JPMorgan Chase & Co. Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target hoisted by equities researchers at JPMorgan Chase & Co. from $89.00 to $97.00 in a note issued to investors on Friday, Marketbeat reports. The brokerage presently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 26.45% from the company’s previous close.

Several other research analysts also recently weighed in on the stock. Truist Financial upped their price objective 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. Barclays reissued an “equal weight” rating and set a $74.00 target price on shares of Best Buy in a research report on Friday, August 29th. Bank of America dropped their price target on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating on the stock in a research report on Friday, August 29th. Citigroup boosted their price objective on Best Buy from $73.00 to $82.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a research note on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $83.88.

Best Buy Stock Up 0.7%

BBY stock traded up $0.53 during trading on Friday, reaching $76.71. 580,378 shares of the stock were exchanged, compared to its average volume of 3,569,451. The firm’s 50 day moving average is $77.67 and its 200 day moving average is $72.75. The firm has a market cap of $16.12 billion, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43. Best Buy has a twelve month low of $54.99 and a twelve month high of $95.49.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the company posted $1.34 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, research analysts forecast that Best Buy will post 6.18 EPS for the current year.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of the company’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the transaction, the chairman owned 11,451,911 shares in the company, valued at $965,510,616.41. This represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the firm’s stock in a transaction on 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 directly owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. This represents a 9.11% 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 valued at $141,568,327 over the last ninety days. 0.47% of the stock is currently owned by company insiders.

Institutional Trading of Best Buy

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Best Buy in the second quarter valued at approximately $171,851,000. Pacer Advisors Inc. raised its holdings in shares of Best Buy by 3,890.0% in the 1st quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer’s stock valued at $75,353,000 after acquiring an additional 998,021 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares during the last quarter. Invesco Ltd. increased its holdings 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 during the period. Finally, Worldquant Millennium Advisors LLC increased its holdings in Best Buy by 855.5% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock valued at $46,094,000 after purchasing an additional 614,779 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

About Best Buy

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.