Best Buy (BBY) Updates FY19 Earnings Guidance
Best Buy (NYSE:BBY) updated its FY19 earnings guidance on Thursday. The company provided earnings per share guidance of $4.80-5.00 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $4.72. The company issued revenue guidance of $41.0-42.0 billion, compared to the consensus revenue estimate of $40.89 billion.Best Buy also updated its Q1 guidance to $0.68-0.73 EPS.
A number of brokerages have recently issued reports on BBY. Telsey Advisory Group set a $76.00 price target on shares of Best Buy and gave the company a market perform rating in a report on Friday. Morgan Stanley increased their price objective on shares of Best Buy from $66.00 to $74.00 and gave the company an equal weight rating in a research note on Friday. UBS Group increased their price objective on shares of Best Buy from $70.00 to $77.00 and gave the company a neutral rating in a research note on Friday. Jefferies Group reissued a buy rating and issued a $74.00 price objective (up from $60.00) on shares of Best Buy in a research note on Tuesday. Finally, Bank of America increased their price objective on shares of Best Buy from $78.00 to $87.00 and gave the company a buy rating in a research note on Friday. Four analysts have rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $67.92.
Shares of Best Buy (NYSE BBY) opened at $73.04 on Friday. Best Buy has a 12 month low of $43.72 and a 12 month high of $78.59. The stock has a market cap of $21,350.00, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.08 and a beta of 1.09. The company has a current ratio of 1.26, a quick ratio of 0.52 and a debt-to-equity ratio of 0.22.
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 12th. Shareholders of record on Thursday, March 22nd will be paid a dividend of $0.45 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.34. This represents a $1.80 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Wednesday, March 21st. Best Buy’s dividend payout ratio (DPR) is currently 32.15%.
In other Best Buy news, major shareholder Richard M. Schulze sold 475,000 shares of the firm’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $62.68, for a total transaction of $29,773,000.00. Following the sale, the insider now directly owns 1,732,500 shares of the company’s stock, valued at approximately $108,593,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Richard M. Schulze sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $61.34, for a total transaction of $3,067,000.00. Following the completion of the sale, the insider now directly owns 1,732,500 shares in the company, valued at $106,271,550. The disclosure for this sale can be found here. Insiders have sold a total of 1,115,000 shares of company stock worth $71,234,950 over the last ninety days. 1.21% of the stock is owned by corporate insiders.
About Best Buy
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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