Best Buy (NYSE:BBY) Posts Earnings Results, Beats Expectations By $0.35 EPS

Best Buy (NYSE:BBYGet Rating) announced its quarterly earnings data on Tuesday. The technology retailer reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.35, RTT News reports. The business had revenue of $10.59 billion for the quarter, compared to analyst estimates of $10.30 billion. Best Buy had a net margin of 3.60% and a return on equity of 57.98%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.08 earnings per share.

Best Buy Trading Up 3.1 %

BBY stock opened at $82.39 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.27 and a current ratio of 0.96. The company’s 50-day simple moving average is $68.00 and its 200 day simple moving average is $73.04. Best Buy has a 52 week low of $60.78 and a 52 week high of $121.87. The company has a market capitalization of $18.55 billion, a PE ratio of 11.04, a price-to-earnings-growth ratio of 0.65 and a beta of 1.46.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 3rd. Investors of record on Tuesday, December 13th will be paid a $0.88 dividend. The ex-dividend date is Monday, December 12th. This represents a $3.52 annualized dividend and a dividend yield of 4.27%. Best Buy’s dividend payout ratio (DPR) is presently 47.18%.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 25,071 shares of the company’s stock in a transaction dated Monday, September 19th. The shares were sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the completion of the sale, the executive vice president now owns 50,101 shares of the company’s stock, valued at $3,625,809.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Damien Harmon sold 1,308 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $76.58, for a total transaction of $100,166.64. Following the completion of the sale, the executive vice president now owns 44,910 shares of the company’s stock, valued at $3,439,207.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kathleen Scarlett sold 25,071 shares of the stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $72.37, for a total transaction of $1,814,388.27. Following the completion of the transaction, the executive vice president now directly owns 50,101 shares of the company’s stock, valued at approximately $3,625,809.37. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,533 shares of company stock worth $1,925,382. Corporate insiders own 0.44% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Clearstead Advisors LLC lifted its holdings in shares of Best Buy by 30.5% in the third quarter. Clearstead Advisors LLC now owns 724 shares of the technology retailer’s stock worth $46,000 after acquiring an additional 169 shares during the last quarter. Covestor Ltd raised its holdings in Best Buy by 61.8% in the 1st quarter. Covestor Ltd now owns 1,317 shares of the technology retailer’s stock valued at $120,000 after buying an additional 503 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in Best Buy by 176.9% in the 1st quarter. Brown Brothers Harriman & Co. now owns 1,736 shares of the technology retailer’s stock valued at $158,000 after buying an additional 1,109 shares during the last quarter. Industrial Alliance Investment Management Inc. bought a new position in Best Buy in the 1st quarter valued at approximately $279,000. Finally, Lido Advisors LLC raised its holdings in Best Buy by 20.1% in the 1st quarter. Lido Advisors LLC now owns 3,750 shares of the technology retailer’s stock valued at $340,000 after buying an additional 627 shares during the last quarter. Institutional investors own 79.86% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Jefferies Financial Group lowered shares of Best Buy from a “buy” rating to a “hold” rating and dropped their price target for the stock from $106.00 to $71.00 in a research report on Thursday, July 28th. Citigroup upped their price target on shares of Best Buy from $61.00 to $72.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley dropped their price target on shares of Best Buy from $82.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 31st. Telsey Advisory Group dropped their price target on shares of Best Buy from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Thursday, July 28th. Finally, Wedbush upped their price target on shares of Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Best Buy has an average rating of “Moderate Buy” and a consensus price target of $80.38.

About Best Buy

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Best Buy Co, Inc retails technology products in the United States and Canada. The company operates in two segments, Domestic and International. Its stores provide computing products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.

Further Reading

Earnings History for Best Buy (NYSE:BBY)

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