here. Insiders sold a total of 76,711 shares of company stock valued at $6,081,426 over the last 90 days. 0.75% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of the company. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in Best Buy by 647.0% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 2,843,269 shares of the technology retailer’s stock worth $225,641,000 after buying an additional 2,462,655 shares in the last quarter. Swedbank purchased a new stake in Best Buy in the 3rd quarter worth $174,994,000. Marshall Wace LLP increased its stake in Best Buy by 454.5% in the 2nd quarter. Marshall Wace LLP now owns 1,287,293 shares of the technology retailer’s stock worth $96,006,000 after buying an additional 1,055,122 shares in the last quarter. Janus Henderson Group PLC increased its stake in Best Buy by 84.4% in the 2nd 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, LSV Asset Management increased its stake in Best Buy by 31.1% in the 2nd 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. Hedge funds and other institutional investors own 84.91% of the company’s stock.
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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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