Piper Sandler Reiterates "Neutral" Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY - Get Free Report)'s stock had its "neutral" rating reiterated by analysts at Piper Sandler in a research note issued to investors on Monday, MarketBeat Ratings reports. They presently have a $75.00 price objective on the technology retailer's stock, down from their previous price objective of $82.00. Piper Sandler's target price would suggest a potential upside of 12.19% from the stock's previous close.

A number of other brokerages have also recently commented on BBY. Wedbush lowered their price target on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a research note on Friday, May 30th. BNP Paribas raised shares of Best Buy to a "hold" rating in a research note on Friday, May 30th. Telsey Advisory Group reissued an "outperform" rating and set a $90.00 price target on shares of Best Buy in a research report on Friday, May 30th. Truist Financial boosted their price target on shares of Best Buy from $64.00 to $69.00 and gave the company a "hold" rating in a report on Friday, May 30th. Finally, Barclays lowered their price objective on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating for the company in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Best Buy presently has an average rating of "Hold" and a consensus price target of $85.72.

Best Buy Trading Down 2.9%

Shares of NYSE:BBY traded down $2.02 during trading on Monday, hitting $66.85. 4,284,202 shares of the company's stock were exchanged, compared to its average volume of 3,351,064. The company has a current ratio of 1.02, a quick ratio of 0.32 and a debt-to-equity ratio of 0.42. The firm has a market cap of $14.13 billion, a P/E ratio of 16.35, a PEG ratio of 1.87 and a beta of 1.24. The firm has a 50-day moving average price of $70.50 and a two-hundred day moving average price of $74.86. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its 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. The firm had revenue of $8.77 billion during the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.20 EPS. Equities analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Activity

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the sale, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.59% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Best Buy by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Best Buy by 6.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,968,973 shares of the technology retailer's stock worth $512,986,000 after acquiring an additional 408,605 shares during the period. Geode Capital Management LLC boosted its position in shares of Best Buy by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after acquiring an additional 239,840 shares in the last quarter. Invesco Ltd. increased its stake in Best Buy by 6.4% in the first quarter. Invesco Ltd. now owns 3,926,787 shares of the technology retailer's stock valued at $289,051,000 after acquiring an additional 234,669 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Best Buy by 3.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,263,142 shares of the technology retailer's stock valued at $240,173,000 after purchasing an additional 105,710 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

About Best Buy

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.