Best Buy (NYSE:BBY) Price Target Raised to $97.00 at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $89.00 to $97.00 in a report released on Friday, MarketBeat reports. The brokerage presently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 26.45% from the stock’s previous close.

Several other analysts have also recently commented on the company. Bank of America decreased their target price on Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a report on Friday, August 29th. Wells Fargo & Company raised their target price on Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Truist Financial upped their price objective on shares of Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Argus restated a “hold” rating on shares of Best Buy in a report on Tuesday, September 16th. Finally, Guggenheim reissued a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $83.88.

Best Buy Price Performance

NYSE BBY traded up $0.53 during trading on Friday, reaching $76.71. 580,378 shares of the company traded hands, compared to its average volume of 3,569,451. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The company has a market cap of $16.12 billion, a price-to-earnings ratio of 21.25, a P/E/G ratio of 2.21 and a beta of 1.25. Best Buy has a 1-year low of $54.99 and a 1-year high of $95.49. The stock’s 50 day moving average price is $77.67 and its two-hundred day moving average price is $72.75.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $9.23 billion. During the same period in the prior year, the company posted $1.34 earnings per share. 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. As a group, analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of the stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the transaction, the chairman owned 11,451,911 shares in the company, valued at $965,510,616.41. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the firm’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 transaction, the chief accounting officer directly owned 20,132 shares in the company, valued at approximately $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,736,826 shares of company stock valued at $141,568,327 in the last ninety days. 0.47% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Several institutional investors and hedge funds have recently modified their holdings of the business. New York State Common Retirement Fund boosted its stake in shares of Best Buy by 2.0% in the 1st quarter. New York State Common Retirement Fund now owns 127,727 shares of the technology retailer’s stock valued at $9,402,000 after purchasing an additional 2,500 shares in the last quarter. Larson Financial Group LLC boosted its holdings in Best Buy by 14.4% in the first quarter. Larson Financial Group LLC now owns 6,933 shares of the technology retailer’s stock valued at $510,000 after acquiring an additional 875 shares during the last quarter. Cullen Frost Bankers Inc. increased its position in shares of Best Buy by 4.0% during the first quarter. Cullen Frost Bankers Inc. now owns 11,635 shares of the technology retailer’s stock worth $856,000 after buying an additional 449 shares during the period. Bailard Inc. raised its position in shares of Best Buy by 0.7% in the 1st quarter. Bailard Inc. now owns 21,965 shares of the technology retailer’s stock worth $1,617,000 after acquiring an additional 157 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI bought a new stake in Best Buy in the first quarter worth approximately $460,000. 80.96% of the stock is currently 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.