Best Buy (NYSE:BBY) Price Target Raised to $85.00 at Loop Capital

Best Buy (NYSE:BBY) had its price objective upped by Loop Capital from $75.00 to $85.00 in a research report released on Friday,MarketScreener reports. Loop Capital currently has a buy rating on the technology retailer’s stock.

Other analysts have also issued reports about the stock. 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. Evercore lifted their price target on shares of Best Buy from $65.00 to $85.00 in a research note on Friday. Truist Financial lifted their price target on shares of Best Buy from $66.00 to $81.00 and gave the stock a “hold” rating in a research note on Friday. Guggenheim reiterated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday, March 4th. Finally, DA Davidson set a $78.00 price target on shares of Best Buy in a research note on Thursday, March 5th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $78.60.

Best Buy Stock Up 4.6%

NYSE:BBY opened at $78.16 on Friday. The firm has a market cap of $16.47 billion, a P/E ratio of 14.47, a P/E/G ratio of 1.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.43 and a current ratio of 1.12. Best Buy has a fifty-two week low of $55.10 and a fifty-two week high of $84.99. The firm has a 50-day simple moving average of $62.29 and a two-hundred day simple moving average of $66.88.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. Best Buy’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business earned $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts predict that Best Buy will post 6.5 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Thursday, June 18th will be given a dividend of $0.96 per share. This represents a $3.84 annualized dividend and a yield of 4.9%. The ex-dividend date is Thursday, June 18th. Best Buy’s payout ratio is 76.19%.

Insider Activity at Best Buy

In related news, CAO Mathew Watson sold 3,298 shares of the business’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 $211,137.96. Following the completion of the sale, the chief accounting officer directly owned 23,192 shares in the company, valued at approximately $1,484,751.84. The trade was a 12.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of the business’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 $515,296.98. Following the sale, the executive vice president owned 102,669 shares of the company’s stock, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 77,247 shares of company stock valued at $4,945,353 in the last three months. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several large investors have recently added to or reduced their stakes in BBY. Woodline Partners LP lifted its holdings in Best Buy by 40.1% during the first 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 in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Best Buy by 4.4% during the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after purchasing an additional 1,234 shares in the last quarter. Investment Management Corp of Ontario lifted its holdings in Best Buy by 127.7% during the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after purchasing an additional 7,288 shares in the last quarter. Ieq Capital LLC lifted its holdings in Best Buy by 155.4% during the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after purchasing an additional 97,688 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Best Buy by 32.0% during the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after purchasing an additional 76,102 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Key Stories Impacting Best Buy

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy reported Q1 adjusted EPS of $1.28, above estimates of $1.22, and revenue of $8.94 billion, also ahead of forecasts, with comparable sales rising 2.0%. Best Buy Q1 Earnings Beat Estimates, Comparable Sales Rise 2%
• Positive Sentiment: The company reaffirmed its full-year guidance and highlighted improving margins and stronger demand in gaming, computing, and cellphones, suggesting the turnaround is gaining traction. Best Buy Reports First Quarter Results
• Positive Sentiment: Several analyst firms raised price targets after the earnings release, including Jefferies, Loop Capital, Guggenheim, Morgan Stanley, Citigroup, and others, indicating improving sentiment around the stock. Analyst rating updates
• Positive Sentiment: Retail-industry news also pointed to selective consumer spending still favoring value-focused names like Best Buy, adding to the rally. Retail Rally Sends Kohl’s, Best Buy, Dollar Tree Up As Much As 18%
• Neutral Sentiment: DA Davidson reaffirmed its buy rating but set a $78 price target, which is roughly in line with the current share price and does not materially change the valuation debate. DA Davidson rating reaffirmation
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, reinforcing its income appeal for investors. Dividend announcement

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.