Best Buy (NYSE:BBY) Receives Neutral Rating from DA Davidson

by · The Markets Daily

Best Buy (NYSE:BBY – Get Free Report)‘s stock had its “neutral” rating restated by equities researchers at DA Davidson in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $95.00 target price on the technology retailer’s stock. DA Davidson’s price objective suggests a potential upside of 5.15% from the stock’s previous close.

Several other brokerages have also issued reports on BBY. BNP Paribas Exane boosted their price objective on Best Buy from $74.00 to $76.00 and gave the company a “neutral” rating in a research report on Friday, May 29th. Evercore increased their price objective on Best Buy from $65.00 to $85.00 in a report on Friday, May 29th. Truist Financial set a $100.00 price objective on shares of Best Buy in a research note on Thursday, August 27th. Piper Sandler upped their price objective on Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Finally, Barclays raised their target price on shares of Best Buy from $77.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Best Buy has a consensus rating of “Hold” and an average price target of $85.40.

View Our Latest Analysis on Best Buy

Best Buy Stock Performance

Best Buy stock opened at $90.35 on Tuesday. The stock has a 50-day simple moving average of $84.29 and a 200 day simple moving average of $72.21. The stock has a market capitalization of $19.04 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 2.25 and a beta of 1.28. The company has a quick ratio of 0.41, a current ratio of 1.12 and a debt-to-equity ratio of 0.36. Best Buy has a 12-month low of $55.10 and a 12-month high of $91.26.

Best Buy (NYSE:BBY – Get Free Report) last announced its earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.08. The company had revenue of $9.78 billion during the quarter, compared to the consensus estimate of $9.59 billion. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The company’s revenue was up 3.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.28 earnings per share. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. On average, research analysts anticipate that Best Buy will post 6.81 earnings per share for the current fiscal year.

Insider Activity

In other Best Buy news, Chairman Richard Schulze sold 224,705 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $78.10, for a total transaction of $17,549,460.50. Following the completion of the sale, the chairman directly owned 10,430,936 shares in the company, valued at $814,656,101.60. This trade represents a 2.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 500,000 shares of company stock worth $39,065,226. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Best Buy

A number of hedge funds and other institutional investors have recently modified their holdings of BBY. MV Capital Management Inc. bought a new position in Best Buy during the fourth quarter worth about $25,000. Palisade Asset Management LLC bought a new stake in shares of Best Buy in the third quarter valued at approximately $25,000. Hillsdale Investment Management Inc. bought a new stake in shares of Best Buy in the fourth quarter valued at approximately $29,000. Atlas Capital Advisors Inc. acquired a new stake in Best Buy during the fourth quarter worth approximately $32,000. Finally, Bayban acquired a new stake in Best Buy during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Company Profile

(Get Free Report)

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.

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