BBY - Best Buy Co., Inc.

NYSE - NYSE Delayed price. Currency in USD
72.64
+0.43 (+0.60%)
At close: 4:02PM EST

72.48 -0.16 (-0.22%)
After hours: 5:36PM EST

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Previous close72.21
Open72.29
Bid72.36 x 800
Ask73.40 x 800
Day's range71.89 - 72.80
52-week range47.72 - 78.53
Volume2,378,292
Avg. volume2,454,724
Market cap19.146B
Beta (3Y monthly)1.14
PE ratio (TTM)13.13
EPS (TTM)5.53
Earnings date26 Nov 2019
Forward dividend & yield2.00 (2.77%)
Ex-dividend date2019-09-18
1y target est76.81
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  • Best Buy’s Ambitions May Be Unhealthy
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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
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    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.

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  • Best Buy CEO Eyes Health Care as Retailer’s ‘Next Big Thing’
    Bloomberg

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    (Bloomberg) -- Best Buy Co. is well-known for bringing computers and other gadgets back to life. Now, it wants to take care of its shoppers’ health as well.The retailer’s strategy to beef up its fledgling health-care business will be a key focus of its investor meeting Wednesday in New York. The plan includes selling everything from fancy fitness machines to health-monitoring services for seniors. It could help Best Buy grab some of the $3.5 trillion market for health spending in the U.S. -- while offsetting sluggishness in its main business of selling laptops, TVs and phones.“Health care is overly complex, has not evolved all that much over time, and remains a frequent pain point for customers. All of these factors make health care ripe for disruption,” said Simeon Gutman, an analyst at Morgan Stanley, who sees health-related products and services adding $11 billion to $46 billion to Best Buy’s long-term revenue. “It should be no surprise, then, that many nontraditional players including Best Buy are entering the industry.”The health-care push is an opportunity for new Chief Executive Officer Corie Barry to put her own stamp on the company and step out from the sizable shadow cast by her predecessor Hubert Joly, who brought Best Buy back from the brink seven years ago. Barry is betting that Best Buy can thrive as digital-health technology migrates from hospitals to homes, but she’ll have to move fast since the retailer is just one of many companies looking to capitalize.“I am not saying we will own the whole health-care experience -- we don’t want to,” Barry said in an interview. “But we are uniquely well-suited to be in people’s homes with technology. We can help with the tech side of health.”Best Buy shares rose 1.5% to $68.41 at 9:42 a.m. in New York. The stock had gained 27% this year through Monday’s close, outpacing the increase of the S&P 500 Index.CompetitionBest Buy’s move into this space comes as Walmart Inc. has also stepped up its health-care ambitions, introducing low-cost medical clinics that offer primary-care services and also mental-health counseling. Another rival, Amazon.com Inc., paid $753 million for mail-order startup PillPack to get into the pharmacy business.Best Buy’s focus, meanwhile, is less on flu shots and more on the technology that underpins health-care services. There it faces challenges from tech giants including Google, Microsoft Corp. and Samsung Electronics Co., which are typically Best Buy’s partners.The retailer has even hired a chief medical officer to spearhead it efforts, according to an internal memo obtained by Bloomberg. Daniel Grossman, a physician and veteran of medical-product maker Medtronic Plc who also practices at the Mayo Clinic, will join the company Oct. 1 and report to Asheesh Saksena, the president of Best Buy Health.In the past year or so, Best Buy has spent upwards of $1 billion on acquisitions in the health space, most notably the $800 million purchase of GreatCall Inc., which sells mobile phones and emergency-response systems for older Americans. At the time, Joly called the senior market “white space waiting to be captured.” The number of Americans ages 65 and older is projected to nearly double to 95 million by 2060 from 52 million in 2018.Best Buy followed up this year with two more tuck-in deals, buying senior-focused health-services company Critical Signal Technologies as well as a small engineering group in Watertown, Massachusetts, that designs wearable sensor systems that can help seniors live longer in their homes by predicting when they’ve fallen and need medical assistance.“It’s all about Grandma,” Michael Pachter, an analyst with Wedbush Securities Inc., said in an interview. Because the company already is known as a seller of technology to consumers who need help figuring it all out, “it makes sense for Best Buy to offer this.”The service part of the equation dovetails with Best Buy’s broader desire to expand its services revenue and lessen its dependence on products like video-game consoles, where demand can fluctuate and much-hyped gadgets can flop. The company now offers an annual service plan that promises to fix any product you own, no matter where it was purchased.Services made up 6% of Best Buy’s U.S. revenue in its most recent quarter, up from 5% at the end of its last fiscal year. But it’s still a small slice of the overall business.Simplicity, Trust“People are spending less money on stuff,” Brian Owens, an analyst at Kantar Consulting, said. “Retailers need to invest in alternative revenue streams that provide services and experiences. As you evolve into health care, the big opportunity is simplicity. And people trust Best Buy.”Products will also play into the strategy: Best Buy will put internet-connected fitness devices from brands like NordicTrack and ProForm into just under 100 stores in time for the holiday shopping season. Like other retailers, it also sells fitness trackers and products like the Owlet Smart Sock, which wraps around infants’ feet and tracks their sleep patterns and heart rates.Not everything has worked so far, however. A Best Buy pilot program called Assured Living, which aimed to outfit seniors’ homes with a complex network of smart-home gadgets and sensors that caregivers could monitor, was deemed too difficult to sell in retail stores and has been reconfigured. Best Buy will also need to find more partners, like health-insurance companies, that can help promote the retailer’s offerings to their existing customers.Investors will look for more details at the presentation, particularly a sense of how big this business can be -- and how much it can help offset any slowdown in electronics sales.“We think the market doubts the durability of its core business,” Morgan Stanley’s Gutman said. “A next big thing is necessary.”(Adds share trading in sixth 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, Jonathan Roeder, Lisa WolfsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

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