Wall Street Zen Upgrades Best Buy (NYSE:BBY) to “Buy”

Best Buy (NYSE:BBY) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Several other equities analysts have also issued reports on BBY. Wells Fargo & Company boosted their target price on shares of Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Wedbush boosted their target price on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, August 29th. Jefferies Financial Group boosted their target price on shares of Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Argus restated a “hold” rating on shares of Best Buy in a report on Tuesday, September 16th. Finally, Barclays restated an “equal weight” rating and issued a $74.00 target price on shares of Best Buy in a report on Friday, August 29th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $81.69.

Best Buy Stock Performance

Shares of Best Buy stock opened at $82.23 on Friday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. Best Buy has a twelve month low of $54.99 and a twelve month high of $95.49. The stock has a market cap of $17.28 billion, a price-to-earnings ratio of 22.72, a P/E/G ratio of 2.21 and a beta of 1.23. The company’s fifty day moving average is $76.89 and its 200 day moving average is $71.93.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the previous year, the firm posted $1.34 earnings per share. Best Buy’s revenue for the quarter was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Sell-side analysts forecast that Best Buy will post 6.18 EPS for the current year.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of the company’s stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the sale, the chairman directly owned 11,451,911 shares of the company’s stock, valued at approximately $965,510,616.41. This represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at $1,545,332.32. The trade was a 9.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,736,826 shares of company stock valued at $141,568,327 over the last ninety days. 0.47% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BBY. Norges Bank bought a new position in shares of Best Buy during the 2nd quarter valued at approximately $171,851,000. Pacer Advisors Inc. lifted its stake in shares of Best Buy by 3,890.0% during the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock valued at $75,353,000 after buying an additional 998,021 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock valued at $235,064,000 after buying an additional 991,141 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Best Buy by 15.8% during the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after buying an additional 621,863 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC lifted its stake in shares of Best Buy by 855.5% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock valued at $46,094,000 after buying an additional 614,779 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.