Best Buy (NYSE:BBY) Earns Buy Rating from Guggenheim

Best Buy (NYSE:BBY)‘s stock had its “buy” rating reissued by research analysts at Guggenheim in a report released on Wednesday,Benzinga reports. They currently have a $90.00 price target on the technology retailer’s stock. Guggenheim’s target price would indicate a potential upside of 11.25% from the company’s previous close.

BBY has been the subject of a number of other research reports. Wells Fargo & Company increased their price target on Best Buy from $67.00 to $75.00 and gave the company a “buy” rating in a report on Friday, August 29th. Argus reaffirmed a “hold” rating on shares of Best Buy in a research report on Tuesday, September 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, October 8th. Jefferies Financial Group dropped their price target on shares of Best Buy from $95.00 to $94.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Wedbush reiterated a “neutral” rating and set a $75.00 price objective on shares of Best Buy in a research note on Thursday, November 20th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $84.53.

Best Buy Price Performance

Shares of BBY stock opened at $80.90 on Wednesday. The firm has a fifty day simple moving average of $77.83 and a 200-day simple moving average of $73.37. The company has a market capitalization of $17.00 billion, a PE ratio of 22.35, a price-to-earnings-growth ratio of 2.21 and a beta of 1.25. Best Buy has a twelve month low of $54.99 and a twelve month high of $91.72. The company has a current ratio of 1.04, a quick ratio of 0.36 and a debt-to-equity ratio of 0.43.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, November 25th. The technology retailer reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.31 by $0.09. The firm had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.26 EPS. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. Equities research analysts anticipate that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other news, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer directly owned 20,132 shares of the company’s stock, valued at approximately $1,545,332.32. The trade was a 9.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 500,000 shares of the stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the sale, the chairman owned 12,486,904 shares in the company, valued at approximately $1,009,316,450.32. This trade represents a 3.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,733,111 shares of company stock worth $141,293,157. Insiders own 0.47% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BBY. Vanguard Group Inc. increased its position in Best Buy by 2.4% in the third quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock worth $1,810,904,000 after buying an additional 552,360 shares during the period. State Street Corp grew its position in shares of Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after acquiring an additional 496,215 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock worth $472,495,000 after acquiring an additional 69,533 shares during the period. AQR Capital Management LLC lifted its position in 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 valued at $525,120,000 after purchasing an additional 3,496,254 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in Best Buy by 15.8% during the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after purchasing an additional 621,863 shares during the period. Institutional investors and hedge funds 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.