Zacks: Brokerages Anticipate Best Buy Co Inc (BBY) Will Post Quarterly Sales of $14.71 Billion

Analysts predict that Best Buy Co Inc (NYSE:BBY) will post $14.71 billion in sales for the current quarter, according to Zacks Investment Research. Nine analysts have made estimates for Best Buy’s earnings. The lowest sales estimate is $14.55 billion and the highest is $14.96 billion. Best Buy posted sales of $15.36 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 4.2%. The business is expected to report its next earnings results before the market opens on Wednesday, February 27th.

On average, analysts expect that Best Buy will report full-year sales of $42.81 billion for the current fiscal year, with estimates ranging from $42.63 billion to $43.04 billion. For the next year, analysts forecast that the business will report sales of $43.37 billion, with estimates ranging from $42.45 billion to $44.17 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Best Buy.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, November 20th. The technology retailer reported $0.93 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.08. The firm had revenue of $9.59 billion for the quarter, compared to analyst estimates of $9.56 billion. Best Buy had a net margin of 2.52% and a return on equity of 44.41%. The company’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share.

A number of equities analysts have commented on the stock. Zacks Investment Research lowered shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Wednesday, November 14th. Bank of America lowered shares of Best Buy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $92.00 to $70.00 in a research report on Tuesday, November 13th. Loop Capital reiterated a “buy” rating on shares of Best Buy in a research report on Tuesday, November 27th. Piper Jaffray Companies reduced their target price on shares of Best Buy from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Wednesday, November 21st. Finally, Wedbush upgraded shares of Best Buy from an “underperform” rating to a “neutral” rating and set a $65.00 target price on the stock in a research report on Wednesday, November 21st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $75.81.

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Best Buy by 10.0% in the third quarter. Bank of New York Mellon Corp now owns 6,519,666 shares of the technology retailer’s stock valued at $517,400,000 after buying an additional 591,086 shares during the period. State of Alaska Department of Revenue lifted its holdings in Best Buy by 4.5% in the fourth quarter. State of Alaska Department of Revenue now owns 53,270 shares of the technology retailer’s stock valued at $2,819,000 after buying an additional 2,294 shares during the period. NuWave Investment Management LLC lifted its holdings in Best Buy by 7,828.4% in the third quarter. NuWave Investment Management LLC now owns 5,312 shares of the technology retailer’s stock valued at $421,000 after buying an additional 5,245 shares during the period. Banco Santander S.A. lifted its holdings in Best Buy by 9.9% in the third quarter. Banco Santander S.A. now owns 9,415 shares of the technology retailer’s stock valued at $747,000 after buying an additional 851 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Best Buy by 37.8% in the third quarter. Russell Investments Group Ltd. now owns 657,375 shares of the technology retailer’s stock valued at $51,841,000 after buying an additional 180,358 shares during the period. Institutional investors own 86.73% of the company’s stock.

NYSE:BBY traded down $0.50 on Monday, reaching $58.45. The stock had a trading volume of 2,227,139 shares, compared to its average volume of 3,112,073. The firm has a market cap of $15.86 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 0.98 and a beta of 0.94. Best Buy has a 1-year low of $47.72 and a 1-year high of $84.37. The company has a quick ratio of 0.28, a current ratio of 1.10 and a debt-to-equity ratio of 0.42.

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 consumer electronics, including digital imaging, health and fitness, home automation, home theater, and portable audio products; computing and mobile phones, such as computing and peripherals, networking products, tablets, smart watches, and e-readers, as well as mobile phones comprising related mobile network carrier commissions; and entertainment products, including drones, movies, music, and technology toys, as well as gaming hardware and software, and virtual reality and other software products.

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