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

Key Points

• Wall Street Zen upgraded Best Buy from “hold” to “buy,” adding to a wave of mixed but generally cautious analyst sentiment around the stock.
• Best Buy’s latest quarterly results beat expectations, with EPS of $1.28 versus $1.23 expected and revenue of $8.94 billion versus $8.82 billion expected. The company also reported 1.9% year-over-year revenue growth.
• The stock has drawn significant attention from insiders and analysts: executives have recently sold shares, while Wall Street’s consensus remains “hold” with an average target price of about $79.05.

Best Buy (NYSE:BBY - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other equities analysts have also recently issued reports about the company. Citigroup boosted their target price on Best Buy from $60.00 to $79.00 and gave the company a "neutral" rating in a research note on Friday, May 29th. Weiss Ratings raised Best Buy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, June 11th. Morgan Stanley lifted their price target 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. BNP Paribas Exane boosted their price objective on shares of Best Buy from $74.00 to $76.00 and gave the company a "neutral" rating in a research report on Friday, May 29th. Finally, Jefferies Financial Group upped their price objective on shares of Best Buy from $83.00 to $89.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $79.05.

Best Buy Stock Up 0.2%

NYSE BBY opened at $74.89 on Friday. 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 stock has a market capitalization of $15.78 billion, a PE ratio of 13.87, a PEG ratio of 1.99 and a beta of 1.30. Best Buy has a 1 year low of $55.10 and a 1 year high of $84.99. The business's 50-day moving average is $65.59 and its 200 day moving average is $66.62.

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

Insider Buying and Selling at Best Buy

In other news, EVP Jason J. Bonfig sold 6,336 shares of the business's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the sale, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. The trade was a 7.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Corie S. Barry sold 42,869 shares of the company's stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the completion of the sale, the chief executive officer directly owned 523,138 shares in the company, valued at $33,491,294.76. This represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 660,780 shares of company stock valued at $49,530,325. Company insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Torren Management LLC bought a new stake in shares of Best Buy in the 4th quarter worth approximately $25,000. MV Capital Management Inc. bought a new position in Best Buy during the 4th quarter valued at approximately $25,000. Palisade Asset Management LLC bought a new position in Best Buy during the 3rd quarter valued at approximately $25,000. Hillsdale Investment Management Inc. purchased a new position in Best Buy during the fourth quarter valued at $29,000. Finally, Quest 10 Wealth Builders Inc. raised its stake in Best Buy by 239.2% during the fourth quarter. Quest 10 Wealth Builders Inc. now owns 441 shares of the technology retailer's stock valued at $30,000 after buying an additional 311 shares during the last quarter. 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.

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