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

Best Buy (NYSE:BBY) had its target price lifted by Truist Financial from $66.00 to $81.00 in a research note released on Friday, Marketbeat.com reports. They currently have a hold rating on the technology retailer’s stock.

BBY has been the topic of a number of other research reports. The Goldman Sachs Group cut Best Buy from a “buy” rating to a “sell” rating and set a $59.00 price target on the stock. in a report on Monday, April 13th. Evercore set a $65.00 target price on Best Buy in a research note on Tuesday, April 14th. Weiss Ratings lowered Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, May 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $77.00 target price on shares of Best Buy in a research note on Thursday. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research note on Wednesday, March 4th. Six equities research 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. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $78.60.

Best Buy Stock Performance

NYSE BBY opened at $78.16 on Friday. The company has a current ratio of 1.12, a quick ratio of 0.43 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $62.29 and its two-hundred day moving average is $66.88. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 14.47, a PEG ratio of 1.85 and a beta of 1.22.

Best Buy (NYSE:BBY) last released its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.06. The company had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.82 billion. Best Buy had a return on equity of 48.70% and a net margin of 2.73%.The firm’s quarterly revenue was up 1.9% on a year-over-year basis. 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. Research analysts expect that Best Buy will post 6.5 EPS for the current year.

Best Buy Announces Dividend

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

Insider Activity at Best Buy

In other Best Buy news, CEO Corie S. Barry sold 42,869 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares of the company’s stock, valued at $33,491,294.76. This represents a 7.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value 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 trade represents a 7.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 77,247 shares of company stock worth $4,945,353. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BBY. Woodline Partners LP raised its position in shares of Best Buy by 40.1% in the 1st quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock worth $1,210,000 after buying an additional 4,701 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Best Buy by 4.4% in the 2nd quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock worth $1,984,000 after buying an additional 1,234 shares during the period. Investment Management Corp of Ontario raised its position in shares of Best Buy by 127.7% in the 2nd quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock worth $872,000 after buying an additional 7,288 shares during the period. Ieq Capital LLC raised its position in shares of Best Buy by 155.4% in the 2nd quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock worth $10,779,000 after buying an additional 97,688 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Best Buy by 32.0% in the 2nd quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock worth $21,051,000 after buying an additional 76,102 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy News Roundup

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.