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

Best Buy (NYSE:BBY) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Sunday.

A number of other research analysts also recently issued reports on the stock. Telsey Advisory Group set a $90.00 target price on shares of Best Buy and gave the company an “outperform” rating in a research report on Friday, May 29th. Weiss Ratings upgraded Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, June 11th. Truist Financial upped their target price on Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research note on Friday, May 29th. DA Davidson reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Monday, June 22nd. Finally, The Goldman Sachs Group upped their price objective on Best Buy from $59.00 to $62.00 and gave the stock a “sell” rating in a research report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $79.50.

Best Buy Stock Up 3.7%

NYSE BBY traded up $2.98 on Friday, reaching $82.97. 3,625,789 shares of the stock traded hands, compared to its average volume of 3,489,515. The company has a market cap of $17.49 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 2.20 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 1.12. Best Buy has a 12 month low of $55.10 and a 12 month high of $84.99. The company has a fifty day moving average price of $70.16 and a 200-day moving average price of $67.07.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The business had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the business earned $1.15 EPS. The company’s revenue 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, research analysts forecast that Best Buy will post 6.56 EPS for the current fiscal year.

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 224,705 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $78.10, for a total value of $17,549,460.50. Following the completion of the sale, the chairman owned 10,430,936 shares of the company’s stock, valued at approximately $814,656,101.60. This represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer owned 21,630 shares of the company’s stock, valued at approximately $1,596,294. The trade was a 7.62% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 1,002,134 shares of company stock valued at $77,283,527. 0.50% of the stock is owned by company insiders.

Institutional Trading of Best Buy

Several institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC raised its position in Best Buy by 99.8% in the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the period. Norges Bank purchased a new stake in Best Buy during the 4th quarter worth approximately $174,685,000. Schroder Investment Management Group lifted its holdings in Best Buy by 378.8% during the 4th quarter. Schroder Investment Management Group now owns 3,096,015 shares of the technology retailer’s stock worth $207,216,000 after buying an additional 2,449,342 shares in the last quarter. Hsbc Holdings PLC boosted its position in Best Buy by 104.1% in the 4th quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock valued at $135,685,000 after buying an additional 1,030,544 shares during the period. Finally, KBC Group NV grew its stake in shares of Best Buy by 293.6% in the fourth quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after acquiring an additional 785,294 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.