Guggenheim Reaffirms “Buy” Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reaffirmed by equities research analysts at Guggenheim in a report released on Wednesday,Benzinga reports. They presently have a $90.00 price target on the technology retailer’s stock. Guggenheim’s target price would indicate a potential upside of 10.83% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a report on Sunday, November 9th. Jefferies Financial Group reduced their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Best Buy in a report on Wednesday, October 8th. Bank of America decreased their target price on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research report on Friday, August 29th. Finally, UBS Group set a $96.00 price target on Best Buy in a report on Wednesday. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $84.12.

Best Buy Stock Performance

Best Buy stock opened at $81.20 on Wednesday. The business has a 50 day moving average of $77.56 and a 200-day moving average of $73.26. The company has a market capitalization of $17.06 billion, a P/E ratio of 22.40, a P/E/G ratio of 2.21 and a beta of 1.25. Best Buy has a 1 year low of $54.99 and a 1 year high of $91.72. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Best Buy by 2.4% in the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares during the period. State Street Corp boosted its holdings in shares of Best Buy by 3.8% in the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after acquiring an additional 496,215 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Best Buy by 1.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after purchasing an additional 69,533 shares during the period. AQR Capital Management LLC lifted its holdings in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after buying an additional 621,863 shares in the last quarter. 80.96% of the stock is currently 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.