Citigroup Raises Best Buy (NYSE:BBY) Price Target to $82.00

Best Buy (NYSE:BBY) had its target price increased by Citigroup from $73.00 to $82.00 in a report released on Friday,MarketScreener reports. The firm presently has a “neutral” rating on the technology retailer’s stock. Citigroup’s price target suggests a potential upside of 3.89% from the company’s previous close.

A number of other research firms have also commented on BBY. Evercore ISI lifted their target price on shares of Best Buy from $75.00 to $77.00 and gave the stock an “in-line” rating in a report on Friday, August 29th. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Wedbush increased their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, August 29th. Finally, Piper Sandler restated a “neutral” rating and set a $75.00 target price (down previously from $82.00) on shares of Best Buy in a report on Monday, July 14th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $83.38.

Best Buy Stock Up 0.3%

BBY opened at $78.93 on Friday. Best Buy has a twelve month low of $54.99 and a twelve month high of $95.49. The firm has a market cap of $16.58 billion, a price-to-earnings ratio of 21.80, a PEG ratio of 2.21 and a beta of 1.25. The firm’s 50-day simple moving average is $77.48 and its 200-day simple moving average is $72.41. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04.

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

Insider Transactions at Best Buy

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

Institutional Investors Weigh In On Best Buy

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Best Buy by 2.4% in the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the last quarter. State Street Corp boosted its holdings in shares of Best Buy by 3.8% during the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after buying an additional 496,215 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after buying an additional 69,533 shares during the last quarter. Invesco Ltd. raised its holdings in Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after acquiring an additional 621,863 shares during the period. Finally, AQR Capital Management LLC lifted its position in Best Buy by 39.5% during the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.