Morgan Stanley Boosts Best Buy (NYSE:BBY) Price Target to $80.00

Best Buy (NYSE:BBY) had its target price hoisted by equities researchers at Morgan Stanley from $72.00 to $80.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s price objective suggests a potential upside of 6.89% from the stock’s previous close.

A number of other research firms also recently commented on BBY. HSBC dropped their price objective on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Weiss Ratings downgraded Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Guggenheim restated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a report on Wednesday, March 4th. DA Davidson set a $78.00 price target on Best Buy in a report on Thursday, March 5th. Finally, Truist Financial lowered their price target on Best Buy from $73.00 to $66.00 and set a “hold” rating for the company in a report on Tuesday, March 3rd. Eight research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and an average target price of $71.65.

Best Buy Trading Up 16.0%

NYSE BBY opened at $74.84 on Friday. The stock has a 50-day simple moving average of $61.99 and a 200 day simple moving average of $66.80. The company has a market capitalization of $15.77 billion, a PE ratio of 14.85, a P/E/G ratio of 1.59 and a beta of 1.22. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. Best Buy has a 12 month low of $55.10 and a 12 month high of $84.99.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts forecast that Best Buy will post 6.5 EPS for the current year.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 11,356 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the completion of the transaction, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. This represents a 12.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $341,802.78. Following the transaction, the insider directly owned 44,098 shares of the company’s stock, valued at $2,823,153.96. This represents a 10.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 77,247 shares of company stock valued at $4,945,353 over the last ninety days. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Palisade Asset Management LLC acquired a new position in Best Buy during the third quarter valued at approximately $25,000. MV Capital Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $25,000. Torren Management LLC acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. acquired a new stake in shares of Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. lifted its position in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after buying an additional 311 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy topped Q1 estimates with adjusted EPS of $1.28 versus $1.22 expected, while revenue reached $8.94 billion versus $8.82 billion forecast. Best Buy Reports First Quarter Results
• Positive Sentiment: Comparable sales rose 2.0%, showing that customer demand improved after recent pressure in the electronics retail market. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: Best Buy reaffirmed its full-year outlook and issued second-quarter sales guidance that appears to be holding up better than feared, which can support investor confidence. Best Buy stock pops on first quarter earnings beat
• Positive Sentiment: Jefferies raised its price target on BBY to $89 from $83 and kept a buy rating, reinforcing the bullish post-earnings move. Best Buy price target raised by Jefferies
• Neutral Sentiment: Best Buy announced a quarterly dividend of $0.96 per share, which supports the stock’s income appeal but is not a major near-term catalyst. Best Buy dividend announcement
• Neutral Sentiment: Unusual call-option activity suggests traders are positioning for more upside after the earnings beat. Stock Traders Buy High Volume of Best Buy Call Options

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.