Best Buy (NYSE:BBY) Raised to “Buy” at Wall Street Zen

Best Buy (NYSE:BBY) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Sunday, Wall Street Zen reports.

Several other analysts have also recently commented on the stock. Citigroup lifted their target price on shares of Best Buy from $79.00 to $88.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Loop Capital lowered Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research note on Monday, July 13th. KeyCorp restated a “sector weight” rating on shares of Best Buy in a report on Monday, June 22nd. Piper Sandler lifted their price objective on Best Buy from $77.00 to $85.00 and gave the company a “neutral” rating in a research report on Thursday, August 20th. Finally, Telsey Advisory Group raised their price target on Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Best Buy currently has a consensus rating of “Hold” and a consensus target price of $85.65.

Best Buy Stock Performance

NYSE:BBY opened at $87.02 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The firm has a 50-day moving average price of $87.55 and a two-hundred day moving average price of $76.79. Best Buy has a twelve month low of $55.10 and a twelve month high of $96.53. The company has a market capitalization of $18.25 billion, a P/E ratio of 14.48, a price-to-earnings-growth ratio of 2.17 and a beta of 1.26.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to analysts’ expectations of $9.59 billion. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts expect that Best Buy will post 6.82 earnings per share for the current fiscal year.

Insider Activity

In other news, Chairman Richard M. Schulze sold 300,000 shares of the company’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total value of $27,753,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kathleen Scarlett sold 116,062 shares of the company’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares of the company’s stock, valued at $10,705,341.95. The trade was a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds have recently modified their holdings of BBY. BlackRock Inc. acquired a new position in Best Buy in the second quarter valued at approximately $1,932,812,000. Bank of New York Mellon Corp bought a new position in shares of Best Buy during the second quarter valued at approximately $174,893,000. Hsbc Holdings PLC raised its position in shares of Best Buy by 104.1% during the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after purchasing an additional 1,030,544 shares during the period. KBC Group NV raised its position in shares of Best Buy by 50.5% during the 1st quarter. KBC Group NV now owns 1,584,803 shares of the technology retailer’s stock worth $101,745,000 after purchasing an additional 531,998 shares during the period. Finally, Deutsche Bank AG acquired a new stake in shares of Best Buy during the 2nd quarter worth approximately $116,003,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Company Profile

Best Buy Co, Inc (NYSE: BBY) is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.