Best Buy (NYSE:BBY) Price Target Increased to $111.00 by Analysts at JPMorgan Chase & Co.

Best Buy (NYSE:BBY) had its price objective hoisted by analysts at JPMorgan Chase & Co. from $101.00 to $111.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 11.48% from the company’s current price.

A number of other research firms also recently issued reports on BBY. Truist Financial boosted their target price on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday. UBS Group boosted their price target on shares of Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research note on Friday. Telsey Advisory Group boosted their price target on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday. Barclays upped their target price on shares of Best Buy from $81.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, Loop Capital upped their target price on shares of Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.41.

Best Buy Stock Performance

BBY stock traded down $0.61 during trading hours on Friday, reaching $99.57. The stock had a trading volume of 2,475,719 shares, compared to its average volume of 3,114,302. The stock has a market capitalization of $21.48 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.33. The stock has a 50-day simple moving average of $85.58 and a 200 day simple moving average of $80.79. Best Buy has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

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

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on 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 owns 50,714 shares of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the 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 owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total value of $61,154,874.88. Following the sale, the chairman now directly owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,383,370 shares of company stock valued at $208,083,276. Insiders own 0.59% 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 the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Best Buy during the second quarter worth about $60,000. SPC Financial Inc. boosted its position in shares of Best Buy by 12.3% during the second quarter. SPC Financial Inc. now owns 4,442 shares of the technology retailer’s stock worth $374,000 after buying an additional 486 shares during the period. Chase Investment Counsel Corp acquired a new position in shares of Best Buy during the second quarter worth approximately $270,000. Hershey Financial Advisers LLC acquired a new position in shares of Best Buy during the second quarter worth approximately $48,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in Best Buy in the second quarter worth approximately $210,000. 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.