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

Best Buy (NYSE:BBY)‘s stock had its “neutral” rating reiterated by stock analysts at Wedbush in a research note issued on Thursday,RTT News reports. They currently have a $75.00 price objective on the technology retailer’s stock. Wedbush’s target price would suggest a potential upside of 1.46% from the company’s current price.

A number of other research firms have also issued reports on BBY. JPMorgan Chase & Co. lifted their target price on Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a report on Friday, November 14th. Truist Financial upped their price target on Best Buy from $72.00 to $79.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Bank of America reduced their price objective on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research report on Friday, August 29th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has a consensus rating of “Hold” and a consensus target price of $83.56.

Best Buy Stock Down 0.6%

Shares of BBY traded down $0.46 during mid-day trading on Thursday, reaching $73.92. 3,017,150 shares of the stock traded hands, compared to its average volume of 3,571,411. The firm has a market cap of $15.53 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 2.21 and a beta of 1.25. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The stock has a fifty day simple moving average of $77.41 and a 200 day simple moving average of $73.01. Best Buy has a 12-month low of $54.99 and a 12-month high of $95.49.

Best Buy (NYSE:BBY) last issued its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the firm earned $1.34 EPS. The business’s 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. Sell-side analysts expect that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Transactions at Best Buy

In related news, CAO Mathew Watson sold 3,715 shares of Best Buy stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the sale, the chief accounting officer owned 22,150 shares of the company’s stock, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Richard M. Schulze sold 500,000 shares of the business’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the sale, the chairman directly owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,736,826 shares of company stock valued at $141,568,327. Insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently bought and sold shares of BBY. Sage Private Wealth Group LLC increased its holdings in shares of Best Buy by 3.1% in the third quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock valued at $311,000 after purchasing an additional 123 shares during the last quarter. LVW Advisors LLC grew its position in Best Buy by 3.9% during the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after buying an additional 137 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Best Buy by 69.3% in the third quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the period. Huntington National Bank increased its holdings in Best Buy by 12.0% in the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock valued at $98,000 after buying an additional 139 shares during the period. Finally, Panagora Asset Management Inc. raised its position in Best Buy by 1.5% during the second quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after purchasing an additional 144 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

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.