$14.41 Billion in Sales Expected for Best Buy Co Inc (BBY) This Quarter

Equities analysts expect Best Buy Co Inc (NYSE:BBY) to post 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 estimates ranging from $14.21 billion to $14.81 billion. Best Buy reported sales of $13.48 billion in the same quarter last year, which would suggest a positive year over year growth rate of 6.9%. The company is scheduled to report its next earnings report on Wednesday, March 7th.

According to Zacks, 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 year, analysts expect that the business will post 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 analysts that that provide coverage for Best Buy.

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

BBY has been the topic of several research reports. Loop Capital set a $72.00 price objective on shares of Best Buy and gave the company a “buy” rating in a report on Tuesday, October 24th. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Moffett Nathanson initiated coverage on shares of Best Buy in a report on Monday, December 4th. They set a “sell” rating on the stock. Wedbush set a $33.00 price objective on shares of Best Buy and gave the company a “sell” rating in a report on Monday, November 13th. Finally, Jefferies Group reissued a “hold” rating and set a $60.00 price objective on shares of Best Buy in a report on Monday, November 13th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.14.

In other news, insider Shari L. Ballard sold 40,018 shares of Best Buy stock in a transaction on Tuesday, November 21st. The shares were sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the completion of the sale, the insider now directly owns 99,304 shares in the company, valued at $5,578,898.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Richard M. Schulze sold 250,000 shares of Best Buy stock in a transaction on Monday, December 18th. The stock was sold at an average price of $66.83, for a total transaction of $16,707,500.00. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $115,782,975. The disclosure for this sale can be found here. Insiders sold 3,134,253 shares of company stock worth $191,063,125 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Several large investors have recently bought and sold shares of BBY. FNY Managed Accounts LLC lifted its stake in shares of Best Buy by 18,281.8% during the second quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after buying an additional 2,011 shares during the period. Fieldpoint Private Securities LLC acquired a new stake in shares of Best Buy during the third quarter worth $139,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Best Buy by 6.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock worth $159,000 after buying an additional 163 shares during the period. Smithfield Trust Co. acquired a new stake in shares of Best Buy during the third quarter worth $178,000. Finally, Keybank National Association OH acquired a new stake in shares of Best Buy during the second quarter worth $200,000. Institutional investors and hedge funds own 88.45% of the company’s stock.

Shares of Best Buy (NYSE BBY) traded down $0.06 during mid-day trading on Tuesday, reaching $69.63. 425,368 shares of the company traded hands, compared to its average volume of 4,036,720. The stock has a market capitalization of $20,430.00, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 1.46 and a beta of 1.38. 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 12 month low of $41.67 and a 12 month high of $70.11.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 28th. Shareholders of record on Thursday, December 7th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.95%. The ex-dividend date was Wednesday, December 6th. Best Buy’s dividend payout ratio is currently 34.43%.

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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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