JPMorgan Chase & Co. Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its target price cut by research analysts at JPMorgan Chase & Co. from $95.00 to $88.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 16.73% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Telsey Advisory Group reissued an “outperform” rating and set a $90.00 price target on shares of Best Buy in a report on Friday. Truist Financial increased their price target on Best Buy from $64.00 to $69.00 and gave the company a “hold” rating in a report on Friday, May 30th. Piper Sandler restated a “neutral” rating and issued a $75.00 price objective (down from $82.00) on shares of Best Buy in a research note on Monday, July 14th. Wedbush lowered their target price on Best Buy from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Friday, May 30th. Finally, Barclays lowered their target price on Best Buy from $89.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average price target of $84.50.

Best Buy Price Performance

NYSE BBY opened at $75.3860 on Friday. The business’s fifty day moving average price is $69.30 and its 200-day moving average price is $71.80. The stock has a market capitalization of $15.93 billion, a price-to-earnings ratio of 18.43, a PEG ratio of 1.99 and a beta of 1.21. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. Best Buy has a 1-year low of $54.99 and a 1-year high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. The firm had revenue of $8.77 billion for the quarter, compared to analysts’ expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%.The company’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities analysts predict that Best Buy will post 6.18 earnings per share for the current year.

Insider Transactions at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman owned 196,100 shares in the company, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.47% of the company’s stock.

Institutional Investors Weigh In On Best Buy

Institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. increased its stake in Best Buy by 7.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer’s stock worth $14,560,000 after buying an additional 13,378 shares in the last quarter. GAMMA Investing LLC increased its stake in Best Buy by 5,519.3% in the 1st quarter. GAMMA Investing LLC now owns 173,131 shares of the technology retailer’s stock worth $12,744,000 after buying an additional 170,050 shares in the last quarter. Rhumbline Advisers increased its stake in Best Buy by 10.2% in the 1st quarter. Rhumbline Advisers now owns 502,272 shares of the technology retailer’s stock worth $36,972,000 after buying an additional 46,645 shares in the last quarter. Blackhawk Capital Partners LLC. purchased a new stake in Best Buy in the 1st quarter worth $1,574,000. Finally, Alberta Investment Management Corp increased its stake in Best Buy by 25.6% in the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock worth $2,422,000 after buying an additional 6,700 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

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.