Best Buy (NYSE:BBY) Stock Rating Upgraded by Wall Street Zen

Best Buy (NYSE:BBY) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Several other research analysts have also recently issued reports on the stock. Telsey Advisory Group set a $90.00 target price on shares of Best Buy and gave the stock an “outperform” rating in a report on Friday, May 29th. Evercore raised their price target on shares of Best Buy from $65.00 to $85.00 in a research report on Friday, May 29th. Loop Capital decreased their price objective on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating for the company in a report on Wednesday, June 24th. The Goldman Sachs Group upped their price objective on Best Buy from $59.00 to $62.00 and gave the company a “sell” rating in a research report on Friday, May 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $77.00 target price on shares of Best Buy in a research note on Thursday, May 28th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.50.

Best Buy Stock Up 3.7%

Shares of BBY stock traded up $2.98 during trading hours on Friday, hitting $82.97. 3,625,789 shares of the company’s stock traded hands, compared to its average volume of 3,489,515. The stock’s fifty day simple moving average is $70.16 and its two-hundred day simple moving average is $67.07. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The stock has a market cap of $17.49 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 2.20 and a beta of 1.30. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

Best Buy (NYSE:BBY) last announced its quarterly earnings data 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 return on equity of 48.70% and a net margin of 2.73%.The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, analysts expect that Best Buy will post 6.56 EPS for the current year.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 1,784 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the transaction, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard M. Schulze sold 224,705 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the transaction, the chairman owned 10,430,936 shares in the company, valued at approximately $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,002,134 shares of company stock worth $77,283,527 in the last 90 days. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Torren Management LLC purchased a new position in Best Buy in the 4th quarter worth approximately $25,000. MV Capital Management Inc. purchased a new stake in shares of Best Buy during the 4th quarter worth approximately $25,000. Palisade Asset Management LLC purchased a new position in shares of Best Buy in the third quarter valued at $25,000. Hillsdale Investment Management Inc. purchased a new stake in Best Buy during the fourth quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after buying an additional 311 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors.

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.