Best Buy’s (BBY) “Underperform” Rating Reiterated at Bank of America

Best Buy (NYSE:BBY)‘s stock had its “underperform” rating reiterated by equities researchers at Bank of America in a research note issued on Monday,Benzinga reports. They currently have a $80.00 target price on the technology retailer’s stock. Bank of America‘s price target indicates a potential downside of 7.19% from the stock’s previous close.

BBY has been the topic of a number of other reports. Morgan Stanley upped their price objective on Best Buy from $72.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday, May 29th. BNP Paribas Exane upped their price target on shares of Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Friday, May 29th. Piper Sandler reiterated a “neutral” rating and issued a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th. Truist Financial increased their target price on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research report on Friday, May 29th. Finally, UBS Group reiterated a “neutral” rating and issued a $86.00 price target (up from $85.00) on shares of Best Buy in a research note on Friday, May 29th. Five research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $80.50.

Best Buy Trading Down 0.1%

Shares of BBY stock opened at $86.19 on Monday. Best Buy has a 12-month low of $55.10 and a 12-month high of $91.26. The company has a market capitalization of $18.17 billion, a PE ratio of 15.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.30. The firm has a 50 day moving average price of $78.41 and a two-hundred day moving average price of $68.83. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 0.38.

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

Insider Buying and Selling at Best Buy

In related news, CAO Mathew Watson sold 1,784 shares of the business’s stock in a transaction on 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 in the company, valued at $1,596,294. The trade was a 7.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 500,350 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $76.12, for a total value of $38,086,642.00. Following the sale, the chairman owned 10,930,586 shares in the company, valued at approximately $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,002,134 shares of company stock valued at $77,283,527 over the last quarter. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

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

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.