Best Buy (NYSE:BBY) Given New $115.00 Price Target at Citigroup

Best Buy (NYSE:BBY) had its target price increased by stock analysts at Citigroup from $100.00 to $115.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the technology retailer’s stock. Citigroup’s target price indicates a potential upside of 14.67% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Piper Sandler restated an “overweight” rating and issued a $114.00 price target (up previously from $100.00) on shares of Best Buy in a research report on Friday. Wedbush lifted their target price on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Friday. Telsey Advisory Group lifted their target price on Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday. Wells Fargo & Company boosted their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Barclays upped their target price on Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $100.06.

Best Buy Stock Performance

Shares of BBY traded up $0.11 during midday trading on Friday, reaching $100.29. 3,106,659 shares of the stock were exchanged, compared to its average volume of 3,118,057. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a quick ratio of 0.33, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The company has a market cap of $21.63 billion, a P/E ratio of 17.47, a PEG ratio of 2.76 and a beta of 1.48. The stock’s 50 day simple moving average is $85.58 and its 200 day simple moving average is $80.79.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.56% and a net margin of 2.90%. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter last year, the business earned $1.22 earnings per share. Best Buy’s revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Best Buy will post 6.11 earnings per share for the current year.

Insider Activity

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of Best Buy stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the sale, the chairman now directly owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Jason J. Bonfig sold 3,500 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $85.85, for a total value of $85,850,000.00. Following the completion of the transaction, the chairman now owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,383,370 shares of company stock worth $208,083,276. 0.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Best Buy

Several large investors have recently made changes to their positions in BBY. International Assets Investment Management LLC purchased a new stake in shares of Best Buy in the fourth quarter worth about $5,760,000. GAMMA Investing LLC purchased a new stake in shares of Best Buy in the fourth quarter worth about $51,000. Atria Wealth Solutions Inc. lifted its position in shares of Best Buy by 98.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 13,062 shares of the technology retailer’s stock worth $1,032,000 after buying an additional 6,465 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Best Buy by 3.1% in the fourth quarter. Van ECK Associates Corp now owns 97,173 shares of the technology retailer’s stock worth $7,607,000 after buying an additional 2,891 shares in the last quarter. Finally, Natixis Advisors L.P. lifted its position in shares of Best Buy by 23.3% in the fourth quarter. Natixis Advisors L.P. now owns 101,340 shares of the technology retailer’s stock worth $7,932,000 after buying an additional 19,119 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other 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.