Best Buy Co Inc (NYSE:BBY) – Analysts at Wedbush increased their Q1 2019 earnings per share estimates for Best Buy in a report issued on Monday, Zacks Investment Research reports. Wedbush analyst M. Pachter now forecasts that the technology retailer will post earnings of $0.73 per share for the quarter, up from their previous estimate of $0.61. Wedbush has a “Sell” rating and a $38.00 price target on the stock. Wedbush also issued estimates for Best Buy’s Q2 2019 earnings at $0.85 EPS, Q3 2019 earnings at $0.94 EPS, Q4 2019 earnings at $2.33 EPS and FY2019 earnings at $4.79 EPS.
Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, November 16th. The technology retailer reported $0.78 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.78. Best Buy had a return on equity of 28.46% and a net margin of 3.09%. The firm had revenue of $9.32 billion for the quarter, compared to analysts’ expectations of $9.36 billion. During the same period last year, the business posted $0.60 earnings per share. The firm’s revenue for the quarter was up 4.2% on a year-over-year basis.
A number of other research analysts have also recently weighed in on BBY. Telsey Advisory Group cut shares of Best Buy from an “outperform” rating to a “market perform” rating and lifted their price objective for the company from $62.00 to $81.00 in a report on Thursday, January 25th. They noted that the move was a valuation call. Barclays reissued a “buy” rating and issued a $85.00 price objective (up from $80.00) on shares of Best Buy in a research note on Tuesday. Loop Capital set a $80.00 price objective on shares of Best Buy and gave the company a “buy” rating in a research note on Tuesday, January 16th. ValuEngine raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Zacks Investment Research raised shares of Best Buy from a “hold” rating to a “strong-buy” rating and set a $84.00 price objective on the stock in a research note on Friday. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $62.97.
Best Buy (NYSE:BBY) traded down $1.86 during trading hours on Wednesday, hitting $71.24. 5,040,000 shares of the stock were exchanged, compared to its average volume of 3,070,000. The firm has a market capitalization of $20,830.00, a price-to-earnings ratio of 18.04, a P/E/G ratio of 1.18 and a beta of 1.11. Best Buy has a 1 year low of $41.67 and a 1 year high of $78.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.25 and a quick ratio of 0.52.
In other news, General Counsel Keith J. Nelsen sold 44,235 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $56.78, for a total transaction of $2,511,663.30. Following the transaction, the general counsel now directly owns 107,503 shares in the company, valued at approximately $6,104,020.34. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Shari L. Ballard sold 40,018 shares of the stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $56.18, for a total transaction of $2,248,211.24. Following the transaction, the insider now owns 99,304 shares in the company, valued at $5,578,898.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,134,253 shares of company stock worth $191,063,125. Insiders own 1.21% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Viking Fund Management LLC lifted its position in shares of Best Buy by 66.7% during the third quarter. Viking Fund Management LLC now owns 10,000 shares of the technology retailer’s stock worth $570,000 after acquiring an additional 4,000 shares in the last quarter. Dana Investment Advisors Inc. purchased a new position in shares of Best Buy in the third quarter worth about $9,482,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of Best Buy by 5.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 48,397 shares of the technology retailer’s stock worth $2,756,000 after buying an additional 2,390 shares in the last quarter. Denali Advisors LLC purchased a new position in shares of Best Buy in the third quarter worth about $740,000. Finally, Fort L.P. lifted its stake in shares of Best Buy by 8.5% in the second quarter. Fort L.P. now owns 136,767 shares of the technology retailer’s stock worth $7,841,000 after buying an additional 10,734 shares in the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.
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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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