Best Buy (NYSE:BBY) Given New $70.00 Price Target at Evercore

Best Buy (NYSE:BBY) had its target price lowered by research analysts at Evercore from $75.00 to $70.00 in a report issued on Tuesday,MarketScreener reports. Evercore’s price objective suggests a potential upside of 9.27% from the company’s previous close.

Several other brokerages have also recently weighed in on BBY. Guggenheim reaffirmed a “buy” rating and set a $90.00 target price on shares of Best Buy in a report on Wednesday, March 4th. Citigroup increased their price target on Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Wall Street Zen cut Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 4th. Finally, Jefferies Financial Group reduced their target price on Best Buy from $94.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, February 9th. Nine investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $75.95.

Best Buy Stock Performance

Shares of BBY traded down $0.14 on Tuesday, reaching $64.06. 1,339,322 shares of the stock traded hands, compared to its average volume of 4,907,646. The firm has a market cap of $13.40 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.58 and a beta of 1.46. Best Buy has a 12 month low of $54.99 and a 12 month high of $84.99. The stock’s 50-day moving average price is $64.89 and its 200-day moving average price is $71.33. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy will post 6.18 EPS for the current fiscal year.

Insider Activity at Best Buy

In other Best Buy news, EVP Kathleen Scarlett sold 8,049 shares of the firm’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 transaction of $515,296.98. Following the completion of the sale, the executive vice president directly owned 102,669 shares in the company, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Todd G. Hartman sold 5,339 shares of the company’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $64.02, for a total value of $341,802.78. Following the completion of the transaction, the insider directly owned 44,098 shares in the company, valued at approximately $2,823,153.96. This represents a 10.80% 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 worth $4,945,353 over the last ninety days. Company insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several large investors have recently bought and sold shares of BBY. Palisade Asset Management LLC acquired a new position in shares of Best Buy in the third quarter worth approximately $25,000. Harbor Capital Advisors Inc. raised its holdings in Best Buy by 69.3% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after purchasing an additional 138 shares during the last quarter. MV Capital Management Inc. bought a new position in Best Buy during the 4th quarter worth approximately $25,000. Torren Management LLC acquired a new position in shares of Best Buy in the 4th quarter worth approximately $25,000. Finally, Root Financial Partners LLC bought a new stake in shares of Best Buy in the 3rd quarter valued at $32,000. 80.96% of the stock is owned by institutional investors and hedge funds.

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.