Best Buy Co Inc (NYSE:BBY) – Research analysts at Jefferies Group lifted their Q1 2018 EPS estimates for shares of Best Buy Co in a research note issued on Wednesday. Jefferies Group analyst D. Binder now expects that the technology retailer will post earnings of $0.42 per share for the quarter, up from their prior estimate of $0.41. Jefferies Group currently has a “Hold – Buy” rating and a $51.00 price target on the stock.
Best Buy Co (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion for the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co had a net margin of 2.78% and a return on equity of 24.18%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.44 EPS.
A number of other equities research analysts have also commented on BBY. Zacks Investment Research lowered Best Buy Co from a “strong-buy” rating to a “sell” rating in a research report on Thursday, February 2nd. Sanford C. Bernstein initiated coverage on Best Buy Co in a research report on Monday, February 6th. They set an “underperform” rating and a $34.00 price objective for the company. Barclays PLC set a $50.00 price objective on Best Buy Co and gave the stock a “buy” rating in a research report on Saturday, February 18th. Loop Capital restated a “buy” rating and set a $58.00 price objective on shares of Best Buy Co in a research report on Wednesday, February 22nd. Finally, Wedbush restated a “buy” rating on shares of Best Buy Co in a research report on Friday, February 24th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $46.85.
Best Buy Co (NYSE:BBY) opened at 58.97 on Friday. The stock has a market capitalization of $18.23 billion, a price-to-earnings ratio of 15.50 and a beta of 1.59. Best Buy Co has a one year low of $28.76 and a one year high of $61.95. The stock’s 50 day moving average is $51.17 and its 200 day moving average is $46.49.
Several hedge funds have recently added to or reduced their stakes in BBY. BlackRock Inc. boosted its stake in Best Buy Co by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after buying an additional 19,040,478 shares in the last quarter. Norges Bank purchased a new stake in Best Buy Co during the fourth quarter worth about $146,138,000. Massachusetts Financial Services Co. MA boosted its stake in Best Buy Co by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after buying an additional 1,645,245 shares in the last quarter. Vanguard Group Inc. boosted its stake in Best Buy Co by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. Finally, State Street Corp boosted its stake in Best Buy Co by 7.5% in the fourth quarter. State Street Corp now owns 13,450,525 shares of the technology retailer’s stock worth $573,939,000 after buying an additional 937,684 shares in the last quarter. Institutional investors and hedge funds own 86.57% of the company’s stock.
In other news, VP Mathew Watson sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $44.59, for a total transaction of $44,590.00. Following the sale, the vice president now directly owns 16,320 shares in the company, valued at $727,708.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen sold 90,247 shares of the business’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $44.54, for a total value of $4,019,601.38. Following the sale, the general counsel now owns 88,651 shares in the company, valued at $3,948,515.54. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 415,787 shares of company stock worth $19,856,989. Company insiders own 1.21% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Tuesday, June 13th. Best Buy Co’s dividend payout ratio is currently 33.73%.
About Best Buy Co
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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