BBY - Best Buy Co., Inc.

NYSE - NYSE Delayed Price. Currency in USD
77.09
+1.49 (+1.97%)
At close: 4:00PM EST
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Previous Close75.60
Open75.93
Bid77.04 x 2900
Ask76.96 x 800
Day's Range75.91 - 77.11
52 Week Range47.72 - 78.53
Volume2,189,915
Avg. Volume2,392,524
Market Cap20.319B
Beta (3Y Monthly)1.14
PE Ratio (TTM)13.93
EPS (TTM)5.53
Earnings DateNov. 26, 2019
Forward Dividend & Yield2.00 (2.65%)
Ex-Dividend Date2019-09-18
1y Target Est76.81
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  • A Little Something Under the Tree for Me (From Me)
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    Best Buy Funds $2.5 Million Scholarship for University of Minnesota’s Carlson School of Management Students

    Best Buy is teaming up with the University of Minnesota’s Carlson School of Management to help create brighter futures and make earning a degree more accessible for students. The new Best Buy Scholarship includes $2.5 million in funding – one of Best Buy’s largest education endowment gifts ever – for students pursuing tech-reliant careers in business. The Best Buy Scholarship will provide financial support for up to 10 students per year beginning in the fall of 2020.

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  • Business Wire

    'Tis the Season of Giving: Best Buy Launches First-Ever Give-Back Sale to Help Teens Prepare for Careers in Technology

    Starting today, Best Buy is giving its customers an opportunity to get a jumpstart on the season and support teens from underserved communities with its first-ever Give-Back Sale. Starting today and running through Oct. 27, 5% of profits from select sale items at Best Buy (in stores and online) will be donated to Teen Tech Centers— a safe, after-school learning environment equipped with cutting-edge technology where youth learn new skills, stay on-track with school, nurture positive adult and peer relationships, and discover tech-related careers. My Best Buy members can start the season of giving on Oct. 24, while all Best Buy customers can demonstrate their generosity by shopping in stores and online beginning on Oct. 25.

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    Best Buy introduces Geek Squad Business Membership across Canada

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  • Business Wire

    Best Buy Kicks off the Holiday Season With Free Next-Day Delivery on Thousands of Items

    This year, Best Buy is making it easier — and much, much faster — to get the tech on everyone’s wish lists. About 99 percent of Best Buy customers (so, almost everyone) now get Free Next-Day Delivery on thousands of items. But wait, there's more! For those who ordered something, or live somewhere, where Free Next-Day Delivery isn’t available, they will still get free standard shipping on everything.

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    Best Buy Hires for the Holidays, Hosts Fairs Across the U.S., Oct. 10-11

    Largest tech retailer in the country to provide on-the-spot job offers

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  • Best Buy’s Ambitions May Be Unhealthy
    Bloomberg

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    (Bloomberg Opinion) -- Now that Best Buy Co. has pulled off  what once seemed like an unlikely turnaround, it is looking somewhere quite different for fresh growth: the health industry. Despite some advantages, it may find breaking into this market something of a stretch.Best Buy has been signaling ambitions in health care for some time, notably with its 2018 acquisition of GreatCall, which specializes in connected health devices for the elderly. Executives underscored this emphasis on health in a presentation last week for investors, announcing a goal of serving 5 million seniors within five years.The logic behind the new focus is sound. Best Buy faces headwinds in its traditional business of selling consumer electronics: The smartphone market is saturated, for example, and some consumers are hanging on to those devices longer before replacing them. Meanwhile, it’s easy to see how Best Buy can apply the same blueprint it has been using to sell 4K televisions to market such wellness-centric gadgets as connected baby gear and fitness equipment.Much of Best Buy’s improvement in recent years was based on the strength of its customer service. The company made sure that store workers had deep expertise so people had a reason to come their stores instead of going to Amazon.com. It’s a model that will surely help Best Buy with, say, a new mom trying to figure out what exactly a newfangled $300 “smart sock” does for her baby. And for selling emerging fitness products such as Wi-Fi-connected exercise bikes or rowing machines, an inviting brick-and-mortar store experience should be an asset. Plenty of shoppers will want to try these things out before shelling out $1,700 and dedicating a corner of their family room to a bulky machine.Health-oriented services, though, are going to be much trickier. The market is already big, and Best Buy correctly identified trends it can take advantage of, such as the emergence of cheaper, tech-enabled home care for seniors and the rise of value-based payment for services. Best Buy has made interesting acquisitions and has some potential advantages here — namely, its fleet of about 1,000 stores and army of tech-savvy support staff.Health care is slow to change, however, and the company has limited experience and expertise. In this case, Best Buy isn't trying to grab market share as a retailer. The company’s initial focus on remote monitoring technology for seniors will require it to grow a still-nascent market as a much more active participant in a complicated ecosystem. When it comes to health-care services, the most important customer isn’t necessarily the consumer. It’s the insurer or the government. These payers and providers will have to cooperate to intervene when Best Buy’s monitoring technology or follow-up calls indicate they’re needed. In order to get broad adoption and reimbursement at the sort of scale it hopes for, Best Buy will have to prove that its services both improve quality of care and save money. That’s something that more established and experienced health-care-technology companies constantly struggle with. There are also barriers to consumer adoption; Best Buy will have to overcome privacy and security concerns from seniors and their families. The complexity of the health-care industry is daunting even to health-care companies, never mind a big-box consumer electronics chain. Beating back Amazon is a real testament to Best Buy’s retail and marketing savvy. But it will need more than that to succeed in health care.To contact the authors of this story: Sarah Halzack at shalzack@bloomberg.netMax Nisen at mnisen@bloomberg.netTo contact the editor responsible for this story: Michael Newman at mnewman43@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Sarah Halzack is a Bloomberg Opinion columnist covering the consumer and retail industries. She was previously a national retail reporter for the Washington Post.Max Nisen is a Bloomberg Opinion columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

