Best Buy (NYSE:BBY) Stock Price Target Raised at Evercore

Best Buy (NYSE:BBY) had its target price boosted by Evercore from $85.00 to $90.00 in a report issued on Tuesday. Evercore’s price objective would indicate a potential upside of 1.34% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Bank of America started coverage on shares of Best Buy in a report on Monday, August 3rd. They issued an “underperform” rating and a $80.00 target price on the stock. Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a research report on Monday, July 13th. Citigroup raised their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a report on Thursday, August 13th. Telsey Advisory Group raised their price objective on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Finally, Daiwa Securities Group upped their target price on Best Buy from $68.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $85.65.

Best Buy Stock Down 1.2%

BBY opened at $88.81 on Tuesday. Best Buy has a 52 week low of $55.10 and a 52 week high of $96.53. 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 firm has a 50-day simple moving average of $87.58 and a two-hundred day simple moving average of $75.26. The company has a market capitalization of $18.63 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 2.24 and a beta of 1.28.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%.The firm’s revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts forecast that Best Buy will post 6.82 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 300,000 shares of the business’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 value of $27,753,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of Best Buy stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of large investors have recently added to or reduced their stakes in BBY. QRG Capital Management Inc. boosted its holdings in shares of Best Buy by 15.9% in the 2nd quarter. QRG Capital Management Inc. now owns 7,305 shares of the technology retailer’s stock valued at $554,000 after buying an additional 1,001 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Best Buy by 4.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 21,987 shares of the technology retailer’s stock valued at $1,668,000 after acquiring an additional 924 shares during the last quarter. Andra AP fonden acquired a new stake in Best Buy in the second quarter valued at approximately $1,322,000. Sequoia Financial Advisors LLC grew its holdings in Best Buy by 18.1% in the second quarter. Sequoia Financial Advisors LLC now owns 12,049 shares of the technology retailer’s stock worth $914,000 after purchasing an additional 1,845 shares during the last quarter. Finally, Cidel Asset Management Inc. increased its position in shares of Best Buy by 7.7% during the second quarter. Cidel Asset Management Inc. now owns 6,502 shares of the technology retailer’s stock worth $493,000 after purchasing an additional 466 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.