Evercore ISI Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price objective raised by research analysts at Evercore ISI from $80.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “in-line” rating on the technology retailer’s stock. Evercore ISI’s target price would suggest a potential upside of 6.70% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on BBY. Truist Financial boosted 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. Argus reaffirmed a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Barclays set a $81.00 price target on shares of Best Buy in a report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $89.00 to $97.00 and gave the stock an “overweight” rating in a research note on Friday, November 14th. Eight investment 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.com, Best Buy has a consensus rating of “Hold” and an average price target of $84.94.

Best Buy Trading Up 5.3%

NYSE BBY opened at $79.66 on Wednesday. The company has a 50-day moving average of $77.56 and a 200-day moving average of $73.26. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. Best Buy has a 12 month low of $54.99 and a 12 month high of $91.72. The company has a market cap of $16.74 billion, a P/E ratio of 22.01, a P/E/G ratio of 2.21 and a beta of 1.25.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company had revenue of $9.67 billion for the quarter, compared to the consensus estimate of $9.57 billion. During the same quarter last year, the firm posted $1.26 earnings per share. Best Buy’s revenue was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, equities analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Transactions at Best Buy

In related news, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total value of $40,415,000.00. Following the completion of the transaction, the chairman owned 12,486,904 shares of the company’s stock, valued at approximately $1,009,316,450.32. This represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mathew Watson sold 3,715 shares of the firm’s stock in a transaction that occurred on Friday, August 29th. The shares were 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 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. 0.47% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently made changes to their positions in the business. Harbor Capital Advisors Inc. grew its holdings in Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares in the last quarter. Palisade Asset Management LLC acquired a new position in Best Buy in the third quarter worth about $25,000. Oliver Lagore Vanvalin Investment Group bought a new stake in Best Buy in the second quarter valued at about $26,000. Root Financial Partners LLC acquired a new stake in Best Buy during the third quarter valued at approximately $32,000. Finally, CYBER HORNET ETFs LLC bought a new position in Best Buy during the 2nd quarter worth approximately $33,000. 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.