Best Buy 3Q results, outlook disappoint

Best Buy

Advisor Group Inc. lifted its holdings in shares of Best Buy 1.2% in the 2nd quarter. Analysts were modeling for earnings of $2.03 a share on sales of $14.36 billion.

Best Buy also gave a holiday quarter profit outlook that disappointed investors with shares falling 7% on Thursday.

Several institutional investors have recently bought and sold shares of BBY. FNY Managed Accounts LLC boosted its position in Best Buy 18,281.8% in the 2nd quarter.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter. Huntington National Bank now owns 2,050 shares of the technology retailer's stock worth $118,000 after acquiring an additional 318 shares in the last quarter. They expect $0.79 earnings per share, up 27.42% or $0.17 from last year's $0.62 per share. Exane Derivatives now owns 2,553 shares of the technology retailer's stock worth $146,000 after buying an additional 1,010 shares during the last quarter. (BBY) traded down $2.05 on Tuesday, hitting $55.25. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.69 and a current ratio of 1.42. The company has market cap of $16.53 billion. While customer traffic is lower, a larger average ticket size allows Best Buy to stay equal to Amazon and its stores have staying power within higher income segments, according to a note from Magid Senior Vice President of Retail Matt Sargent. Ledyard Bankshares has 0.01% invested in Best Buy Co Inc (NYSE:BBY).

"In the third quarter, we delivered strong top and bottom line results with 4.4% comparable sales growth and 30% EPS growth", said Hubert Joly, Best Buy chairman and CEO.

Consumer electronics retailer Best Buy (BBY) on Thursday came up short of third-quarter targets and guided lower than Wall Street estimates for the holiday sales period, sending its shares lower.

In other Best Buy Co. news, insider Kathleen Scarlett sold 10,797 shares of the stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. These holdings make up 88.34% of the company's outstanding shares. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

In other Best Buy Co. news, CFO Corie S. Barry sold 3,134 shares of Best Buy Co. stock in a transaction on Tuesday, October 3rd. $48.61's average target is -15.02% below currents $57.2 stock price. Following the transaction, the chief financial officer now owns 54,159 shares in the company, valued at approximately $3,245,207.28. The disclosure for this sale can be found here. The First Quadrant LP holds 2,515 shares with $144,000 value, down from 10,098 last quarter.

Now insiders hold 5,895,442 shares in the business which makes up 1.97% of shares. Piper Jaffray Companies restated a "buy" rating and issued a $70.00 price objective on shares of Best Buy a report on Thursday, August 3rd. BidaskClub upgraded shares of Best Buy Co. from a "hold" rating to a "buy" rating in a research note on Wednesday, August 2nd. Telsey Advisory Group lowered the price target of the stock on September 20 changing the forecast from $66.00 to $62.00 and issued a "Outperform" recommendation.

WARNING: This piece of content was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. If you are reading this article on another website, it was copied illegally and republished in violation of USA and global copyright legislation.

Best Best Buy now expects full fiscal-year revenue in the range of $41 billion to $41.3 billion, or growth of 4% to 4.8% (up from 4% previously).

Best Buy Co, Inc is a provider of technology products, services and solutions.



Other news