Wedbush Reaffirms Neutral Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating restated by equities research analysts at Wedbush in a research note issued to investors on Thursday,RTT News reports. They currently have a $75.00 target price on the technology retailer’s stock. Wedbush’s price objective would suggest a potential downside of 1.84% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. Guggenheim reaffirmed a “buy” rating and set a $90.00 price objective on shares of Best Buy in a report on Friday, August 29th. Jefferies Financial Group lifted their price target on Best Buy from $88.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Truist Financial upped their price objective on Best Buy from $72.00 to $79.00 and gave the stock a “hold” rating in a report on Friday, November 7th. Wells Fargo & Company raised their price objective on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Finally, JPMorgan Chase & Co. upped their target price on Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $83.56.

Best Buy Stock Performance

Shares of BBY opened at $76.41 on Thursday. Best Buy has a 12-month low of $54.99 and a 12-month high of $95.49. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. The company has a market cap of $16.05 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. The stock has a 50-day moving average price of $77.42 and a 200-day moving average price of $73.07.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same period last year, the firm posted $1.34 earnings per share. Best Buy’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities analysts forecast that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 74,553 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the transaction, the chairman owned 11,451,911 shares in the company, valued at approximately $965,510,616.41. This trade represents a 0.65% 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 hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer owned 20,132 shares of the company’s stock, valued at $1,545,332.32. This represents a 9.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,736,826 shares of company stock valued at $141,568,327. Insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the period. State Street Corp grew its position in shares of Best Buy by 3.8% in the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after buying an additional 496,215 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Best Buy by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after buying an additional 69,533 shares during the period. AQR Capital Management LLC raised its holdings in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after acquiring an additional 3,496,254 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after acquiring an additional 621,863 shares during the period. 80.96% of the stock is currently owned by hedge funds and other 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.