Best Buy (NYSE:BBY) Given New $85.00 Price Target at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price raised by analysts at Wells Fargo & Company from $65.00 to $85.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.07% from the company’s previous close.

A number of other equities analysts have also commented on BBY. Morgan Stanley raised their target price on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Friday, May 29th. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Daiwa Securities Group upped their price target on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Wedbush lifted their price objective on shares of Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Jefferies Financial Group cut Best Buy from a “buy” rating to a “hold” rating and dropped their target price for the company from $89.00 to $85.00 in a research report on Wednesday, August 5th. Five research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and a consensus price target of $82.25.

Best Buy Stock Performance

NYSE:BBY opened at $82.47 on Tuesday. The company has a market cap of $17.38 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 2.36 and a beta of 1.29. Best Buy has a 1 year low of $55.10 and a 1 year high of $91.26. The stock’s 50 day simple moving average is $80.08 and its two-hundred day simple moving average is $69.51. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

Best Buy (NYSE:BBY) last released 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 $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the firm earned $1.15 earnings per share. Best Buy’s 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. As a group, equities analysts anticipate that Best Buy will post 6.56 earnings per share for the current fiscal year.

Insider Activity

In other Best Buy news, CAO Mathew Watson sold 1,784 shares of Best Buy stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at approximately $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the sale, the chairman owned 10,930,586 shares in the company, valued at $832,036,206.32. The trade was a 4.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of BBY. Woodline Partners LP lifted its holdings in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after buying an additional 4,701 shares during the period. Daiwa Securities Group Inc. raised its position in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after acquiring an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares during the period. Ieq Capital LLC lifted its holdings in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. boosted its position in Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after purchasing an additional 76,102 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

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.