Best Buy Co Inc (BBY) reported quarterly earnings results on Tuesday, Aug-23-2016. The company said it had a profit of $0.57 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.14. Analysts had a consensus of $0.43. The company posted revenue of $8533.00 million in the period, compared to analysts expectations of $8388.75 million. The company’s revenue was up .1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.
Many Wall Street Analysts have commented on Best Buy Co Inc. Shares were Downgraded by Jefferies on Aug 15, 2016 to ” Hold” and Lowered the Price Target to $ 36 from a previous price target of $39 .Best Buy Co Inc was Downgraded by Credit Suisse to ” Neutral” on Jun 15, 2016.
Best Buy Co Inc closed down -0.61 points or -1.84% at $32.59 with 70,96,413 shares getting traded on Friday. Post opening the session at $32.84, the shares hit an intraday low of $32.2 and an intraday high of $32.86 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
Investors should note that on Jun 22, 2016, Best Buy Co Inc announced a cash dividend of $0.1250. The company’s management has announced Sep 14, 2016 as the ex-dividend date and fixed the record date on Sep 16, 2016. The payable date has been fixed on Oct 18, 2016.
In a different news, on Jun 3, 2016, Hubert Joly (Chairman & CEO) sold 398,000 shares at $32.24 per share price. According to the SEC, on Jun 1, 2016, Mathew Watson (VP, Finance – Contr. & CAO) sold 1,363 shares at $32.10 per share price. On Mar 11, 2016, Sharon Mccollam (Chief Admin Officer & CFO) sold 511,897 shares at $34.15 per share price, according to the Form-4 filing with the securities and exchange commission.
Best Buy Co. Inc. is a provider of technology products services and solutions. The Company offers service to the consumers small business owners and educators who visit its stores engage with Geek Squad agents or use its Websites or mobile applications. It has retail and online operations in the United States Canada and Mexico. It operates through two segments: Domestic and International. The Domestic segment consists of all operations within the United States and its territories operating e-commerce retail store and call center operations under a range of brand names including Best Buy (bestbuy.com) Best Buy Mobile Geek Squad Magnolia Audio Video and Pacific Sales. The International segment consists of all operations outside the United States and its territories. In addition the Company operates Magnolia Home Theater Magnolia Design Center and Pacific Kitchen and Home store-within-a-store experiences in the United States Best Buy stores.