Wells Fargo & Company Raises Best Buy (NYSE:BBY) Price Target to $65.00

Best Buy (NYSE:BBY) had its target price upped by research analysts at Wells Fargo & Company from $60.00 to $65.00 in a note issued to investors on Thursday,MarketScreener reports. Wells Fargo & Company‘s price objective points to a potential downside of 13.48% from the stock’s current price.

Several other research analysts have also recently weighed in on BBY. HSBC lowered their target price on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. The Goldman Sachs Group raised their price objective on shares of Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research report on Friday. Guggenheim reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a research note on Wednesday, March 4th. Evercore boosted their target price on shares of Best Buy from $65.00 to $85.00 in a report on Friday. Finally, Daiwa Securities Group reduced their target price on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $78.60.

Best Buy Price Performance

Shares of NYSE:BBY opened at $75.12 on Thursday. The stock has a market cap of $15.83 billion, a price-to-earnings ratio of 14.86, a PEG ratio of 1.59 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43. Best Buy has a 12 month low of $55.10 and a 12 month high of $84.99. The stock’s 50 day moving average price is $61.99 and its 200 day moving average price is $66.80.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same period last year, the company posted $1.15 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This represents a 7.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Matthew M. Bilunas sold 11,356 shares of the firm’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $727,011.12. Following the sale, the chief financial officer directly owned 76,884 shares of the company’s stock, valued at $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 77,247 shares of company stock valued at $4,945,353 in the last quarter. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Huntington National Bank increased its holdings in shares of Best Buy by 12.0% during the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock valued at $98,000 after acquiring an additional 139 shares during the last quarter. Krane Funds Advisors LLC raised its stake in shares of Best Buy by 3.0% in the 4th quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock valued at $346,000 after acquiring an additional 151 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its holdings in Best Buy by 0.9% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after purchasing an additional 152 shares during the last quarter. Applied Finance Capital Management LLC boosted its position in Best Buy by 3.8% during the fourth quarter. Applied Finance Capital Management LLC now owns 4,270 shares of the technology retailer’s stock worth $286,000 after purchasing an additional 157 shares during the period. Finally, International Private Wealth Advisors LLC boosted its position in Best Buy by 5.2% during the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock worth $224,000 after purchasing an additional 165 shares during the period. Institutional investors own 80.96% of the company’s stock.

More Best Buy News

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy delivered a clean Q1 beat on earnings and revenue, with positive comparable sales growth and improving margins. Best Buy (BBY) Beats Earnings Expectations, Shares Climb 15.8%
• Positive Sentiment: The company maintained its full-year guidance and issued Q2 sales guidance that came in better than expected, reinforcing confidence in the turnaround. Best Buy Reports First Quarter Results
• Positive Sentiment: Analyst sentiment improved after the report, with Jefferies raising its price target to $89 and Morgan Stanley lifting its target to $80, signaling additional upside. Analyst price target updates for Best Buy
• Neutral Sentiment: Unusual call option activity suggests traders are positioning for more volatility and continued momentum in BBY. Stock Traders Buy High Volume of Best Buy Call Options (NYSE:BBY)
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, which may appeal to income-focused investors. Best Buy dividend announcement

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.