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

Best Buy (NYSE:BBY) had its target price boosted by Wedbush from $70.00 to $75.00 in a research note released on Friday morning, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the technology retailer’s stock.

Several other analysts have also weighed in on BBY. Weiss Ratings lowered shares of Best Buy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. HSBC dropped their price objective on shares of Best Buy from $96.00 to $85.00 in a report on Thursday, February 26th. Daiwa Securities Group dropped their price objective 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. Telsey Advisory Group set a $90.00 price objective on shares of Best Buy and gave the stock an “outperform” rating in a report on Friday. Finally, BNP Paribas Exane raised their price objective on shares of Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a report on Friday. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $78.60.

Best Buy Stock Performance

NYSE:BBY opened at $78.16 on Friday. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The company has a quick ratio of 0.43, a current ratio of 1.12 and a debt-to-equity ratio of 0.38. The firm has a market capitalization 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 firm has a 50-day moving average price of $62.29 and a 200 day moving average price of $66.88.

Best Buy (NYSE:BBY) last posted its quarterly 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 firm 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%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.15 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts anticipate that Best Buy will post 6.5 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Thursday, June 18th will be paid a dividend of $0.96 per share. This represents a $3.84 annualized dividend 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 76.19%.

Insider Buying and Selling at Best Buy

In other news, CAO Mathew Watson sold 3,298 shares of the 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 sale, the chief accounting officer directly owned 23,192 shares of the company’s stock, valued at $1,484,751.84. This represents a 12.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry sold 42,869 shares of the 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 $2,744,473.38. Following the sale, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. This trade represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 77,247 shares of company stock valued at $4,945,353 over the last three months. Insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Woodline Partners LP boosted its stake in Best Buy by 40.1% in the first quarter. Woodline Partners LP now owns 16,436 shares of the technology retailer’s stock valued at $1,210,000 after acquiring an additional 4,701 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Best Buy by 4.4% in the second quarter. Daiwa Securities Group Inc. now owns 29,560 shares of the technology retailer’s stock valued at $1,984,000 after acquiring an additional 1,234 shares during the last quarter. Investment Management Corp of Ontario boosted its stake in Best Buy by 127.7% in the second quarter. Investment Management Corp of Ontario now owns 12,997 shares of the technology retailer’s stock valued at $872,000 after acquiring an additional 7,288 shares during the last quarter. Ieq Capital LLC boosted its stake in Best Buy by 155.4% in the second quarter. Ieq Capital LLC now owns 160,568 shares of the technology retailer’s stock valued at $10,779,000 after acquiring an additional 97,688 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Best Buy by 32.0% in the second quarter. Alliancebernstein L.P. now owns 313,584 shares of the technology retailer’s stock valued at $21,051,000 after acquiring an additional 76,102 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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.