Best Buy (NYSE:BBY) issued an update on its second quarter 2020 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.95-1.00 for the period, compared to the Thomson Reuters consensus estimate of $0.96. The company issued revenue guidance of $9.5-9.6 billion, compared to the consensus revenue estimate of $9.49 billion.Best Buy also updated its FY 2020 guidance to $5.45-5.65 EPS.

BBY stock opened at $65.82 on Friday. The company has a market cap of $18.74 billion, a PE ratio of 12.37, a PEG ratio of 1.41 and a beta of 0.94. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.46 and a current ratio of 1.18. Best Buy has a one year low of $47.72 and a one year high of $84.37.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 23rd. The technology retailer reported $1.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.16. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.14 billion. Best Buy had a net margin of 3.41% and a return on equity of 46.33%. The business’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.82 EPS. Analysts forecast that Best Buy will post 5.66 earnings per share for the current year.

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

Several analysts have recently commented on BBY shares. Wolfe Research raised shares of Best Buy from a market perform rating to a buy rating in a research report on Wednesday, March 6th. Wedbush reaffirmed a neutral rating and set a $65.00 price target on shares of Best Buy in a research report on Friday, February 22nd. Credit Suisse Group raised shares of Best Buy from a neutral rating to a buy rating and lifted their price target for the company from $70.00 to $78.00 in a research report on Thursday, February 28th. Telsey Advisory Group reaffirmed a market perform rating and set a $74.00 price target (up previously from $67.00) on shares of Best Buy in a research report on Thursday, February 28th. Finally, Bank of America raised Best Buy from an underperform rating to a neutral rating and set a $50.00 target price on the stock in a research report on Wednesday, February 27th. Eleven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $78.24.

In other news, major shareholder Richard M. Schulze sold 482,557 shares of the company’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $68.88, for a total transaction of $33,238,526.16. Following the sale, the insider now owns 1,732,500 shares of the company’s stock, valued at $119,334,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Richard M. Schulze sold 492,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $68.50, for a total value of $33,702,000.00. Following the sale, the insider now directly owns 1,732,500 shares in the company, valued at approximately $118,676,250. The disclosure for this sale can be found here. Insiders have sold 1,443,734 shares of company stock worth $100,145,966 in the last ninety days. Corporate insiders own 0.95% of the company’s stock.

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Best Buy Company Profile

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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