Truist Financial Issues Positive Forecast for Best Buy (NYSE:BBY) Stock Price

Key Points

• Truist Financial has raised its price target for Best Buy (NYSE:BBY) from $69.00 to $72.00 while maintaining a "hold" rating, suggesting a potential downside of 0.97% from the stock's previous close.
• Best Buy reported an EPS of $1.28 for the last quarter, exceeding analysts' expectations, with revenue rising 1.6% year-over-year to $9.44 billion.
• Insider trading showed a significant sell-off, with Chairman Richard M. Schulze selling 729,201 shares, representing a 78.81% decrease in his ownership.

Best Buy (NYSE:BBY - Get Free Report) had its price objective raised by Truist Financial from $69.00 to $72.00 in a report released on Friday,Benzinga reports. The firm currently has a "hold" rating on the technology retailer's stock. Truist Financial's target price suggests a potential downside of 0.97% from the stock's previous close.

A number of other brokerages have also issued reports on BBY. Evercore ISI increased their price target on Best Buy from $75.00 to $77.00 and gave the company an "in-line" rating in a research note on Friday. Wedbush cut their price objective on Best Buy from $75.00 to $70.00 and set a "neutral" rating for the company in a report on Friday, May 30th. Loop Capital lowered their target price on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. JPMorgan Chase & Co. dropped their price target on shares of Best Buy from $95.00 to $88.00 and set an "overweight" rating on the stock in a research report on Friday, August 22nd. Finally, Telsey Advisory Group restated an "outperform" rating and set a $90.00 price objective on shares of Best Buy in a research report on Friday. Ten equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Best Buy currently has an average rating of "Hold" and a consensus price target of $84.11.

Best Buy Stock Performance

Shares of BBY opened at $72.70 on Friday. The firm has a market capitalization of $15.37 billion, a PE ratio of 17.78, a P/E/G ratio of 2.00 and a beta of 1.21. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $69.70 and a 200 day moving average price of $71.56. Best Buy has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The company had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 2.13% and a return on equity of 46.40%. Best Buy's revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, sell-side analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $72.95, for a total value of $53,195,212.95. Following the transaction, the chairman directly owned 196,100 shares of the company's stock, valued at $14,305,495. This trade represents a 78.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.47% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several institutional investors and hedge funds have recently added to or reduced their stakes in BBY. Vanguard Group Inc. lifted its holdings in shares of Best Buy by 1.8% in the second quarter. Vanguard Group Inc. now owns 23,395,055 shares of the technology retailer's stock valued at $1,570,510,000 after purchasing an additional 419,312 shares in the last quarter. State Street Corp raised its position in Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer's stock valued at $927,753,000 after buying an additional 496,215 shares during the period. Charles Schwab Investment Management Inc. raised its position in Best Buy by 1.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer's stock valued at $472,495,000 after buying an additional 69,533 shares during the period. Invesco Ltd. lifted its stake in Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer's stock worth $305,351,000 after acquiring an additional 621,863 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer's stock worth $235,064,000 after acquiring an additional 991,141 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

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.

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