Best Buy (NYSE:BBY) released its quarterly earnings results on Wednesday. The technology retailer reported $2.23 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.84, MarketWatch Earnings reports. The company had revenue of $11.64 billion for the quarter, compared to the consensus estimate of $10.43 billion. Best Buy had a net margin of 3.80% and a return on equity of 52.47%. Best Buy’s revenue was up 35.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.67 earnings per share.
Shares of NYSE BBY traded down $2.59 during mid-day trading on Friday, reaching $115.55. The company had a trading volume of 139,545 shares, compared to its average volume of 1,994,359. The business’s 50-day moving average is $118.70 and its 200-day moving average is $112.72. The company has a current ratio of 1.19, a quick ratio of 0.66 and a debt-to-equity ratio of 0.27. The stock has a market cap of $28.93 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 2.16 and a beta of 1.53. Best Buy has a 52 week low of $75.23 and a 52 week high of $128.57.
The business also recently declared a quarterly dividend, which will be paid on Thursday, July 8th. Stockholders of record on Thursday, June 17th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Wednesday, June 16th. Best Buy’s payout ratio is presently 35.40%.
BBY has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Best Buy from a “sell” rating to a “hold” rating and set a $125.00 price target on the stock in a research note on Wednesday, April 28th. Morgan Stanley upped their price target on shares of Best Buy from $110.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday. Citigroup raised shares of Best Buy to a “buy” rating in a research note on Friday. Bank of America reissued a “buy” rating on shares of Best Buy in a research note on Tuesday, February 16th. Finally, Royal Bank of Canada reduced their target price on shares of Best Buy from $130.00 to $114.00 and set a “sector perform” rating on the stock in a research note on Thursday, March 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $116.32.
In other Best Buy news, insider Kathleen Scarlett sold 1,078 shares of the stock in a transaction dated Tuesday, March 16th. The shares were sold at an average price of $113.88, for a total transaction of $122,762.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Rajendra M. Mohan sold 4,261 shares of the stock in a transaction dated Tuesday, March 16th. The stock was sold at an average price of $113.88, for a total transaction of $485,242.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,298 shares of company stock worth $5,600,588. 0.36% of the stock is owned by company insiders.
Best Buy Company Profile
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 and mobile phones, such as computing covering desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions, networking products, tablets covering e-readers, and wearables, such as smartwatches; and consumer electronics consisting of digital imaging, health and fitness, home theater, portable audio comprising headphones and portable speakers, and smart home products.
Featured Article: Portfolio Manager