Best Buy (NYSE:BBY) Stock Price Expected to Rise, Telsey Advisory Group Analyst Says

Best Buy (NYSE:BBY) had its price target lifted by Telsey Advisory Group from $90.00 to $95.00 in a report issued on Tuesday. The brokerage presently has an “outperform” rating on the technology retailer’s stock. Telsey Advisory Group’s price target points to a potential upside of 11.26% from the company’s previous close.

A number of other research analysts have also recently issued reports on the company. Evercore lifted their price objective on Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Wells Fargo & Company increased their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 28th. Wedbush raised their price target on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $77.00 price target on shares of Best Buy in a research report on Thursday, May 28th. Finally, Loop Capital cut shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $80.75.

Best Buy Trading Down 1.0%

NYSE:BBY opened at $85.39 on Tuesday. Best Buy has a one year low of $55.10 and a one year high of $91.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company’s 50-day simple moving average is $78.89 and its 200 day simple moving average is $68.95. The firm has a market capitalization of $18.00 billion, a P/E ratio of 15.81, a PEG ratio of 2.29 and a beta of 1.29.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the business earned $1.15 earnings per share. The business’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, analysts forecast that Best Buy will post 6.56 EPS for the current fiscal year.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman directly owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. The trade was a 4.38% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last three months. 0.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BBY. Palisade Asset Management LLC bought a new stake in Best Buy during the third quarter valued at about $25,000. MV Capital Management Inc. bought a new position in Best Buy during the 4th quarter valued at about $25,000. Torren Management LLC purchased a new stake in Best Buy in the 4th quarter worth about $25,000. Hillsdale Investment Management Inc. bought a new stake in Best Buy in the fourth quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of Best Buy by 239.2% during 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 hedge funds and other institutional investors.

About Best Buy

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.