Best Buy (NYSE:BBY) Updates Q3 Earnings Guidance

Best Buy (NYSE:BBY) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.00-1.05 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.95. The company issued revenue guidance of $9.65-9.75 billion, compared to the consensus revenue estimate of $9.79 billion.Best Buy also updated its FY 2020 guidance to $5.60-5.75 EPS.

Several analysts have recently weighed in on the company. Goldman Sachs Group assumed coverage on Best Buy in a report on Thursday, July 11th. They issued a neutral rating and a $73.00 target price for the company. Guggenheim assumed coverage on Best Buy in a report on Monday, July 8th. They issued a buy rating and a $80.00 target price for the company. Wedbush set a $71.00 target price on Best Buy and gave the company a hold rating in a report on Monday. Bank of America set a $75.00 target price on Best Buy and gave the company a hold rating in a report on Monday. Finally, Cleveland Research reissued a neutral rating on shares of Best Buy in a report on Tuesday, June 18th. Thirteen investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Best Buy currently has an average rating of Hold and an average price target of $79.12.

BBY traded down $6.22 on Thursday, hitting $62.79. 9,729,631 shares of the company traded hands, compared to its average volume of 2,897,468. The company has a 50 day moving average of $70.99 and a 200-day moving average of $69.16. The company has a quick ratio of 0.39, a current ratio of 1.12 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $18.07 billion, a PE ratio of 11.80, a PEG ratio of 1.34 and a beta of 1.06. Best Buy has a 12-month low of $47.72 and a 12-month high of $81.66.

Best Buy (NYSE:BBY) last posted its quarterly earnings data 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 firm had revenue of $9.54 billion during the quarter, compared to the consensus estimate of $9.55 billion. Best Buy had a return on equity of 47.91% and a net margin of 3.54%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.91 EPS. On average, research analysts anticipate that Best Buy will post 5.74 EPS for the current year.

In related news, insider Kathleen Scarlett sold 2,694 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $64.33, for a total value of $173,305.02. Following the sale, the insider now owns 30,044 shares in the company, valued at approximately $1,932,730.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Richard M. Schulze sold 430,600 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $75.26, for a total value of $32,406,956.00. Following the completion of the sale, the insider now owns 1,732,500 shares in the company, valued at approximately $130,387,950. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,384,142 shares of company stock valued at $101,477,662. 0.95% of the stock is owned by company insiders.

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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