Bank of America Boosts Best Buy (NYSE:BBY) Price Target to $80.00

Best Buy (NYSE:BBY) had its target price upped by investment analysts at Bank of America from $70.00 to $80.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “underperform” rating on the technology retailer’s stock. Bank of America‘s price objective would indicate a potential downside of 20.02% from the stock’s current price.

BBY has been the topic of a number of other reports. UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $106.00 in a research report on Monday, June 17th. Wedbush restated a “neutral” rating and issued a $85.00 price objective on shares of Best Buy in a research report on Tuesday, May 28th. Telsey Advisory Group reiterated an “outperform” rating and set a $95.00 target price on shares of Best Buy in a report on Friday, August 23rd. Loop Capital increased their price target on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday. Finally, Truist Financial reiterated a “hold” rating and set a $86.00 price objective on shares of Best Buy in a report on Monday, July 1st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Best Buy presently has an average rating of “Hold” and an average price target of $90.81.

Best Buy Stock Performance

NYSE:BBY opened at $100.03 on Friday. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $85.58 and a 200 day moving average price of $80.79. The firm has a market capitalization of $21.58 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. Best Buy has a 12-month low of $62.30 and a 12-month high of $103.71.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The business had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.22 EPS. Research analysts anticipate that Best Buy will post 6.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the sale, the chairman now directly owns 15,890,103 shares of the company’s stock, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,383,370 shares of company stock valued at $208,083,276. 0.59% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Best Buy

Several large investors have recently bought and sold shares of BBY. Raymond James & Associates lifted its stake in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after buying an additional 490,801 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock worth $257,569,000 after acquiring an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp raised its position in Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Norges Bank purchased a new position in shares of Best Buy in the 4th quarter worth about $165,164,000. Finally, Ninety One UK Ltd purchased a new position in shares of Best Buy in the 2nd quarter worth about $121,325,000. 80.96% of the stock is currently owned by institutional investors.

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.