Best Buy (NYSE:BBY – Get Free Report) had its price target raised by research analysts at Citigroup from $88.00 to $102.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology retailer’s stock. Citigroup‘s price objective points to a potential upside of 2.43% from the company’s current price.
A number of other brokerages have also commented on BBY. Telsey Advisory Group lifted their price target on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Bank of America initiated coverage on Best Buy in a research report on Monday, August 3rd. They set an “underperform” rating and a $80.00 target price for the company. Loop Capital cut Best Buy from a “buy” rating to a “hold” rating and set a $82.00 target price on the stock. in a research note on Monday, July 13th. DA Davidson upgraded shares of Best Buy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 24th. Finally, Evercore set a $100.00 price target on shares of Best Buy in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $87.35.
View Our Latest Stock Report on Best Buy
Best Buy Stock Up 0.2%
BBY stock traded up $0.18 during trading on Friday, reaching $99.58. The stock had a trading volume of 1,781,928 shares, compared to its average volume of 4,045,548. Best Buy has a one year low of $55.10 and a one year high of $103.54. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. The company’s 50 day moving average is $91.25 and its two-hundred day moving average is $75.93. The company has a market capitalization of $20.89 billion, a price-to-earnings ratio of 16.57, a P/E/G ratio of 2.53 and a beta of 1.20.
Best Buy (NYSE:BBY – Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter last year, the business posted $1.28 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Equities research analysts forecast that Best Buy will post 6.81 EPS for the current year.
Insider Activity
In related news, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the transaction, the executive vice president directly owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. This trade represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.
Institutional Investors Weigh In On Best Buy
Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its position in shares of Best Buy by 49.7% in the third quarter. Allworth Financial LP now owns 14,567 shares of the technology retailer’s stock valued at $1,285,000 after purchasing an additional 4,834 shares in the last quarter. Fisher Asset Management LLC bought a new stake in shares of Best Buy during the 3rd quarter valued at $302,000. Private Advisory Group LLC purchased a new stake in Best Buy during the 3rd quarter worth about $912,000. Russell Investments Group Ltd. lifted its holdings in Best Buy by 38.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 974,109 shares of the technology retailer’s stock worth $80,120,000 after purchasing an additional 272,783 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in Best Buy during the 3rd quarter worth about $282,000. Institutional investors own 80.96% of the company’s stock.
About Best Buy
Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.
Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.
The company serves customers primarily in the United States and Canada.
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