Evercore Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target lifted by Evercore from $65.00 to $85.00 in a report released on Friday morning,MarketScreener reports.

Several other analysts also recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Best Buy from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday, May 14th. Daiwa Securities Group reduced their target price on shares of Best Buy from $80.00 to $68.00 and set a “neutral” rating for the company in a report on Thursday, March 5th. JPMorgan Chase & Co. downgraded shares of Best Buy from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $99.00 to $76.00 in a report on Monday, February 2nd. The Goldman Sachs Group downgraded shares of Best Buy from a “buy” rating to a “sell” rating and set a $59.00 target price for the company. in a report on Monday, April 13th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $78.60.

Best Buy Stock Performance

Shares of BBY opened at $78.16 on Friday. The company has a market cap of $16.47 billion, a PE ratio of 14.47, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.43. The firm has a 50-day moving average of $62.29 and a 200-day moving average of $66.88. Best Buy has a one year low of $55.10 and a one year high of $84.99.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $1.15 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts forecast that Best Buy will post 6.5 earnings per share for the current year.

Best Buy Dividend Announcement

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

Insider Buying and Selling

In related news, EVP Kathleen Scarlett sold 8,049 shares of the company’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 completion of the transaction, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. This represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the company’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 $405,630.72. Following the completion of the transaction, the executive vice president owned 79,137 shares of the company’s stock, valued at approximately $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

A number of large investors have recently added to or reduced their stakes in BBY. Palisade Asset Management LLC bought a new position in Best Buy during the third quarter worth about $25,000. MV Capital Management Inc. bought a new position in shares of Best Buy in the fourth quarter valued at approximately $25,000. Torren Management LLC bought a new position in shares of Best Buy in the fourth quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new position in shares of Best Buy in the fourth quarter valued at approximately $29,000. Finally, Quest 10 Wealth Builders Inc. boosted its position in shares of Best Buy by 239.2% in the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer’s stock valued at $30,000 after acquiring an additional 311 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Key Best Buy News

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

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.