Best Buy (BBY) Updates FY 2020 Earnings Guidance

Best Buy (NYSE:BBY) issued an update on its FY 2020 earnings guidance on Thursday morning. The company provided earnings per share guidance of $5.45-5.65 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $5.66. The company issued revenue guidance of $42.9-43.9 billion, compared to the consensus revenue estimate of $43.6 billion.Best Buy also updated its Q2 2020 guidance to $0.95-1.00 EPS.

Shares of BBY opened at $69.17 on Thursday. The stock has a market capitalization of $18.74 billion, a P/E ratio of 13.00, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. Best Buy has a one year low of $47.72 and a one year high of $84.37. The company has a quick ratio of 0.46, a current ratio of 1.18 and a debt-to-equity ratio of 0.40.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Wednesday, February 27th. The technology retailer reported $2.72 EPS for the quarter, beating analysts’ consensus estimates of $2.57 by $0.15. The firm had revenue of $14.80 billion during the quarter, compared to the consensus estimate of $14.69 billion. Best Buy had a return on equity of 46.33% and a net margin of 3.41%. Best Buy’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.42 earnings per share. On average, research analysts anticipate that Best Buy will post 5.66 EPS for the current year.

Best Buy declared that its board has approved a share repurchase program on Wednesday, February 27th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the technology retailer to buy up to 18.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

BBY has been the topic of a number of research analyst reports. Jefferies Financial Group raised Best Buy from a hold rating to a buy rating and increased their target price for the stock from $72.00 to $88.00 in a report on Wednesday, April 24th. ValuEngine raised Best Buy from a sell rating to a hold rating in a report on Thursday, February 28th. Zacks Investment Research downgraded Best Buy from a hold rating to a sell rating in a report on Wednesday, January 23rd. Wells Fargo & Co raised Best Buy to a buy rating in a report on Thursday, February 28th. Finally, Citigroup raised their target price on Best Buy from $72.00 to $77.00 and gave the company a neutral rating in a research report on Friday, March 1st. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $78.24.

In other Best Buy news, CAO Mathew Watson sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $69.99, for a total transaction of $69,990.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Rajendra M. Mohan sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $73.92, for a total value of $2,217,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,443,734 shares of company stock worth $100,145,966. Corporate insiders own 0.95% of the company’s stock.

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About Best Buy

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 Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and 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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