Best Buy (NYSE:BBY) Given New $85.00 Price Target at Loop Capital

Best Buy (NYSE:BBY) had its price objective increased by Loop Capital from $75.00 to $85.00 in a research report issued to clients and investors on Friday,MarketScreener reports. The brokerage presently has a “buy” rating on the technology retailer’s stock. Loop Capital’s price objective suggests a potential upside of 13.15% from the company’s previous close.

A number of other brokerages also recently weighed in on BBY. Truist Financial increased their price target on shares of Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday. Telsey Advisory Group set a $90.00 price target on Best Buy and gave the company an “outperform” rating in a report on Friday. Daiwa Securities Group lowered their price objective on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, March 5th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 4th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $78.60.

Best Buy Price Performance

NYSE BBY opened at $75.12 on Friday. The stock has a 50-day simple moving average of $61.99 and a 200 day simple moving average of $66.80. Best Buy has a twelve month low of $55.10 and a twelve month high of $84.99. The stock has a market capitalization of $15.83 billion, a PE ratio of 14.86, a P/E/G ratio of 1.59 and a beta of 1.22. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.82 billion. During the same period in the previous year, the business posted $1.15 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts anticipate that Best Buy will post 6.5 EPS for the current year.

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 6,336 shares of the firm’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 sale, the executive vice president directly owned 79,137 shares in the company, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction on 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 sale, the chief executive officer directly owned 523,138 shares of the company’s stock, valued at $33,491,294.76. This represents a 7.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 77,247 shares of company stock worth $4,945,353 in the last three months. 0.47% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BBY. Vanguard Group Inc. lifted its stake in Best Buy by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after acquiring an additional 307,905 shares in the last quarter. AQR Capital Management LLC raised its holdings in Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after acquiring an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after purchasing an additional 160,713 shares during the last quarter. Invesco Ltd. boosted its position in Best Buy by 6.1% during the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after purchasing an additional 271,988 shares during the last quarter. Finally, Morgan Stanley grew its stake in Best Buy by 19.1% in the fourth quarter. Morgan Stanley now owns 3,778,294 shares of the technology retailer’s stock valued at $252,881,000 after purchasing an additional 605,911 shares in the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy News Roundup

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

Best Buy Company Profile

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.