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  • Best Buy CEO Sees Sales Growth Accelerating on New Services
    Bloomberg

    Best Buy CEO Sees Sales Growth Accelerating on New Services

    (Bloomberg) -- New Best Buy Co. Chief Executive Officer Corie Barry delivered a five-year plan that sees revenue and profitability improving by offering new services, expanding its e-commerce arm and moving into new areas like health care.The company forecast revenue of $50 billion in 2024, which implies growth of about 3% annually over five years, according to Morgan Stanley. That would be an acceleration from 1.7% last year. Best Buy also expects to reduce costs by an additional $1 billion on top of the $2.1 billion it has saved over the past five years, it said in a statement Wednesday.“The financial goals were better than we and the market were expecting,” Simeon Gutman, an analyst at Morgan Stanley, said in a note. “We were expecting a flattish margin outlook.”Best Buy, whose stock was little changed on Wednesday, shared more details of its plan with investors in New York, the company’s first such event under Barry, who took the reins from Hubert Joly in June. Interest is high in the expansion of its fledgling health unit, which Morgan Stanley says could deliver as much as $46 billion in additional revenue over the next 10 to 20 years. The strategy ranges from selling fitness machines to sensor networks to help care for the growing population of aging Americans.Best Buy said Wednesday it will serve five million seniors over the next five years, part of a broader goal to double the number of “significant customer-relationship events” like in-home sales consultations and annual tech support to 50 million.Growth Initiatives“The strategy is the right one and we are headed in the right direction,” Barry said in a presentation to reporters. “The question now is, where do we accelerate?”Best Buy gave more details on new programs like total tech support, where customers can pay $200 a year to get help with any product they own, no matter where it was purchased. The service has 2 million paying members, about double the number in January. It also has an army of 600 salespeople who make free house calls to recommend products and services tailored to a customers’ needs. Those customers spend more with Best Buy and visit its stores more often, the company said Wednesday.Remote monitoring of aging Americans, using unobtrusive sensor networks, is a market with “significant potential,” Best Buy said, and it’s already acquired several businesses in the space. The company plans to serve 5 million seniors in five years, up from about 1.1 million today.Those new initiatives are expensive to ramp up but should deliver fatter margins than Best Buy’s core business of selling smartphones and TVs. The company forecast adjusted operating profit margins increasing to 5% in five years from 4.6% last year.Analysts peppered Barry with questions about the health-care strategy, with some wondering aloud what Best Buy would bring to the table that’s unique while others tried to figure out how much revenue the company could generate for each sensor network it deploys.Tariff CloudWhile Best Buy painted a rosy future, there are some clouds on the horizon. The retailer in August lowered the high end of its 2019 sales forecast, citing consumer “uncertainty” in the back half of the year. Growth in the consumer-electronics sector has been sluggish, although Barry said Wednesday that the industry is “more stable than often perceived.” The trade war with China will also make her job tougher, especially as Best Buy is among the most exposed retailers to the latest round of tariffs, which could force the company to raise prices.Best Buy’s five-year plan assumes that the impact of tariffs “normalizes over time,” according to a company presentation.The next big test for Barry is the holiday selling season, and expectations are high as the company has delivered two consecutive strong holiday performances. Rivals like Walmart Inc. and Target Corp. have beefed up their consumer-electronics offerings, while Amazon.com Inc. now promises next-day delivery of millions of items for members of its Prime program. Best Buy, meanwhile, said 40% of its online sales are picked up in its stores, and 80% of those orders are ready for pickup in 30 minutes or less.Investors also heard from Chief Operating Officer Mike Mohan, finance chief Matt Bilunas and the heads of the company’s health-care business and supply chain.(Updates with details on presentation in 10th paragraph and tariff assumptions in company forecast in 12th paragraph)To contact the reporter on this story: Matthew Boyle in New York at mboyle20@bloomberg.netTo contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Lisa Wolfson, Jonathan RoederFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.