Best Buy Co., Inc. (BBY) Expected to Announce Quarterly Sales of $14.41 Billion

Equities research analysts forecast that Best Buy Co., Inc. (NYSE:BBY) will report sales of $14.41 billion for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Best Buy’s earnings, with the lowest sales estimate coming in at $14.21 billion and the highest estimate coming in at $14.81 billion. Best Buy posted sales of $13.48 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 6.9%. The business is expected to report its next earnings report on Wednesday, March 7th.

On average, analysts expect that Best Buy will report full year sales of $14.41 billion for the current year, with estimates ranging from $41.00 billion to $41.59 billion. For the next financial year, analysts expect that the company will report sales of $40.68 billion per share, with estimates ranging from $39.79 billion to $41.63 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Best Buy.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. During the same quarter last year, the business earned $0.60 earnings per share. The company’s revenue was up 4.2% compared to the same quarter last year.

A number of equities analysts have issued reports on the company. Wedbush set a $32.00 target price on Best Buy and gave the stock a “sell” rating in a report on Wednesday, November 29th. Jefferies Group restated a “hold” rating and set a $60.00 target price on shares of Best Buy in a report on Wednesday, August 9th. Loop Capital restated a “buy” rating and set a $72.00 target price on shares of Best Buy in a report on Wednesday, August 16th. Moffett Nathanson initiated coverage on Best Buy in a report on Monday. They set a “sell” rating on the stock. Finally, Oppenheimer reiterated a “hold” rating on shares of Best Buy in a report on Wednesday, September 20th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $58.81.

Best Buy (NYSE:BBY) opened at $61.98 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.52 and a debt-to-equity ratio of 0.19. Best Buy has a 1-year low of $41.67 and a 1-year high of $63.32. The stock has a market capitalization of $18,285.02, a PE ratio of 15.56, a price-to-earnings-growth ratio of 1.30 and a beta of 1.40.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 7th will be issued a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.19%. The ex-dividend date is Wednesday, December 6th. Best Buy’s dividend payout ratio (DPR) is presently 34.34%.

In other Best Buy news, insider Kathleen Scarlett sold 10,797 shares of the business’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total value of $566,734.53. Following the sale, the insider now owns 25,690 shares in the company, valued at approximately $1,348,468.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Richard M. Schulze sold 65,000 shares of the business’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $61.08, for a total value of $3,970,200.00. Following the completion of the sale, the insider now owns 1,732,500 shares in the company, valued at approximately $105,821,100. The disclosure for this sale can be found here. Insiders sold a total of 2,098,184 shares of company stock worth $124,544,562 in the last 90 days. Company insiders own 0.84% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Managed Accounts LLC lifted its stake in Best Buy by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after acquiring an additional 2,011 shares in the last quarter. Fieldpoint Private Securities LLC bought a new stake in Best Buy in the 3rd quarter valued at approximately $139,000. Northwestern Mutual Wealth Management Co. lifted its stake in Best Buy by 6.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after acquiring an additional 163 shares in the last quarter. Smithfield Trust Co. bought a new stake in Best Buy in the 3rd quarter valued at approximately $178,000. Finally, Keybank National Association OH bought a new stake in Best Buy in the 2nd quarter valued at approximately $200,000. Hedge funds and other institutional investors own 86.50% of the company’s stock.

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Best Buy Company Profile

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

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