Equities Analysts Offer Predictions for Best Buy Co Inc’s Q3 2019 Earnings (BBY)
Best Buy Co Inc (NYSE:BBY) – Equities researchers at Jefferies Group raised their Q3 2019 earnings estimates for shares of Best Buy in a research report issued on Friday. Jefferies Group analyst D. Binder now expects that the technology retailer will post earnings per share of $0.95 for the quarter, up from their previous estimate of $0.89. Jefferies Group currently has a “Buy” rating and a $74.00 target price on the stock. Jefferies Group also issued estimates for Best Buy’s Q4 2019 earnings at $2.63 EPS, FY2021 earnings at $5.83 EPS, FY2022 earnings at $6.30 EPS and FY2023 earnings at $6.80 EPS.
BBY has been the subject of a number of other reports. Wedbush set a $38.00 price target on shares of Best Buy and gave the stock a “sell” rating in a research note on Monday, January 8th. KeyCorp reiterated a “hold” rating on shares of Best Buy in a research note on Friday, November 10th. Loop Capital set a $80.00 price target on shares of Best Buy and gave the stock a “buy” rating in a research note on Tuesday, January 16th. Deutsche Bank set a $56.00 price target on shares of Best Buy and gave the stock a “hold” rating in a research note on Friday, November 17th. Finally, Zacks Investment Research upgraded shares of Best Buy from a “sell” rating to a “hold” rating in a research note on Tuesday, November 14th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $68.31.
Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, March 1st. The technology retailer reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.37. Best Buy had a net margin of 2.37% and a return on equity of 32.68%. The firm had revenue of $15.36 billion during the quarter, compared to analyst estimates of $14.52 billion. During the same period in the previous year, the business posted $1.93 earnings per share. The business’s revenue for the quarter was up 14.0% on a year-over-year basis.
Large investors have recently modified their holdings of the business. SWS Partners purchased a new position in Best Buy during the fourth quarter valued at approximately $110,000. Fieldpoint Private Securities LLC purchased a new position in Best Buy during the third quarter valued at approximately $139,000. Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in Best Buy by 232.8% during the fourth quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 2,030 shares of the technology retailer’s stock valued at $139,000 after purchasing an additional 1,420 shares in the last quarter. Smithfield Trust Co. purchased a new position in Best Buy during the third quarter valued at approximately $178,000. Finally, Squar Milner Financial Services LLC purchased a new position in Best Buy during the fourth quarter valued at approximately $201,000. 84.44% of the stock is currently owned by institutional investors and hedge funds.
In other Best Buy news, major shareholder Richard M. Schulze sold 50,000 shares of Best Buy stock in a transaction that occurred on Wednesday, December 6th. The shares were sold at an average price of $61.34, for a total transaction of $3,067,000.00. Following the transaction, the insider now owns 1,732,500 shares of the company’s stock, valued at $106,271,550. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Richard M. Schulze sold 200,000 shares of Best Buy stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $64.14, for a total transaction of $12,828,000.00. Following the transaction, the insider now directly owns 1,732,500 shares in the company, valued at approximately $111,122,550. The disclosure for this sale can be found here. Insiders have sold 1,050,000 shares of company stock worth $67,264,750 in the last ninety days. Insiders own 0.84% of the company’s stock.
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 issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, March 21st. This represents a $1.80 annualized dividend and a yield of 2.46%. This is an increase from Best Buy’s previous quarterly dividend of $0.34. Best Buy’s payout ratio is currently 41.46%.
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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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