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

Analysts forecast that Best Buy (NYSE:BBY) will post earnings of $0.74 per share for the current fiscal quarter, according to Zacks. Six 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 during the same quarter last year, which indicates a positive year-over-year growth rate of 23.3%. The firm is expected to announce its next quarterly earnings report on Thursday, May 24th.

According to Zacks, analysts expect that Best Buy will report full-year earnings of $4.99 per share for the current year, with EPS estimates ranging from $4.75 to $5.22. For the next fiscal year, analysts anticipate that the business will report earnings of $5.41 per share, with EPS estimates ranging from $5.25 to $5.91. Zacks’ EPS averages are a mean average based on a survey of 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.37. The firm had revenue of $15.36 billion during 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%. Best Buy’s quarterly revenue was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 earnings per share.

A number of analysts recently issued reports on BBY shares. Wedbush set a $38.00 price target on Best Buy and gave the company a “sell” rating in a report on Monday, January 8th. Loop Capital set a $80.00 price target on Best Buy and gave the company a “buy” rating in a report on Tuesday, January 16th. Jefferies Group reiterated a “buy” rating and issued a $74.00 price target (up previously from $60.00) on shares of Best Buy in a report on Tuesday, February 27th. Zacks Investment Research upgraded Best Buy from a “hold” rating to a “strong-buy” rating and set a $84.00 price target for the company in a report on Friday, February 2nd. Finally, ValuEngine upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $70.88.

Shares of NYSE BBY traded down $1.63 during trading hours on Monday, reaching $70.49. The stock had a trading volume of 3,203,062 shares, compared to its average volume of 3,417,552. 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 firm has a market capitalization of $21,082.59, a price-to-earnings ratio of 15.95, a PEG ratio of 1.00 and a beta of 0.94. Best Buy has a 52-week low of $47.68 and a 52-week high of $78.59.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 12th. Investors of record on Thursday, March 22nd will be paid a $0.45 dividend. This is an increase from Best Buy’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Wednesday, March 21st. This represents a $1.80 dividend on an annualized basis and a yield of 2.55%. Best Buy’s payout ratio is 40.72%.

In other news, SVP Mathew Watson sold 990 shares of the company’s stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $77.21, for a total transaction of $76,437.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Hubert Joly sold 9,591 shares of the company’s stock in a transaction on Tuesday, March 13th. The stock was sold at an average price of $72.45, for a total value of $694,867.95. Following the transaction, the chief executive officer now directly owns 728,564 shares in the company, valued at $52,784,461.80. The disclosure for this sale can be found here. Insiders sold 356,785 shares of company stock valued at $24,999,914 in the last three months. 1.21% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of BBY. Renaissance Technologies LLC increased its position in shares of Best Buy by 61.0% during the fourth quarter. Renaissance Technologies LLC now owns 3,379,200 shares of the technology retailer’s stock worth $231,374,000 after purchasing an additional 1,280,600 shares in the last quarter. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Best Buy during the fourth quarter worth $86,840,000. Bank of New York Mellon Corp increased its position in shares of Best Buy by 31.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,279,548 shares of the technology retailer’s stock worth $361,491,000 after purchasing an additional 1,264,528 shares in the last quarter. Capital Growth Management LP acquired a new position in shares of Best Buy during the fourth quarter worth $50,668,000. Finally, Assenagon Asset Management S.A. increased its position in shares of Best Buy by 6,630.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 645,175 shares of the technology retailer’s stock worth $44,175,000 after purchasing an additional 635,589 shares in the last quarter. 85.11% of the stock is currently owned by institutional investors and hedge funds.

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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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