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Top Stock Picks for Week of September 28, 2020

Panel Of Zacks Experts
·2 mins read

Best Buy Company Inc. BBY is a multinational specialty retailer of consumer electronics, home office products, entertainment software and more. Shares of Best Buy have outpaced the industry in the past three months given the company’s sound fundamentals and strategic efforts. In fact, the company reported robust second-quarter fiscal 2021 results, with the top and bottom line rising year-on-year and beating the Zacks Consensus Estimates. Results benefited from growth in products that support stay-at-home practices such as tablets and household appliances. Also, domestic comparable online sales remained strong due to higher traffic and conversion rates. The company has also been gaining from improved digital services like curbside pickup. Best Buy’s long-term debt as of Aug 1, 2020 decreased by double digits sequentially. In the fiscal second quarter, the company returned about $143 million to shareholders via dividends. 

Molson Coors Beverage Company TAP, previously known as Molson Coors Brewing Company, was formed by the merger of Molson Inc. and Adolph Coors Co. in February 2005. This global manufacturer and seller of beer and other beverage products has an impressive diverse portfolio of owned and partner brands. Molson Coors delivered bottom line beat for the fourth straight quarter in second-quarter 2020, despite the impacts of the coronavirus outbreak. Moreover, sales beat the Zacks Consensus Estimate, after reporting negative surprises in the past three quarters. Results were aided favorable net pricing, cost savings, and lower MG&A expenses. Moreover, it is on track to tap the growing demand for health drinks as consumers become health conscious amid the pandemic, through the launch of four innovative non-alcoholic brands. The company is on track with its revitalization plan focused on achieving sustainable top-line growth by improving efficiency and unlocking resources to reinvest in business opportunities. It is committed to maintaining its balance sheet strength, by efficiently deleveraging debt levels and investing in its business using cash flows and cost savings.    

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