Best Buy (NYSE:BBY) Given New $79.00 Price Target at Citigroup

Best Buy (NYSE:BBY) had its target price raised by Citigroup from $60.00 to $79.00 in a research report issued on Friday,MarketScreener reports. The brokerage currently has a “neutral” rating on the technology retailer’s stock. Citigroup’s price objective indicates a potential upside of 5.16% from the stock’s current price.

Several other research firms also recently commented on BBY. Morgan Stanley lifted their price objective on shares of Best Buy from $72.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Friday. BNP Paribas Exane lifted their price target on Best Buy from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Friday. Truist Financial boosted their price target on Best Buy from $66.00 to $81.00 and gave the company a “hold” rating in a research note on Friday. HSBC reduced their price objective on Best Buy from $96.00 to $85.00 in a research note on Thursday, February 26th. Finally, UBS Group set a $86.00 target price on Best Buy and gave the stock a “buy” rating in a report on Friday. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average price target of $78.60.

Best Buy Stock Performance

Shares of BBY stock opened at $75.12 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.43 and a debt-to-equity ratio of 0.39. The company has a market cap of $15.83 billion, a PE ratio of 14.86, a PEG ratio of 1.59 and a beta of 1.22. Best Buy has a 12-month low of $55.10 and a 12-month high of $84.99. The business’s fifty day simple moving average is $61.99 and its 200-day simple moving average is $66.80.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.82 billion. During the same period last year, the business posted $1.15 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Analysts expect that Best Buy will post 6.5 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Jason J. Bonfig sold 6,336 shares of the firm’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 $405,630.72. Following the sale, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mathew Watson sold 3,298 shares of the business’s stock in a transaction that occurred on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $211,137.96. Following the completion of the transaction, the chief accounting officer directly owned 23,192 shares of the company’s stock, valued at $1,484,751.84. The trade was a 12.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 77,247 shares of company stock valued at $4,945,353 over the last 90 days. Company insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Torren Management LLC acquired a new position in shares of Best Buy during the 4th quarter valued at about $25,000. MV Capital Management Inc. purchased a new position in Best Buy during the fourth quarter worth about $25,000. Palisade Asset Management LLC purchased a new position in Best Buy during the third quarter worth about $25,000. Hillsdale Investment Management Inc. acquired a new position in Best Buy in the 4th quarter valued at about $29,000. Finally, Quest 10 Wealth Builders Inc. grew its stake in shares of Best Buy by 239.2% in the 4th 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 period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy News Roundup

Here are the key news stories impacting Best Buy this week:

• Positive Sentiment: Best Buy delivered a clean Q1 beat on earnings and revenue, with positive comparable sales growth and improving margins. Best Buy (BBY) Beats Earnings Expectations, Shares Climb 15.8%
• Positive Sentiment: The company maintained its full-year guidance and issued Q2 sales guidance that came in better than expected, reinforcing confidence in the turnaround. Best Buy Reports First Quarter Results
• Positive Sentiment: Analyst sentiment improved after the report, with Jefferies raising its price target to $89 and Morgan Stanley lifting its target to $80, signaling additional upside. Analyst price target updates for Best Buy
• Neutral Sentiment: Unusual call option activity suggests traders are positioning for more volatility and continued momentum in BBY. Stock Traders Buy High Volume of Best Buy Call Options (NYSE:BBY)
• Neutral Sentiment: Best Buy also announced a quarterly dividend of $0.96 per share, which may appeal to income-focused investors. Best Buy dividend announcement

Best Buy Company Profile

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.