Best Buy (NYSE:BBY) Price Target Raised to $77.00 at Evercore ISI

Key Points

• Evercore ISI raised its price target for Best Buy (NYSE:BBY) stock from $75.00 to $77.00, indicating a potential upside of 5.91% from the previous close.
• Consensus ratings show that out of 20 analysts, 10 rate the stock as a Buy, 9 as a Hold, and 1 as a Sell, with an average target price of $83.50.
• Best Buy reported better-than-expected earnings with $1.28 per share for the quarter, exceeding analysts' estimates by six cents.

Best Buy (NYSE:BBY - Get Free Report) had its price target boosted by stock analysts at Evercore ISI from $75.00 to $77.00 in a report released on Friday,Benzinga reports. The firm currently has an "in-line" rating on the technology retailer's stock. Evercore ISI's price target would indicate a potential upside of 4.64% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Best Buy from $95.00 to $88.00 and set an "overweight" rating for the company in a research report on Friday, August 22nd. Citigroup reissued a "buy" rating on shares of Best Buy in a research report on Thursday. Barclays dropped their price target 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. 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. Finally, BNP Paribas raised shares of Best Buy to a "hold" rating in a research report on Friday, May 30th. Ten equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $84.44.

Best Buy Price Performance

Shares of NYSE:BBY traded up $0.93 during trading on Friday, reaching $73.59. The company had a trading volume of 4,436,142 shares, compared to its average volume of 3,606,198. Best Buy has a 12 month low of $54.99 and a 12 month high of $103.71. The stock has a market capitalization of $15.55 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 1.95 and a beta of 1.19. The company has a fifty day moving average of $69.82 and a two-hundred day moving average of $71.23. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The company had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.23 billion. During the same quarter in the prior year, the company earned $1.34 EPS. The firm's revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. Equities research analysts forecast that Best Buy will post 6.18 earnings per share for the current year.

Insider Activity

In other news, Chairman Richard M. Schulze sold 729,201 shares of the firm's stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.59% of the stock is currently owned by insiders.

Institutional Trading of Best Buy

Institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in shares of Best Buy in the second quarter worth approximately $171,851,000. Pacer Advisors Inc. boosted its holdings in shares of Best Buy by 3,890.0% in the first quarter. Pacer Advisors Inc. now owns 1,023,677 shares of the technology retailer's stock worth $75,353,000 after buying an additional 998,021 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Best Buy by 39.5% in the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer's stock worth $235,064,000 after buying an additional 991,141 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Best Buy by 15.8% in the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer's stock worth $305,351,000 after buying an additional 621,863 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its holdings in shares of Best Buy by 855.5% in the second quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer's stock worth $46,094,000 after buying an additional 614,779 shares during the last quarter. Hedge funds and other 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.