Best Buy’s (BBY) “Buy” Rating Reiterated at Guggenheim

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reiterated by investment analysts at Guggenheim in a note issued to investors on Friday,Benzinga reports. They currently have a $90.00 target price on the technology retailer’s stock. Guggenheim’s price objective would indicate a potential upside of 18.00% from the company’s previous close.

BBY has been the subject of a number of other research reports. Loop Capital increased their price target on shares of Best Buy from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the stock an “outperform” rating in a research note on Friday. DA Davidson set a $78.00 target price on shares of Best Buy in a report on Thursday, March 5th. HSBC reduced their price target on Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Finally, JPMorgan Chase & Co. upped their price objective on Best Buy from $76.00 to $84.00 and gave the company a “neutral” rating in a research note on Friday. Six research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $78.60.

Best Buy Stock Up 2.0%

BBY stock traded up $1.53 during mid-day trading on Friday, reaching $76.27. The company had a trading volume of 1,770,276 shares, compared to its average volume of 4,470,066. The company has a market capitalization of $16.07 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 1.59 and a beta of 1.22. Best Buy has a 52 week low of $55.10 and a 52 week high of $84.99. The stock has a 50 day simple moving average of $61.99 and a two-hundred day simple moving average of $66.80. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 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 49.17% and a net margin of 2.56%.The company had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.82 billion. During the same quarter in the prior year, the firm posted $1.15 EPS. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts predict that Best Buy will post 6.5 earnings per share for the current fiscal year.

Insider Transactions 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 completion of the sale, the executive vice president directly owned 79,137 shares in the company, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $341,802.78. Following the transaction, the insider owned 44,098 shares in the company, valued at approximately $2,823,153.96. This trade represents a 10.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Best Buy

A number of institutional investors have recently modified their holdings of the business. Woodline Partners LP boosted its holdings in Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after purchasing an additional 4,701 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after purchasing an additional 1,234 shares during the period. Investment Management Corp of Ontario raised its position in shares of Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after buying an additional 7,288 shares in the last quarter. Ieq Capital LLC boosted its stake in shares of Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after buying an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in shares of Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after buying an additional 76,102 shares during the period. Institutional investors own 80.96% of the company’s stock.

Key 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.