BNP Paribas Exane Cuts Best Buy (NYSE:BBY) Price Target to $68.00

Best Buy (NYSE:BBY) had its price objective dropped by research analysts at BNP Paribas Exane from $69.00 to $68.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has a “neutral” rating on the technology retailer’s stock. BNP Paribas Exane’s price target indicates a potential downside of 16.17% from the stock’s previous close.

A number of other brokerages have also recently issued reports on BBY. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Wells Fargo & Company lifted their price objective on shares of Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, August 29th. JPMorgan Chase & Co. boosted their price objective on shares of Best Buy from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Friday, November 14th. Truist Financial increased their target price on shares of Best Buy from $72.00 to $79.00 and gave the stock a “hold” rating in a report on Friday, November 7th. Finally, Wedbush reissued a “neutral” rating and issued a $75.00 price target on shares of Best Buy in a report on Thursday, November 20th. Eight equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $84.12.

Best Buy Stock Up 1.8%

Shares of NYSE BBY opened at $81.12 on Wednesday. Best Buy has a 12-month low of $54.99 and a 12-month high of $91.72. The firm’s 50-day simple moving average is $77.56 and its 200 day simple moving average is $73.26. The company has a market cap of $17.04 billion, a price-to-earnings ratio of 22.40, a price-to-earnings-growth 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.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company earned $1.26 EPS. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, research analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 74,553 shares of the business’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the sale, the chairman owned 11,451,911 shares of the company’s stock, valued at $965,510,616.41. The trade was a 0.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,736,826 shares of company stock worth $141,568,327 in the last quarter. 0.47% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BBY. Palisade Asset Management LLC bought a new stake in Best Buy during the third quarter worth $25,000. Harbor Capital Advisors Inc. raised its position in 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 acquiring an additional 138 shares during the period. Oliver Lagore Vanvalin Investment Group bought a new stake in shares of Best Buy in the 2nd quarter worth approximately $26,000. Root Financial Partners LLC purchased a new position in shares of Best Buy during the 3rd quarter valued at $32,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Best Buy during the second quarter valued at about $33,000. 80.96% of the stock is owned by institutional investors.

Best Buy Company Profile

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.