Best Buy (NYSE:BBY) Stock Bumped Up to “Strong-Buy” by DA Davidson

Best Buy (NYSE:BBY) was upgraded by stock analysts at DA Davidson from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other equities research analysts have also recently commented on the company. Barclays raised their target price on Best Buy from $77.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Telsey Advisory Group boosted their price target on Best Buy from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Wells Fargo & Company raised their price objective on shares of Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group boosted their target price on Best Buy from $62.00 to $71.00 and gave the company a “sell” rating in a research report on Friday, August 28th. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $85.40.

Best Buy Price Performance

BBY stock opened at $91.07 on Thursday. 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 market cap of $19.10 billion, a price-to-earnings ratio of 15.15, a PEG ratio of 2.37 and a beta of 1.28. The company’s fifty day simple moving average is $87.31 and its 200 day simple moving average is $74.73. Best Buy has a 12-month low of $55.10 and a 12-month high of $96.53.

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

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction 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 represents a 49.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 300,000 shares of the business’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total value of $27,753,000.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. increased its stake in shares of Best Buy by 15.9% in the second quarter. QRG Capital Management Inc. now owns 7,305 shares of the technology retailer’s stock worth $554,000 after purchasing an additional 1,001 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Best Buy by 4.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 21,987 shares of the technology retailer’s stock worth $1,668,000 after buying an additional 924 shares during the period. Andra AP fonden purchased a new position in Best Buy in the 2nd quarter valued at approximately $1,322,000. Sequoia Financial Advisors LLC raised its holdings in Best Buy by 18.1% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,049 shares of the technology retailer’s stock valued at $914,000 after acquiring an additional 1,845 shares during the period. Finally, Cidel Asset Management Inc. lifted 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 acquiring 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 is a specialty retailer of technology products and services operating under the Best Buy brand. The company sells consumer electronics, computers, mobile phones, appliances, entertainment products, smart-home equipment, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology support, installation, repair, and consultation services through Geek Squad. Its offerings include assistance with device setup, home theater installation, computer and appliance support, and technology solutions for consumers and small businesses.