$8.76 Billion in Sales Expected for Best Buy (BBY) This Quarter

Wall Street brokerages expect Best Buy (NYSE:BBY) to announce $8.76 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts have provided estimates for Best Buy’s earnings, with estimates ranging from $8.65 billion to $8.93 billion. Best Buy posted sales of $8.53 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 2.7%. The business is scheduled to report its next earnings results on Thursday, May 24th.

On average, analysts expect that Best Buy will report full year sales of $41.73 billion for the current fiscal year, with estimates ranging from $41.09 billion to $42.32 billion. For the next financial year, analysts anticipate that the company will post sales of $42.13 billion per share, with estimates ranging from $41.17 billion to $43.09 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Best Buy.

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Best Buy (NYSE:BBY) last issued its earnings results on Thursday, March 1st. The technology retailer reported $2.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.05 by $0.37. The company had revenue of $15.36 billion for the quarter, compared to analysts’ expectations of $14.52 billion. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The firm’s revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.93 earnings per share.



A number of brokerages have weighed in on BBY. Wells Fargo began coverage on shares of Best Buy in a report on Monday. They set a “market perform” rating and a $77.00 target price on the stock. Loop Capital set a $83.00 target price on shares of Best Buy and gave the stock a “buy” rating in a report on Wednesday, March 14th. Zacks Investment Research cut shares of Best Buy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 14th. Wedbush reaffirmed an “underperform” rating and issued a $48.00 price objective (up previously from $45.00) on shares of Best Buy in a report on Monday, March 5th. Finally, Credit Suisse Group reaffirmed a “hold” rating and issued a $74.00 price objective (up previously from $60.00) on shares of Best Buy in a report on Monday, March 5th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $71.22.

In related news, CEO Hubert Joly sold 240,468 shares of the stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $69.61, for a total value of $16,738,977.48. Following the completion of the transaction, the chief executive officer now owns 698,769 shares in the company, valued at approximately $48,641,310.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patricia H. Walker sold 1,569 shares of the stock in a transaction dated Monday, March 19th. The shares were sold at an average price of $68.72, for a total transaction of $107,821.68. Following the completion of the transaction, the insider now owns 35,552 shares of the company’s stock, valued at approximately $2,443,133.44. The disclosure for this sale can be found here. Insiders sold a total of 356,785 shares of company stock valued at $24,999,914 in the last quarter. 0.84% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in BBY. Xact Kapitalforvaltning AB boosted its position in shares of Best Buy by 4.9% during the 4th quarter. Xact Kapitalforvaltning AB now owns 56,001 shares of the technology retailer’s stock valued at $3,834,000 after purchasing an additional 2,631 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Best Buy by 2.6% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 269,414 shares of the technology retailer’s stock valued at $18,447,000 after purchasing an additional 6,722 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in shares of Best Buy by 36.6% during the 4th quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 19,416 shares of the technology retailer’s stock valued at $1,329,000 after purchasing an additional 5,200 shares in the last quarter. First Commonwealth Financial Corp PA bought a new position in shares of Best Buy during the 4th quarter valued at about $212,000. Finally, SWS Partners bought a new position in shares of Best Buy during the 4th quarter valued at about $110,000. Hedge funds and other institutional investors own 85.03% of the company’s stock.

Shares of NYSE:BBY traded down $0.23 on Friday, reaching $73.27. 1,396,728 shares of the company’s stock were exchanged, compared to its average volume of 3,562,141. The stock has a market capitalization of $21,135.21, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 1.00 and a beta of 0.94. Best Buy has a fifty-two week low of $50.29 and a fifty-two week high of $78.59. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.59 and a current ratio of 1.26.

The business also recently announced a quarterly dividend, which was paid on Thursday, April 12th. Investors of record on Thursday, March 22nd were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 2.46%. 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 dividend payout ratio is currently 40.72%.

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

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