$0.74 Earnings Per Share Expected for Best Buy (BBY) This Quarter

Brokerages predict that Best Buy (NYSE:BBY) will announce earnings of $0.74 per share for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Best Buy’s earnings, with the highest EPS estimate coming in at $0.79 and the lowest estimate coming in at $0.71. Best Buy posted earnings per share of $0.60 in the same quarter last year, which suggests a positive year over year growth rate of 23.3%. The business is expected to announce 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 financial year, with EPS estimates ranging from $4.75 to $5.22. For the next fiscal year, analysts anticipate that the company will post earnings of $5.41 per share, with EPS estimates ranging from $5.25 to $5.91. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that that provide coverage for Best Buy.

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



Several brokerages have recently commented on BBY. Telsey Advisory Group lowered Best Buy from an “outperform” rating to a “market perform” rating and raised their price target for the company from $62.00 to $81.00 in a research note on Thursday, January 25th. They noted that the move was a valuation call. Barclays raised their price target on Best Buy from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Tuesday, January 30th. UBS restated a “neutral” rating and set a $77.00 price target (up previously from $70.00) on shares of Best Buy in a research note on Friday, March 2nd. Loop Capital upgraded Best Buy to a “buy” rating in a research note on Thursday, March 1st. Finally, Morgan Stanley restated an “equal weight” rating and set a $74.00 price target (up previously from $66.00) on shares of Best Buy in a research note on Friday, March 2nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $70.88.

In other news, Director Gerard R. Vittecoq sold 23,684 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $74.12, for a total transaction of $1,755,458.08. Following the sale, the director now owns 40,128 shares in the company, valued at $2,974,287.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Mathew Watson sold 990 shares of the business’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 disclosure for this sale can be found here. Insiders sold 356,785 shares of company stock worth $24,999,914 in the last quarter. 1.21% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of BBY. Envestnet Asset Management Inc. grew its stake in shares of Best Buy by 6.6% during the third quarter. Envestnet Asset Management Inc. now owns 17,299 shares of the technology retailer’s stock worth $985,000 after acquiring an additional 1,076 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Best Buy by 16.0% during the third quarter. Janus Henderson Group PLC now owns 679,153 shares of the technology retailer’s stock worth $38,680,000 after acquiring an additional 93,626 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Best Buy by 19.8% during the third quarter. Prudential Financial Inc. now owns 1,053,380 shares of the technology retailer’s stock worth $60,001,000 after acquiring an additional 173,903 shares during the last quarter. Sit Investment Associates Inc. grew its stake in shares of Best Buy by 783,437.5% during the fourth quarter. Sit Investment Associates Inc. now owns 188,049 shares of the technology retailer’s stock worth $12,876,000 after acquiring an additional 188,025 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. purchased a new stake in shares of Best Buy during the fourth quarter worth about $231,000. Institutional investors and hedge funds own 85.17% of the company’s stock.

Shares of Best Buy stock opened at $75.40 on Thursday. The firm has a market cap of $21,266.75, a PE ratio of 17.06, a PEG ratio of 1.00 and a beta of 0.94. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 1.26. Best Buy has a 12 month low of $48.68 and a 12 month high of $78.59.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd were paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend was Wednesday, March 21st. This is a positive change from Best Buy’s previous quarterly dividend of $0.34. Best Buy’s payout ratio is 40.72%.

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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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