Published: Wed, August 30, 2017
Economy | By Melissa Porter

Best Buy Lifts FY18 Forecast As Q2 Results Top Estimates

Best Buy Lifts FY18 Forecast As Q2 Results Top Estimates

(NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 29th.

The Richfield-based retailer beat analysts expectations, logging 69 percent in adjusted earnings per share in the quarter, which was better than the 63 cents analysts had forecast.

For the full year, the company now expects revenue growth of 4 percent, up from its original estimate of 2.5 percent.

Best Buy CFO Corie Barry said, "This updated guidance reflects stronger-than-originally-expected second half revenue performance with profitability roughly in line with our previous expectations". Comparatively, BBY posted earnings of $0.51 per share in the same quarter, a year earlier. Washington Tru Commercial Bank reported 0% of its portfolio in Best Buy Co Inc (NYSE:BBY).

Best Buy just hit a revenue record, as the once-struggling electronics retailer continues to flourish thanks to a push to unite its in-store and online experiences. They had gained 46 percent this year through Monday's close. The 50 day SMA of the stock is price of $58.19 and a two hundred SMA of $52.51. (BBY) now trades with a market capitalization of $19.03 Billion. The correct version of this news story can be accessed at Non-GAAP earnings will be between 75 cents a share to 80 cents a share. If you are reading this article on another publication, it was stolen and republished in violation of United States and global copyright & trademark legislation. (NYSE:BBY) is set to announce its earnings results before the market opens on Tuesday, August 29th.

BBY has been the topic of a number of analyst reports. Loop Capital initiated the shares of BBY in report on Wednesday, December 7 with "Buy" rating.

Best Buy reported same store sales of 5.4 percent in the second quarter.

Best Buy shares dropped as much as 9.1 percent to $56.76 in NY trading, the biggest intraday decline since January 2016. HIGGINS VICTOR KATHY J also sold $357,983 worth of Best Buy Co Inc (NYSE:BBY) shares. Four analysts have rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock.

In other news, insider Asheesh Saksena sold 22,255 shares of Best Buy Co. stock in a transaction that occurred on Friday, June 16th. Moreover, Conestoga Capital Advisors Llc has 2.29% invested in the company for 1.38 million shares. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer's stock worth $327,000 after buying an additional 18 shares during the period. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen unloaded 55,153 stocks of Best Buy shares in a trade dated Wed, May 31st. In a transaction dated August 21, 2017, the shares were put up for sale at an average price of $59.92, raking in a sum of $145,785. The Tyvor Capital Llc holds 302,471 shares with $12.91 million value, down from 794,322 last quarter. It dived, as 42 investors sold BBY shares while 168 reduced holdings. Dreman Value Mgmt L L C invested 0.24% in Best Buy Co Inc (NYSE:BBY). Macquarie Group Ltd. increased its position in shares of Best Buy 106.7% in the fourth quarter.

And for all of Best Buy's improving fortunes, Wall Street remains jittery about any sign Amazon could again be stealing market share from Best Buy as it had a few years ago: in July, when news of Amazon's plan for a Geek Squad-like service, Best Buy shares briefly tanked. Operating margin improved to 3.6 percent from 3.4 percent past year. Massachusetts Financial Services Co. ProShare Advisors LLC increased its position in shares of Best Buy 6.5% in the first quarter. To measure price-variation, we found BBY's volatility during a week at 1.93% and during a month it has been found around 1.9%. Finally, Oppenheimer Holdings, Inc. restated a "hold" rating on shares of Best Buy a research report on Thursday, May 25th. These shares are worth $134,580 and were traded at $59.92 each. Institutional investors own 86.43% of the company's stock. The Big Box and online retailer is hoping the free service will fuel higher sales of smart home products, televisions and other consumer goods.

Like this: