Best Buy (NYSE:BBY) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Best Buy from “hold” to “buy,” although the broader analyst consensus remains “hold,” with an average price target of $85.65.
• Best Buy exceeded quarterly expectations, reporting $1.47 in EPS versus the $1.39 estimate and $9.78 billion in revenue, up 3.6% year over year.
• Shares opened at $87.02, near the company’s 50-day moving average, while major insiders recently sold shares; institutional investors and hedge funds own approximately 80.96% of the stock.

Best Buy (NYSE:BBY - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other research firms also recently commented on BBY. Guggenheim boosted their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a "buy" rating in a research report on Friday, August 28th. Loop Capital cut shares of Best Buy from a "buy" rating to a "hold" rating and set a $82.00 price objective for the company. in a report on Monday, July 13th. Piper Sandler raised their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a "neutral" rating in a research note on Thursday, August 20th. Wells Fargo & Company boosted their target price on Best Buy from $65.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 11th. Finally, Evercore increased their price target on Best Buy from $85.00 to $90.00 in a research note on Tuesday, September 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $85.65.

Best Buy Stock Down 1.6%

BBY opened at $87.02 on Friday. The stock's 50 day moving average price is $87.52 and its 200 day moving average price is $76.52. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The stock has a market cap of $18.25 billion, a P/E ratio of 14.48, a P/E/G ratio of 2.17 and a beta of 1.26. Best Buy has a 12 month low of $55.10 and a 12 month high of $96.53.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a return on equity of 48.14% and a net margin of 3.01%. The company had revenue of $9.78 billion during the quarter, compared to analysts' expectations of $9.59 billion. During the same quarter in the prior year, the business posted $1.28 earnings per share. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts predict that Best Buy will post 6.82 earnings per share for the current year.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares of the company's stock, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The SEC filing for this sale provides additional information. 0.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Institutional investors and hedge funds have recently modified their holdings of the stock. Rockland Trust Co. increased its stake in Best Buy by 3.2% in the third quarter. Rockland Trust Co. now owns 6,820 shares of the technology retailer's stock valued at $602,000 after acquiring an additional 212 shares during the period. Versant Capital Management Inc grew its position in Best Buy by 16.2% in the third quarter. Versant Capital Management Inc now owns 7,999 shares of the technology retailer's stock valued at $706,000 after acquiring an additional 1,114 shares during the period. QRG Capital Management Inc. grew its position in Best Buy by 15.9% in the second quarter. QRG Capital Management Inc. now owns 7,305 shares of the technology retailer's stock valued at $554,000 after acquiring an additional 1,001 shares during the period. Envestnet Portfolio Solutions Inc. raised its stake in Best Buy by 4.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 21,987 shares of the technology retailer's stock worth $1,668,000 after acquiring an additional 924 shares in the last quarter. Finally, Andra AP fonden bought a new position in shares of Best Buy during the second quarter valued at $1,322,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

Best Buy Co, Inc NYSE: BBY is a specialty retailer of technology products and services. The company sells consumer electronics, computers and tablets, mobile phones, appliances, entertainment products, smart-home devices, gaming equipment and related accessories through its stores and digital platforms.

Best Buy also provides technology services through Geek Squad, including product installation, setup, repair, troubleshooting and technical support. Its operations include retail stores, e-commerce, delivery and fulfillment services, as well as membership and protection offerings.

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