UBS Group Raises Best Buy (NYSE:BBY) Price Target to $123.00

Best Buy (NYSE:BBY) had its price target boosted by stock analysts at UBS Group from $106.00 to $123.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the technology retailer’s stock. UBS Group’s price target would suggest a potential upside of 23.27% from the company’s previous close.

Several other research firms also recently weighed in on BBY. Evercore ISI boosted their target price on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a research report on Friday. Telsey Advisory Group boosted their price objective on shares of Best Buy from $95.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday. Loop Capital boosted their price objective on shares of Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday. Citigroup raised shares of Best Buy from a “sell” rating to a “buy” rating and boosted their price objective for the company from $67.00 to $100.00 in a research report on Monday, June 3rd. Finally, Truist Financial boosted their price objective on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.82.

Best Buy Stock Down 0.4 %

Shares of NYSE:BBY traded down $0.40 during midday trading on Friday, hitting $99.78. 1,146,784 shares of the company’s stock traded hands, compared to its average volume of 3,104,658. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01. The company has a market cap of $21.52 billion, a PE ratio of 17.42, a P/E/G ratio of 2.76 and a beta of 1.48. The firm’s fifty day moving average price is $85.58 and its two-hundred day moving average price is $80.79. Best Buy has a twelve month low of $62.30 and a twelve month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) 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 firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the previous year, the firm posted $1.22 EPS. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Best Buy will post 6.11 EPS for the current fiscal year.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 88,542 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total transaction of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares in the company, valued at $1,200,451,777.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Best Buy news, Chairman Richard M. Schulze sold 88,542 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $88.25, for a total value of $7,813,831.50. Following the transaction, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 2,383,370 shares of company stock valued at $208,083,276 over the last ninety days. Insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

Several large investors have recently modified their holdings of BBY. AMF Tjanstepension AB acquired a new position in Best Buy in the first quarter valued at about $8,676,000. GAMMA Investing LLC raised its stake in shares of Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after buying an additional 898 shares during the last quarter. Bridgewater Associates LP increased its stake in Best Buy by 34.9% in the fourth quarter. Bridgewater Associates LP now owns 195,156 shares of the technology retailer’s stock valued at $15,277,000 after purchasing an additional 50,438 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in Best Buy in the fourth quarter valued at approximately $328,000. 80.96% of the stock is owned by 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.