Best Buy (NYSE:BBY) Upgraded to Buy at Wall Street Zen

Best Buy (NYSE:BBY) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler reiterated a “neutral” rating and set a $77.00 price target on shares of Best Buy in a report on Thursday, May 28th. Daiwa Securities Group boosted their price objective on shares of Best Buy from $68.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. HSBC lowered their price objective on Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Wells Fargo & Company increased their target price on Best Buy from $60.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, May 28th. Finally, Citigroup lifted their target price on Best Buy from $60.00 to $79.00 and gave the stock a “neutral” rating in a report on Friday, May 29th. Six investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $79.05.

Best Buy Stock Performance

Shares of Best Buy stock opened at $74.89 on Friday. Best Buy has a 1 year low of $55.10 and a 1 year high of $84.99. The firm’s 50-day moving average is $65.59 and its 200 day moving average is $66.62. The stock has a market cap of $15.78 billion, a price-to-earnings ratio of 13.87, a PEG ratio of 1.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40.

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 $1.23 by $0.05. 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. Sell-side analysts anticipate that Best Buy will post 6.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 5,100 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $78.00, for a total value of $397,800.00. Following the sale, the chairman owned 10,849,537 shares in the company, valued at approximately $846,263,886. This trade represents a 0.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kathleen Scarlett sold 8,049 shares of Best Buy stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $515,296.98. Following the completion of the sale, the executive vice president directly owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. This trade represents a 7.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 660,780 shares of company stock valued at $49,530,325 in the last ninety days. Corporate insiders own 0.50% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the company. Shariaportfolio Inc. increased its position in Best Buy by 27.1% during the first quarter. Shariaportfolio Inc. now owns 35,874 shares of the technology retailer’s stock valued at $2,303,000 after acquiring an additional 7,652 shares during the last quarter. Parallel Advisors LLC boosted its position in Best Buy by 40.6% in the first quarter. Parallel Advisors LLC now owns 3,968 shares of the technology retailer’s stock worth $255,000 after purchasing an additional 1,146 shares during the last quarter. Cozad Asset Management Inc. boosted its position in Best Buy by 4.1% in the first quarter. Cozad Asset Management Inc. now owns 23,006 shares of the technology retailer’s stock worth $1,477,000 after purchasing an additional 916 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of Best Buy by 11.5% during the 1st quarter. Glenmede Trust Co. NA now owns 22,452 shares of the technology retailer’s stock valued at $1,441,000 after purchasing an additional 2,314 shares during the period. Finally, Royal Fund Management LLC bought a new stake in shares of Best Buy during the 1st quarter valued at about $3,162,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.