Citigroup Forecasts Strong Price Appreciation for Best Buy (NYSE:BBY) Stock

Best Buy (NYSE:BBY) had its price target lifted by stock analysts at Citigroup from $73.00 to $82.00 in a research report issued on Friday,MarketScreener reports. The firm currently has a “neutral” rating on the technology retailer’s stock. Citigroup’s price target points to a potential upside of 3.89% from the company’s previous close.

Several other analysts also recently issued reports on BBY. JPMorgan Chase & Co. increased their price objective on shares of Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Bank of America lowered their price target on shares of Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a report on Friday, August 29th. Truist Financial boosted their price objective on shares of Best Buy from $72.00 to $79.00 and gave the stock a “hold” rating in a report on Friday. Jefferies Financial Group upped their price objective on shares of Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, October 8th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.38.

Best Buy Trading Up 0.3%

NYSE:BBY opened at $78.93 on Friday. The business’s 50-day moving average is $77.48 and its two-hundred day moving average is $72.47. The firm has a market capitalization of $16.58 billion, a PE ratio of 21.80, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. Best Buy has a 12 month low of $54.99 and a 12 month high of $95.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36.

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

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the transaction, the chairman directly owned 11,451,911 shares of the company’s stock, valued at approximately $965,510,616.41. The trade was a 0.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,018 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the sale, the chief accounting officer owned 20,132 shares in the company, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,736,826 shares of company stock worth $141,568,327. Corporate insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several institutional investors have recently made changes to their positions in BBY. Sage Private Wealth Group LLC boosted its position in Best Buy by 3.1% during the 3rd quarter. Sage Private Wealth Group LLC now owns 4,109 shares of the technology retailer’s stock valued at $311,000 after purchasing an additional 123 shares during the period. LVW Advisors LLC grew its position in shares of Best Buy by 3.9% during the third quarter. LVW Advisors LLC now owns 3,633 shares of the technology retailer’s stock worth $275,000 after acquiring an additional 137 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in shares of Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock worth $25,000 after acquiring an additional 138 shares during the period. Panagora Asset Management Inc. lifted its position in Best Buy by 1.5% in the 2nd quarter. Panagora Asset Management Inc. now owns 9,513 shares of the technology retailer’s stock valued at $639,000 after purchasing an additional 144 shares during the last quarter. Finally, Community Bank & Trust Waco Texas lifted its position in Best Buy by 0.5% in the 1st quarter. Community Bank & Trust Waco Texas now owns 30,970 shares of the technology retailer’s stock valued at $2,280,000 after purchasing an additional 145 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

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.