Evercore Lowers Best Buy (NYSE:BBY) Price Target to $70.00

Best Buy (NYSE:BBY) had its target price dropped by stock analysts at Evercore from $75.00 to $70.00 in a research note issued to investors on Tuesday,MarketScreener reports. Evercore’s price target would indicate a potential upside of 8.63% from the stock’s previous close.

Several other research firms also recently issued reports on BBY. Barclays decreased their price target on Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, January 8th. Citigroup boosted their target price on Best Buy from $67.00 to $69.00 and gave the stock a “neutral” rating in a report on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, January 21st. Morgan Stanley lowered their price target on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. Finally, HSBC dropped their price target on shares of Best Buy from $96.00 to $85.00 in a research report on Thursday, February 26th. Nine 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $75.95.

Best Buy Price Performance

NYSE BBY opened at $64.44 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 1.11 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $13.47 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.58 and a beta of 1.35. Best Buy has a 12-month low of $54.99 and a 12-month high of $84.99. The company has a 50 day moving average price of $64.85 and a two-hundred day moving average price of $71.28.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities analysts predict that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In other news, EVP Kathleen Scarlett sold 8,049 shares of the stock in a transaction that occurred on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total value of $515,296.98. Following the completion of the sale, the executive vice president directly owned 102,669 shares of the company’s stock, valued at approximately $6,572,869.38. This represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $405,630.72. Following the completion of the sale, the executive vice president owned 79,137 shares in the company, valued at approximately $5,066,350.74. The trade was a 7.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 77,247 shares of company stock worth $4,945,353. Insiders own 0.47% of the company’s stock.

Institutional Trading of Best Buy

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Best Buy by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 24,255,320 shares of the technology retailer’s stock valued at $1,623,409,000 after buying an additional 307,905 shares during the last quarter. State Street Corp grew its position in 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 buying an additional 496,215 shares in the last quarter. AQR Capital Management LLC grew its position in Best Buy by 30.9% during the fourth quarter. AQR Capital Management LLC now owns 9,158,839 shares of the technology retailer’s stock worth $613,001,000 after buying an additional 2,160,968 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Best Buy by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,452,642 shares of the technology retailer’s stock valued at $498,805,000 after acquiring an additional 160,713 shares during the period. Finally, Invesco Ltd. increased its stake in Best Buy by 6.1% during the fourth quarter. Invesco Ltd. now owns 4,732,080 shares of the technology retailer’s stock valued at $316,718,000 after acquiring an additional 271,988 shares during the period. 80.96% of the stock is owned by institutional investors.

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.