Best Buy (NYSE:BBY) Given New $95.00 Price Target at Wells Fargo & Company

Best Buy (NYSE:BBY) had its target price lifted by equities researchers at Wells Fargo & Company from $80.00 to $95.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the technology retailer’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 5.27% from the company’s previous close.

BBY has been the subject of a number of other research reports. Bank of America upped their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday. DA Davidson increased their price target on shares of Best Buy from $90.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Telsey Advisory Group increased 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. JPMorgan Chase & Co. raised their target price on shares of Best Buy from $101.00 to $111.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Wedbush increased their price target on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $100.06.

Best Buy Stock Performance

Shares of Best Buy stock traded up $0.11 during midday trading on Friday, hitting $100.29. The company had a trading volume of 3,106,659 shares, compared to its average volume of 3,118,057. The stock has a market cap of $21.63 billion, a price-to-earnings ratio of 17.47, a PEG ratio of 2.76 and a beta of 1.48. 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 fifty day simple moving average of $85.58 and a 200 day simple moving average of $80.79. Best Buy has a 12-month low of $62.30 and a 12-month high of $103.71.

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

Insider Activity

In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy 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 of the company’s stock, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was 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 directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the completion of the transaction, the chairman now directly owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Insiders sold a total of 2,383,370 shares of company stock worth $208,083,276 over the last 90 days. 0.59% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BBY. Rise Advisors LLC raised its stake in Best Buy by 69.5% during the first quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after acquiring an additional 132 shares in the last quarter. Access Investment Management LLC acquired a new position in Best Buy during the fourth quarter worth $27,000. Palisade Asset Management LLC acquired a new position in Best Buy during the first quarter worth $27,000. Richardson Financial Services Inc. increased its stake in shares of Best Buy by 190.9% in the second quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock valued at $27,000 after buying an additional 210 shares in the last quarter. Finally, PrairieView Partners LLC increased its position in Best Buy by 67.1% in the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after purchasing an additional 151 shares during the period. 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.