Wells Fargo & Company Forecasts Strong Price Appreciation for Best Buy (NYSE:BBY) Stock

Best Buy (NYSE:BBY) had its price objective boosted by investment analysts at Wells Fargo & Company from $85.00 to $95.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 4.32% from the stock’s current price.

Several other equities analysts have also recently issued reports on BBY. Evercore set a $100.00 target price on shares of Best Buy in a research note on Tuesday, October 27th. Loop Capital lowered 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 report on Monday, July 13th. Wall Street Zen raised shares of Best Buy from a “hold” rating to a “buy” rating in a report on Sunday, October 11th. Morgan Stanley upped their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Finally, Wedbush reiterated a “buy” rating on shares of Best Buy in a research report on Monday, August 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $86.65.

Best Buy Trading Down 2.0%

Shares of NYSE:BBY opened at $99.29 on Friday. Best Buy has a 12-month low of $55.10 and a 12-month high of $103.54. The company has a market capitalization of $20.82 billion, a PE ratio of 16.52, a PEG ratio of 2.53 and a beta of 1.20. The business has a 50 day moving average of $91.25 and a two-hundred day moving average of $75.93. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping the consensus estimate of $1.39 by $0.08. The business had revenue of $9.78 billion for 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 business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.28 EPS. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, analysts forecast that Best Buy will post 6.81 EPS for the current year.

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 116,062 shares of the business’s 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 sale, the executive vice president owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction 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 Trading of Best Buy

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Best Buy during the 2nd quarter worth about $1,932,812,000. Bank of New York Mellon Corp purchased a new position in Best Buy in the 2nd quarter valued at about $174,893,000. Deutsche Bank AG acquired a new stake in Best Buy in the 2nd quarter worth about $116,003,000. KBC Group NV boosted its holdings in Best Buy by 50.5% in the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after buying an additional 531,998 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its holdings in Best Buy by 113.4% in the 1st quarter. Renaissance Technologies LLC now owns 1,449,439 shares of the technology retailer’s stock worth $93,054,000 after buying an additional 770,339 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.