Best Buy (NYSE:BBY – Get Free Report) had its target price lifted by analysts at The Goldman Sachs Group from $59.00 to $62.00 in a research note issued to investors on Friday,MarketScreener reports. The firm presently has a “sell” rating on the technology retailer’s stock. The Goldman Sachs Group’s target price indicates a potential downside of 17.47% from the stock’s current price.
A number of other equities analysts have also weighed in on the company. Morgan Stanley lifted their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a research note on Friday. Loop Capital lifted their price target on Best Buy from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday. HSBC decreased their target price on shares of Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. UBS Group set a $86.00 price target on shares of Best Buy and gave the company a “buy” rating in a research report on Friday. Finally, Citigroup lifted their price objective on shares of Best Buy from $60.00 to $79.00 and gave the company a “neutral” rating in a report on Friday. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.60.
Get Our Latest Analysis on BBY
Best Buy Trading Up 0.5%
Best Buy (NYSE:BBY – Get Free Report) last announced its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts predict that Best Buy will post 6.5 EPS for the current year.
Insider Buying and Selling at Best Buy
In related news, EVP Kathleen Scarlett sold 8,049 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the transaction, the executive vice president owned 102,669 shares in the company, valued at $6,572,869.38. This represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 3,298 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $211,137.96. Following the completion of the transaction, the chief accounting officer directly owned 23,192 shares in the company, valued at $1,484,751.84. This represents a 12.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.47% of the company’s stock.
Institutional Trading of Best Buy
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after purchasing an additional 307,905 shares during the last quarter. AQR Capital Management LLC boosted its stake in Best Buy by 30.9% during the 4th quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after purchasing an additional 2,160,968 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Best Buy by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock worth $498,805,000 after buying an additional 160,713 shares in the last quarter. Invesco Ltd. raised its position in shares of Best Buy by 6.1% in the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after buying an additional 271,988 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock valued at $252,881,000 after buying an additional 605,911 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.
Key Best Buy News
Here are the key news stories impacting Best Buy this week:
- Positive Sentiment: Best Buy delivered a clean Q1 beat on earnings and revenue, with positive comparable sales growth and improving margins. Best Buy (BBY) Beats Earnings Expectations, Shares Climb 15.8%
- Positive Sentiment: The company maintained its full-year guidance and issued Q2 sales guidance that came in better than expected, reinforcing confidence in the turnaround. Best Buy Reports First Quarter Results
- Positive Sentiment: Analyst sentiment improved after the report, with Jefferies raising its price target to $89 and Morgan Stanley lifting its target to $80, signaling additional upside. Analyst price target updates for Best Buy
- Neutral Sentiment: Unusual call option activity suggests traders are positioning for more volatility and continued momentum in BBY. Stock Traders Buy High Volume of Best Buy Call Options (NYSE:BBY)
- Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, which may appeal to income-focused investors. Best Buy dividend announcement
Best Buy Company Profile
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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