Best Buy (NYSE:BBY) Price Target Raised to $95.00 at Telsey Advisory Group

Key Points

• Telsey Advisory Group raised Best Buy’s price target from $90 to $95 and maintained an “outperform” rating, implying 11.26% upside from the prior close.
• Best Buy recently exceeded quarterly expectations, reporting $1.28 in adjusted earnings per share versus a $1.23 consensus estimate and $8.94 billion in revenue, up 1.9% year over year.
• Analyst sentiment remains mixed: the stock has an overall “Hold” consensus with an average price target of $80.75, while insiders have sold roughly 1 million shares worth $77.3 million over the past 90 days.

Best Buy (NYSE:BBY - Get Free Report) had its target price hoisted by stock analysts at Telsey Advisory Group from $90.00 to $95.00 in a note issued to investors on Tuesday. The brokerage presently has an "outperform" rating on the technology retailer's stock. Telsey Advisory Group's target price indicates a potential upside of 11.26% from the company's previous close.

A number of other brokerages have also weighed in on BBY. Truist Financial boosted their price objective on Best Buy from $66.00 to $81.00 and gave the stock a "hold" rating in a research report on Friday, May 29th. KeyCorp reiterated a "sector weight" rating on shares of Best Buy in a research report on Monday, June 22nd. Morgan Stanley raised their price objective on shares of Best Buy from $72.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, May 29th. Bank of America assumed coverage on shares of Best Buy in a report on Monday. They set an "underperform" rating and a $80.00 target price on the stock. Finally, Piper Sandler restated a "neutral" rating and issued a $77.00 price target on shares of Best Buy in a research report on Thursday, May 28th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $80.75.

Best Buy Price Performance

Shares of NYSE:BBY opened at $85.39 on Tuesday. Best Buy has a one year low of $55.10 and a one year high of $91.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The company has a market cap of $18.00 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 2.29 and a beta of 1.29. The firm has a 50 day simple moving average of $78.89 and a 200 day simple moving average of $68.95.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The firm had revenue of $8.94 billion for the quarter, compared to analysts' expectations of $8.82 billion. During the same quarter in the previous year, the firm posted $1.15 earnings per share. The company's revenue was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy will post 6.56 earnings per share for the current fiscal year.

Insider Activity at Best Buy

In related news, Chairman Richard M. Schulze sold 500,350 shares of Best Buy stock in a transaction on Friday, May 29th. The shares were sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman owned 10,930,586 shares of the company's stock, valued at $832,036,206.32. This trade represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 1,784 shares of the company's stock in a transaction on Friday, May 29th. The shares were sold at an average price of $73.80, for a total transaction of $131,659.20. Following the sale, the chief accounting officer directly owned 21,630 shares in the company, valued at $1,596,294. This trade represents a 7.62% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,002,134 shares of company stock valued at $77,283,527. Company insiders own 0.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Concurrent Investment Advisors LLC boosted its stake in Best Buy by 100.6% during the fourth quarter. Concurrent Investment Advisors LLC now owns 70,280 shares of the technology retailer's stock valued at $4,704,000 after buying an additional 35,239 shares during the period. PFA Pension Forsikringsaktieselskab purchased a new position in Best Buy in the 4th quarter worth approximately $1,741,000. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in Best Buy by 42.9% in the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 225,000 shares of the technology retailer's stock valued at $15,059,000 after purchasing an additional 67,600 shares during the last quarter. Oxbow Advisors LLC purchased a new stake in shares of Best Buy during the fourth quarter valued at approximately $6,295,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Best Buy by 8.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 478,965 shares of the technology retailer's stock worth $33,180,000 after acquiring an additional 38,739 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Company Profile

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.

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