Best Buy (NYSE:BBY) PT Raised to $107.00 at Truist Financial

Best Buy (NYSE:BBY) had its price target increased by Truist Financial from $86.00 to $107.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “hold” rating on the technology retailer’s stock. Truist Financial’s price target would suggest a potential upside of 6.57% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Telsey Advisory Group upped 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. Citigroup upgraded shares of Best Buy from a “sell” rating to a “buy” rating and upped their price target for the company from $67.00 to $100.00 in a research note on Monday, June 3rd. Wedbush restated a “neutral” rating and set a $85.00 price target on shares of Best Buy in a research note on Tuesday, May 28th. Loop Capital upped their price target on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday. Finally, UBS Group upgraded shares of Best Buy from a “neutral” rating to a “buy” rating and upped their price target for the company from $85.00 to $106.00 in a research note on Monday, June 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Best Buy currently has an average rating of “Hold” and a consensus price target of $100.94.

Best Buy Trading Up 0.2 %

NYSE BBY opened at $100.40 on Friday. 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 firm has a market cap of $21.66 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 2.76 and a beta of 1.48. The company has a 50 day moving average price of $85.94 and a 200 day moving average price of $81.09. Best Buy has a 52 week low of $62.30 and a 52 week high of $103.71.

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

Insider Buying and Selling at Best Buy

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the 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 sale, the chairman now directly owns 15,890,103 shares in the company, valued at $1,364,165,342.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the sale, the executive vice president now owns 50,714 shares of the company’s stock, valued at $4,210,276.28. The disclosure for this sale can be found here. Insiders have sold a total of 2,383,370 shares of company stock valued at $208,083,276 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of hedge funds have recently modified their holdings of the business. Raymond James & Associates raised its position in shares of Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after buying an additional 490,801 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Best Buy by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after buying an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Best Buy by 55.7% in the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Norges Bank acquired a new stake in shares of Best Buy in the fourth quarter valued at about $165,164,000. Finally, Ninety One UK Ltd acquired a new stake in shares of Best Buy in the second quarter valued at about $121,325,000. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Company Profile

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.