Evercore Has Lowered Expectations for Best Buy (NYSE:BBY) Stock Price

Best Buy (NYSE:BBY) had its price target decreased by stock analysts at Evercore from $75.00 to $70.00 in a report released on Tuesday,MarketScreener reports. Evercore’s price target suggests a potential upside of 9.27% from the company’s previous close.

BBY has been the subject of several other reports. Guggenheim restated a “buy” rating and issued a $90.00 target price on shares of Best Buy in a research note on Wednesday, March 4th. Morgan Stanley cut their price target on Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 4th. DA Davidson set a $78.00 price objective on Best Buy in a research note on Thursday, March 5th. Telsey Advisory Group decreased their price objective on Best Buy from $95.00 to $80.00 and set an “outperform” rating for the company in a report on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Best Buy in a research report on Wednesday, January 21st. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $75.95.

Best Buy Stock Down 0.2%

Shares of Best Buy stock traded down $0.14 during trading on Tuesday, reaching $64.06. 1,339,322 shares of the company traded hands, compared to its average volume of 4,907,646. The firm has a market capitalization of $13.40 billion, a PE ratio of 12.71, a P/E/G ratio of 1.58 and a beta of 1.46. Best Buy has a 1-year low of $54.99 and a 1-year high of $84.99. The company has a 50 day moving average price of $64.89 and a 200-day moving average price of $71.33. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.11 and a quick ratio of 0.43.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The business had revenue of $13.81 billion during the quarter, compared to analysts’ expectations of $13.96 billion. During the same period last year, the company posted $2.58 earnings per share. The business’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. As a group, equities research analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 6,336 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $405,630.72. Following the transaction, the executive vice president directly owned 79,137 shares of the company’s stock, valued at $5,066,350.74. This trade represents a 7.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Corie S. Barry sold 42,869 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $2,744,473.38. Following the transaction, the chief executive officer owned 523,138 shares in the company, valued at approximately $33,491,294.76. This trade represents a 7.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 77,247 shares of company stock valued at $4,945,353. Corporate insiders own 0.59% of the company’s stock.

Institutional Trading of Best Buy

A number of institutional investors and hedge funds have recently modified their holdings of BBY. Stance Capital LLC lifted its position in shares of Best Buy by 4,696.9% during the 4th quarter. Stance Capital LLC now owns 28,110 shares of the technology retailer’s stock valued at $1,881,000 after buying an additional 27,524 shares during the last quarter. Winthrop Partners WNY LLC bought a new stake in Best Buy in the 4th quarter valued at about $790,000. Corient Private Wealth LLC lifted its holdings in Best Buy by 92.9% during the fourth quarter. Corient Private Wealth LLC now owns 34,167 shares of the technology retailer’s stock valued at $2,288,000 after purchasing an additional 16,452 shares during the last quarter. Hsbc Holdings PLC boosted its position in Best Buy by 104.1% during the fourth quarter. Hsbc Holdings PLC now owns 2,020,539 shares of the technology retailer’s stock worth $135,685,000 after purchasing an additional 1,030,544 shares during the period. Finally, Bayban bought a new position in Best Buy during the fourth quarter worth about $33,000. 80.96% of the stock is owned by hedge funds and other institutional investors.

Best Buy Company Profile

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.