Piper Sandler Reiterates Overweight Rating for Best Buy (NYSE:BBY)

Best Buy (NYSE:BBY)‘s stock had its “overweight” rating reiterated by investment analysts at Piper Sandler in a report issued on Friday, Benzinga reports. They presently have a $114.00 target price on the technology retailer’s stock, up from their previous target price of $100.00. Piper Sandler’s price objective indicates a potential upside of 13.55% from the stock’s previous close.

BBY has been the subject of several other reports. DA Davidson increased their price objective on shares of Best Buy from $90.00 to $95.00 and gave the company a “buy” rating in a report on Friday, May 31st. Truist Financial increased their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday. UBS Group boosted their price objective on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI raised their target price on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a research note on Friday. Finally, Wedbush reiterated a “neutral” rating and issued a $85.00 price target on shares of Best Buy in a research report on Tuesday, May 28th. One 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’s stock. According to data from MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $100.94.

Best Buy Trading Up 0.2 %

Shares of BBY stock opened at $100.40 on Friday. Best Buy has a 1 year low of $62.30 and a 1 year high of $103.71. The firm has a market capitalization 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 stock has a fifty day moving average of $85.94 and a two-hundred day moving average of $81.09. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.33 and a current ratio of 1.01.

Best Buy (NYSE:BBY) last issued its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The business had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a net margin of 2.90% and a return on equity of 47.56%. The company’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. As a group, research analysts expect that Best Buy will post 6.11 EPS for the current year.

Insider Activity

In other news, Chairman Richard M. Schulze sold 1,000,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $85.85, for a total value of $85,850,000.00. Following the transaction, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Chairman Richard M. Schulze sold 691,328 shares of the stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the completion of the sale, the chairman now directly owns 14,911,525 shares in the company, valued at $1,319,073,501.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Richard M. Schulze sold 1,000,000 shares of the business’s 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 transaction, the chairman now owns 15,890,103 shares in the company, valued at approximately $1,364,165,342.55. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,383,370 shares of company stock worth $208,083,276. 0.59% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Best Buy

Several large investors have recently made changes to their positions in the company. Raymond James & Associates grew its position in Best Buy by 17.0% in the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock worth $284,712,000 after acquiring an additional 490,801 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Best Buy by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer’s stock valued at $257,569,000 after purchasing an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 worth $241,347,000 after purchasing an additional 1,024,824 shares in the last quarter. Norges Bank acquired a new position in Best Buy during the fourth quarter worth $165,164,000. Finally, Ninety One UK Ltd bought a new position in Best Buy during the second quarter valued at about $121,325,000. Institutional investors own 80.96% of the company’s stock.

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.