Best Buy (NYSE:BBY) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Best Buy (NYSE:BBY) had its price objective lifted by investment analysts at Morgan Stanley from $75.00 to $82.00 in a research note issued on Wednesday, MarketBeat.com reports. The brokerage presently has an “equal weight” rating on the technology retailer’s stock. Morgan Stanley’s target price suggests a potential upside of 1.36% from the company’s current price.

Several other research analysts have also issued reports on the company. Bank of America decreased their target price on Best Buy from $63.00 to $60.00 and set an “underperform” rating for the company in a research report on Friday, August 29th. Evercore ISI boosted their target price on shares of Best Buy from $80.00 to $85.00 and gave the company an “in-line” rating in a report on Wednesday. Wells Fargo & Company upped their price objective on shares of Best Buy from $67.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, August 29th. Wedbush reiterated a “neutral” rating and set a $75.00 target price on shares of Best Buy in a report on Thursday, November 20th. Finally, Guggenheim restated a “buy” rating and issued a $90.00 price target on shares of Best Buy in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Best Buy presently has an average rating of “Hold” and a consensus price target of $84.53.

Best Buy Trading Up 1.6%

NYSE:BBY opened at $80.90 on Wednesday. The company has a 50-day moving average price of $77.83 and a 200-day moving average price of $73.37. The stock has a market cap of $17.00 billion, a price-to-earnings ratio of 22.35, a P/E/G ratio of 2.21 and a beta of 1.25. 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 has a 12 month low of $54.99 and a 12 month high of $91.72.

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

Insider Activity

In other news, Chairman Richard M. Schulze sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $80.83, for a total transaction of $40,415,000.00. Following the completion of the transaction, the chairman directly owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mathew Watson sold 2,018 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $76.76, for a total transaction of $154,901.68. Following the completion of the sale, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This represents a 9.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,733,111 shares of company stock worth $141,293,157 in the last 90 days. Company insiders own 0.47% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds and other institutional investors have recently modified their holdings of BBY. Harbor Capital Advisors Inc. boosted its stake 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 buying an additional 138 shares during the last quarter. Palisade Asset Management LLC bought a new position in Best Buy in the third quarter valued at about $25,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Best Buy in the second quarter worth about $26,000. Root Financial Partners LLC bought a new stake in shares of Best Buy during the 3rd quarter valued at about $32,000. Finally, CYBER HORNET ETFs LLC bought a new stake in shares of Best Buy during the 2nd quarter valued at about $33,000. 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.