Truist Financial Increases Best Buy (NYSE:BBY) Price Target to $69.00

Best Buy (NYSE:BBY - Get Free Report) had its price target hoisted by Truist Financial from $64.00 to $69.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "hold" rating on the technology retailer's stock. Truist Financial's price target indicates a potential upside of 4.15% from the company's current price.

A number of other equities analysts have also recently issued reports on the stock. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. UBS Group cut their target price on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Friday. JPMorgan Chase & Co. cut their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Guggenheim reissued a "buy" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday. Finally, Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a report on Friday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $86.11.

Best Buy Stock Down 0.1%

NYSE:BBY traded down $0.07 during mid-day trading on Friday, reaching $66.25. The stock had a trading volume of 6,438,698 shares, compared to its average volume of 3,346,222. The company has a market capitalization of $14.02 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71. The stock's 50 day simple moving average is $67.25 and its two-hundred day simple moving average is $78.76. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22.

Best Buy (NYSE:BBY - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $8.77 billion during the quarter, compared to the consensus estimate of $8.77 billion. During the same period last year, the firm earned $1.20 earnings per share. The company's revenue for the quarter was down .9% compared to the same quarter last year. Equities analysts anticipate that Best Buy will post 6.18 EPS for the current year.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at $4,144,515.20. The trade was a 47.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the business's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at approximately $2,348,048. The trade was a 13.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.47% of the company's stock.

Institutional Investors Weigh In On Best Buy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Strs Ohio acquired a new position in Best Buy in the first quarter worth approximately $13,763,000. Intech Investment Management LLC increased its holdings in shares of Best Buy by 53.6% in the first quarter. Intech Investment Management LLC now owns 26,462 shares of the technology retailer's stock valued at $1,948,000 after buying an additional 9,231 shares in the last quarter. Bayforest Capital Ltd bought a new position in shares of Best Buy in the first quarter valued at $990,000. Woodline Partners LP increased its holdings in shares of 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 buying an additional 4,701 shares in the last quarter. Finally, MBB Public Markets I LLC bought a new position in shares of Best Buy in the first quarter valued at $313,000. Institutional investors own 80.96% of the company's stock.

Best Buy Company Profile

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.