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Best Buy (BBY) Gains As Market Dips: What You Should Know
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Best Buy (BBY - Free Report) closed the most recent trading day at $67.07, moving +1.61% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.06%. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, lost 0.13%.
Prior to today's trading, shares of the consumer electronics retailer had lost 2.78% over the past month. This has was narrower than the Retail-Wholesale sector's loss of 2.97% and lagged the S&P 500's gain of 4.94% in that time.
Wall Street will be looking for positivity from Best Buy as it approaches its next earnings report date. This is expected to be November 22, 2022. The company is expected to report EPS of $1.03, down 50.48% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $10.29 billion, down 13.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.17 per share and revenue of $45.98 billion, which would represent changes of -38.36% and -11.17%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Best Buy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Best Buy is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Best Buy is holding a Forward P/E ratio of 10.7. For comparison, its industry has an average Forward P/E of 10.7, which means Best Buy is trading at a no noticeable deviation to the group.
Investors should also note that BBY has a PEG ratio of 0.6 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Retail - Consumer Electronics was holding an average PEG ratio of 0.6 at yesterday's closing price.
The Retail - Consumer Electronics industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Best Buy (BBY) Gains As Market Dips: What You Should Know
Best Buy (BBY - Free Report) closed the most recent trading day at $67.07, moving +1.61% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.06%. Meanwhile, the Dow lost 0.46%, and the Nasdaq, a tech-heavy index, lost 0.13%.
Prior to today's trading, shares of the consumer electronics retailer had lost 2.78% over the past month. This has was narrower than the Retail-Wholesale sector's loss of 2.97% and lagged the S&P 500's gain of 4.94% in that time.
Wall Street will be looking for positivity from Best Buy as it approaches its next earnings report date. This is expected to be November 22, 2022. The company is expected to report EPS of $1.03, down 50.48% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $10.29 billion, down 13.6% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $6.17 per share and revenue of $45.98 billion, which would represent changes of -38.36% and -11.17%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Best Buy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Best Buy is currently sporting a Zacks Rank of #3 (Hold).
Looking at its valuation, Best Buy is holding a Forward P/E ratio of 10.7. For comparison, its industry has an average Forward P/E of 10.7, which means Best Buy is trading at a no noticeable deviation to the group.
Investors should also note that BBY has a PEG ratio of 0.6 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Retail - Consumer Electronics was holding an average PEG ratio of 0.6 at yesterday's closing price.
The Retail - Consumer Electronics industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 43, which puts it in the top 18% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.