DA Davidson Reiterates “Buy” Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reiterated by equities research analysts at DA Davidson in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $90.00 target price on the technology retailer’s stock. DA Davidson’s price objective points to a potential upside of 17.08% from the company’s current price.

A number of other brokerages have also recently commented on BBY. Wells Fargo & Company lifted their target price on Best Buy from $60.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, May 28th. Truist Financial increased their price target on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a report on Friday, May 29th. Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Daiwa Securities Group raised their price target on Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Citigroup lifted their price objective on shares of Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a research note on Friday, May 29th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Best Buy presently has an average rating of “Hold” and an average target price of $79.65.

Best Buy Price Performance

Shares of NYSE BBY traded up $2.14 during mid-day trading on Monday, hitting $76.87. 271,436 shares of the company’s stock traded hands, compared to its average volume of 4,491,495. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. Best Buy has a 1 year low of $55.10 and a 1 year high of $84.99. The company’s 50-day moving average is $65.59 and its two-hundred day moving average is $66.55. The company has a market capitalization of $16.20 billion, a P/E ratio of 14.25, a PEG ratio of 1.99 and a beta of 1.30.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.23 by $0.05. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter last year, the business posted $1.15 earnings per share. The firm’s revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts anticipate that Best Buy will post 6.56 EPS for the current fiscal year.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 5,100 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $78.00, for a total transaction of $397,800.00. Following the completion of the transaction, the chairman owned 10,849,537 shares in the company, valued at $846,263,886. The trade was a 0.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mathew Watson sold 1,784 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the transaction, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 583,533 shares of company stock worth $44,584,972. Company insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

A number of large investors have recently made changes to their positions in BBY. Torren Management LLC purchased a new position in Best Buy in the 4th quarter worth about $25,000. MV Capital Management Inc. purchased a new stake in Best Buy in the 4th quarter valued at about $25,000. Palisade Asset Management LLC purchased a new stake in Best Buy in the 3rd quarter valued at about $25,000. Hillsdale Investment Management Inc. bought a new position in Best Buy in the 4th quarter worth about $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in Best Buy by 239.2% in the 4th quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock worth $30,000 after acquiring an additional 311 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

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.