Best Buy (NYSE:BBY – Get Free Report) had its price objective hoisted by equities research analysts at Evercore from $65.00 to $85.00 in a report released on Friday,MarketScreener reports. Evercore’s price target points to a potential upside of 13.15% from the stock’s current price.
Other research analysts also recently issued research reports about the stock. The Goldman Sachs Group downgraded shares of Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price target on the stock. in a report on Monday, April 13th. Jefferies Financial Group increased their target price on shares of Best Buy from $83.00 to $89.00 and gave the stock a “buy” rating in a research report on Thursday. Truist Financial raised their target price on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday. Morgan Stanley upped their price target on Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Piper Sandler reissued a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research note on Thursday. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $78.60.
Best Buy Trading Up 0.5%
Best Buy (NYSE:BBY – Get Free Report) last issued its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the firm earned $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Sell-side analysts predict that Best Buy will post 6.5 EPS for the current year.
Insider Transactions at Best Buy
In other news, CEO Corie S. Barry sold 42,869 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the transaction, the chief executive officer directly owned 523,138 shares in the company, valued at approximately $33,491,294.76. The trade was a 7.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. The trade was a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.47% of the company’s stock.
Institutional Investors Weigh In On Best Buy
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank boosted its holdings in shares of Best Buy by 12.0% in the 3rd quarter. Huntington National Bank now owns 1,298 shares of the technology retailer’s stock valued at $98,000 after buying an additional 139 shares during the last quarter. Krane Funds Advisors LLC increased its holdings in Best Buy by 3.0% during the fourth quarter. Krane Funds Advisors LLC now owns 5,163 shares of the technology retailer’s stock worth $346,000 after buying an additional 151 shares during the last quarter. Linden Thomas Advisory Services LLC raised its position in Best Buy by 0.9% during the fourth quarter. Linden Thomas Advisory Services LLC now owns 16,637 shares of the technology retailer’s stock worth $1,114,000 after acquiring an additional 152 shares in the last quarter. Applied Finance Capital Management LLC raised 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 acquiring an additional 157 shares in the last quarter. Finally, International Private Wealth Advisors LLC lifted its stake in Best Buy by 5.2% in the fourth quarter. International Private Wealth Advisors LLC now owns 3,345 shares of the technology retailer’s stock valued at $224,000 after acquiring an additional 165 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.
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
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.
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