Best Buy Co Inc (NYSE:BBY) Expected to Post Quarterly Sales of $9.56 Billion

Equities research analysts forecast that Best Buy Co Inc (NYSE:BBY) will post $9.56 billion in sales for the current quarter, Zacks Investment Research reports. Nine analysts have provided estimates for Best Buy’s earnings. The lowest sales estimate is $9.52 billion and the highest is $9.62 billion. Best Buy reported sales of $9.38 billion during the same quarter last year, which indicates a positive year over year growth rate of 1.9%. The business is expected to report its next earnings report on Tuesday, August 27th.

According to Zacks, analysts expect that Best Buy will report full year sales of $43.66 billion for the current financial year, with estimates ranging from $43.38 billion to $43.91 billion. For the next year, analysts anticipate that the firm will report sales of $44.29 billion, with estimates ranging from $43.56 billion to $44.91 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Best Buy.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.14. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The company had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.14 billion. During the same quarter last year, the firm posted $0.82 earnings per share. The firm’s revenue was up .4% compared to the same quarter last year.

A number of research firms have commented on BBY. Zacks Investment Research cut shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Jefferies Financial Group upgraded shares of Best Buy from a “hold” rating to a “buy” rating and raised their target price for the stock from $72.00 to $88.00 in a research note on Wednesday, April 24th. Oppenheimer upgraded shares of Best Buy from a “market perform” rating to an “outperform” rating and set a $86.00 target price on the stock in a research note on Friday, March 22nd. Evercore ISI assumed coverage on shares of Best Buy in a research note on Wednesday, March 20th. They set an “in-line” rating and a $75.00 target price on the stock. Finally, Bank of America upgraded shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $50.00 price objective on the stock in a research report on Wednesday, February 27th. Twelve analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $77.81.

In related news, CEO Hubert Joly sold 600,826 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $64.42, for a total value of $38,705,210.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rajendra M. Mohan sold 30,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $73.92, for a total transaction of $2,217,600.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 814,973 shares of company stock valued at $54,406,869. 0.95% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its stake in shares of Best Buy by 0.9% during the first quarter. FMR LLC now owns 23,761,834 shares of the technology retailer’s stock valued at $1,688,517,000 after purchasing an additional 215,871 shares during the period. BlackRock Inc. grew its holdings in shares of Best Buy by 1.7% during the first quarter. BlackRock Inc. now owns 17,406,620 shares of the technology retailer’s stock valued at $1,236,916,000 after buying an additional 295,060 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Best Buy by 13.3% during the fourth quarter. Northern Trust Corp now owns 4,061,338 shares of the technology retailer’s stock valued at $215,088,000 after buying an additional 478,177 shares during the last quarter. Norges Bank acquired a new position in shares of Best Buy during the fourth quarter valued at about $145,454,000. Finally, Amundi Pioneer Asset Management Inc. grew its holdings in shares of Best Buy by 5.5% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,471,392 shares of the technology retailer’s stock valued at $130,885,000 after buying an additional 128,144 shares during the last quarter. 78.78% of the stock is owned by hedge funds and other institutional investors.

NYSE BBY traded up $1.75 on Friday, reaching $68.14. 141,438 shares of the stock were exchanged, compared to its average volume of 2,687,274. Best Buy has a one year low of $47.72 and a one year high of $84.37. The firm has a market cap of $18.02 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.34 and a beta of 1.05. The firm’s 50-day moving average price is $66.91. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39.

Best Buy declared that its board has authorized a share repurchase plan on Wednesday, February 27th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the technology retailer to purchase up to 18.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Thursday, June 13th will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date of this dividend is Wednesday, June 12th. Best Buy’s dividend payout ratio (DPR) is presently 37.59%.

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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