Best Buy Co Inc (NYSE:BBY) Expected to Announce Quarterly Sales of $9.57 Billion

Wall Street analysts expect Best Buy Co Inc (NYSE:BBY) to post sales of $9.57 billion for the current fiscal quarter, Zacks reports. Eight analysts have issued estimates for Best Buy’s earnings, with the lowest sales estimate coming in at $9.52 billion and the highest estimate coming in at $9.62 billion. Best Buy reported sales of $9.38 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 2%. The firm is scheduled to issue its next earnings report on Tuesday, August 27th.

According to Zacks, analysts expect that Best Buy will report full-year sales of $43.68 billion for the current year, with estimates ranging from $43.38 billion to $43.91 billion. For the next year, analysts forecast that the business will post sales of $44.34 billion, with estimates ranging from $43.56 billion to $44.91 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover Best Buy.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, beating the Zacks’ consensus estimate of $0.88 by $0.14. The business had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.14 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm’s quarterly revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS.

A number of equities analysts have recently commented on the stock. Goldman Sachs Group upgraded shares of Altria Group from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Thursday, July 11th. Guggenheim assumed coverage on shares of Best Buy in a research note on Monday, July 8th. They set a “buy” rating and a $80.00 price objective for the company. Jefferies Financial Group downgraded shares of MACOM Technology Solutions from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $18.00 to $15.00 in a research note on Wednesday, April 24th. Oppenheimer set a $22.00 price objective on shares of Par Pacific and gave the stock a “buy” rating in a research note on Monday, March 25th. Finally, Zacks Investment Research downgraded shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Thirteen analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $77.67.

Shares of Best Buy stock traded up $0.87 during trading hours on Friday, reaching $74.71. 1,787,832 shares of the company’s stock were exchanged, compared to its average volume of 2,177,901. The business’s 50 day moving average is $68.71. Best Buy has a fifty-two week low of $47.72 and a fifty-two week high of $84.37. The company has a current ratio of 1.12, a quick ratio of 0.39 and a debt-to-equity ratio of 1.00. The firm has a market cap of $19.95 billion, a PE ratio of 14.04, a P/E/G ratio of 1.48 and a beta of 1.07.

The company also recently announced a quarterly dividend, which was paid on Friday, July 5th. Investors of record on Thursday, June 13th were paid a $0.50 dividend. The ex-dividend date of this dividend was Wednesday, June 12th. This represents a $2.00 annualized dividend and a yield of 2.68%. Best Buy’s dividend payout ratio (DPR) is currently 37.59%.

In related news, CEO Hubert Joly sold 600,826 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $64.42, for a total value of $38,705,210.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brian A. Tilzer sold 2,739 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $72.88, for a total transaction of $199,618.32. The disclosure for this sale can be found here. Insiders sold a total of 1,512,845 shares of company stock valued at $104,589,616 over the last quarter. 0.95% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the business. Xact Kapitalforvaltning AB lifted its position in Best Buy by 43.6% during the first quarter. Xact Kapitalforvaltning AB now owns 61,207 shares of the technology retailer’s stock worth $4,349,000 after acquiring an additional 18,575 shares during the last quarter. HRT Financial LLC bought a new position in Best Buy in the fourth quarter valued at approximately $1,105,000. Stormborn Capital Management LLC bought a new position in Best Buy in the first quarter valued at approximately $3,553,000. Conning Inc. increased its stake in Best Buy by 5,774.3% in the first quarter. Conning Inc. now owns 640,709 shares of the technology retailer’s stock valued at $45,529,000 after acquiring an additional 629,802 shares during the last quarter. Finally, QS Investors LLC increased its stake in Best Buy by 84.0% in the fourth quarter. QS Investors LLC now owns 48,619 shares of the technology retailer’s stock valued at $2,575,000 after acquiring an additional 22,193 shares during the last quarter. Hedge funds and other institutional investors own 78.63% of the company’s stock.

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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