Best Buy (NYSE:BBY) Given New $80.00 Price Target at Evercore ISI

Best Buy (NYSE:BBY) had its target price lowered by Evercore ISI from $85.00 to $80.00 in a note issued to investors on Tuesday,MarketScreener reports. Evercore ISI’s price target would indicate a potential upside of 7.22% from the company’s previous close.

A number of other equities research analysts have also weighed in on BBY. Wells Fargo & Company boosted their target price on shares of Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Wall Street Zen downgraded shares of Best Buy from a “buy” rating to a “hold” rating in a research note on Sunday, November 9th. Jefferies Financial Group boosted their price objective on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Wedbush upped their target price on Best Buy from $70.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, August 29th. Finally, Barclays reiterated an “equal weight” rating and issued a $74.00 target price on shares of Best Buy in a report on Friday, August 29th. Eight equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $83.56.

Best Buy Trading Down 0.0%

Shares of NYSE:BBY opened at $74.61 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 1.04 and a debt-to-equity ratio of 0.43. The business has a 50 day moving average of $77.55 and a 200-day moving average of $72.99. Best Buy has a 12-month low of $54.99 and a 12-month high of $95.49. The stock has a market cap of $15.68 billion, a PE ratio of 20.68, a P/E/G ratio of 2.21 and a beta of 1.25.

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

Insider Buying and Selling at Best Buy

In related news, Chairman Richard M. Schulze sold 500,000 shares of the firm’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the transaction, the chairman directly owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Mathew Watson sold 3,715 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. This trade represents a 14.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,736,826 shares of company stock worth $141,568,327. Company insiders own 0.59% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its stake in shares of Best Buy by 99.8% in the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock worth $525,120,000 after buying an additional 3,496,254 shares during the last quarter. Norges Bank purchased a new stake in Best Buy during the second quarter worth about $171,851,000. Pacer Advisors Inc. boosted its stake in 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 valued at $75,353,000 after acquiring an additional 998,021 shares during the last quarter. Balyasny Asset Management L.P. bought a new position in shares of Best Buy during the 3rd quarter valued at approximately $55,475,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Best Buy by 2,683.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer’s stock worth $52,381,000 after purchasing an additional 667,801 shares during 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.