Truist Financial Lowers Best Buy (NYSE:BBY) Price Target to $73.00

Best Buy (NYSE:BBY) had its target price decreased by Truist Financial from $77.00 to $73.00 in a research report issued to clients and investors on Friday, Marketbeat.com reports. The brokerage currently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price objective would indicate a potential upside of 7.88% from the stock’s previous close.

Several other research firms have also weighed in on BBY. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, October 8th. Morgan Stanley decreased their price target on shares of Best Buy from $82.00 to $76.00 and set an “equal weight” rating for the company in a research note on Thursday. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. JPMorgan Chase & Co. raised their target price on Best Buy from $97.00 to $99.00 in a research report on Tuesday, November 25th. Finally, Daiwa Capital Markets upped their price target on Best Buy from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, November 28th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $83.37.

Best Buy Stock Performance

BBY stock opened at $67.67 on Friday. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The firm has a market cap of $14.18 billion, a PE ratio of 22.41, a P/E/G ratio of 1.72 and a beta of 1.41. The business has a 50 day moving average of $72.77 and a 200-day moving average of $73.61. Best Buy has a 12-month low of $54.99 and a 12-month high of $91.68.

Best Buy (NYSE:BBY) last issued its quarterly earnings results 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 business had revenue of $9.67 billion for the quarter, compared to analyst estimates of $9.57 billion. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.Best Buy’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the company posted $1.26 earnings per share. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. As a group, sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current year.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 500,000 shares of the company’s 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 directly owned 12,486,904 shares in the company, valued at $1,009,316,450.32. This represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders sold 1,534,993 shares of company stock valued at $126,626,855. 0.47% of the stock is owned by company insiders.

Institutional Trading of Best Buy

A number of hedge funds and other institutional investors have recently bought and sold shares of BBY. Harbor Capital Advisors Inc. boosted its holdings in Best Buy by 69.3% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 337 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 138 shares during the period. Palisade Asset Management LLC bought a new stake in Best Buy during the third quarter valued at $25,000. Oliver Lagore Vanvalin Investment Group purchased a new position in Best Buy during the second quarter worth about $26,000. Root Financial Partners LLC bought a new position in Best Buy in the 3rd quarter worth about $32,000. Finally, Wolff Wiese Magana LLC purchased a new stake in shares of Best Buy in the 4th quarter valued at about $32,000. Institutional investors own 80.96% of the company’s stock.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.