Best Buy (NYSE:BBY) Updates FY 2020 Earnings Guidance

Best Buy (NYSE:BBY) issued an update on its FY 2020 earnings guidance on Thursday morning. The company provided earnings per share guidance of $5.60-5.75 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $5.69. The company issued revenue guidance of $43.1-43.6 billion, compared to the consensus revenue estimate of $43.6 billion.Best Buy also updated its FY20 guidance to $5.60-5.75 EPS.

BBY stock traded down $6.03 during midday trading on Thursday, hitting $62.97. 764,466 shares of the stock traded hands, compared to its average volume of 2,897,468. The firm has a market cap of $18.07 billion, a P/E ratio of 11.82, a PEG ratio of 1.34 and a beta of 1.06. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.12 and a quick ratio of 0.39. The stock’s fifty day simple moving average is $70.99 and its 200-day simple moving average is $69.16. Best Buy has a 1-year low of $47.72 and a 1-year high of $81.66.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.09. The company had revenue of $9.54 billion for the quarter, compared to analyst estimates of $9.55 billion. Best Buy had a net margin of 3.54% and a return on equity of 47.91%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same quarter last year, the business earned $0.91 earnings per share. On average, research analysts predict that Best Buy will post 5.74 earnings per share for the current year.

BBY has been the topic of several research analyst reports. ValuEngine upgraded shares of Best Buy from a sell rating to a hold rating in a research report on Tuesday, August 13th. Guggenheim initiated coverage on shares of Best Buy in a research report on Monday, July 8th. They issued a buy rating and a $80.00 target price on the stock. Wedbush set a $71.00 target price on shares of Best Buy and gave the company a hold rating in a research report on Monday. Bank of America set a $75.00 target price on shares of Best Buy and gave the company a hold rating in a research report on Monday. Finally, Telsey Advisory Group reiterated a market perform rating on shares of Best Buy in a research report on Thursday, July 25th. Thirteen equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Best Buy presently has a consensus rating of Hold and an average price target of $79.12.

In other news, major shareholder Richard M. Schulze sold 430,600 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $75.26, for a total value of $32,406,956.00. Following the transaction, the insider now directly owns 1,732,500 shares of the company’s stock, valued at $130,387,950. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lisa Caputo sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $75.20, for a total transaction of $188,000.00. Following the completion of the transaction, the director now directly owns 45,936 shares in the company, valued at $3,454,387.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,384,142 shares of company stock worth $101,477,662. Insiders own 0.95% of the company’s stock.

About Best Buy

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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