Best Buy (NYSE:BBY) Price Target Lowered to $75.00 at Telsey Advisory Group

Best Buy (NYSE:BBY) had its price target dropped by investment analysts at Telsey Advisory Group from $80.00 to $75.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The firm currently has a “market perform” rating on the technology retailer’s stock. Telsey Advisory Group’s price target would indicate a potential upside of 10.91% from the stock’s current price. Telsey Advisory Group also issued estimates for Best Buy’s Q4 2024 earnings at $2.67 EPS, Q1 2025 earnings at $1.28 EPS, Q3 2025 earnings at $1.40 EPS and Q4 2025 earnings at $2.67 EPS.

BBY has been the subject of a number of other research reports. The Goldman Sachs Group raised shares of Best Buy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $79.00 to $85.00 in a research note on Thursday, October 19th. Wedbush cut their price objective on Best Buy from $82.00 to $70.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. Morgan Stanley raised their target price on Best Buy from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, August 31st. Citigroup boosted their price target on Best Buy from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Finally, Truist Financial decreased their price objective on Best Buy from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Thursday, October 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average price target of $77.93.

Best Buy Price Performance

Shares of Best Buy stock opened at $67.62 on Friday. The firm has a market cap of $14.72 billion, a PE ratio of 11.64, a P/E/G ratio of 1.78 and a beta of 1.53. Best Buy has a twelve month low of $62.30 and a twelve month high of $93.32. The company has a quick ratio of 0.31, a current ratio of 0.98 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average price of $68.34 and a 200 day moving average price of $74.23.

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, November 21st. The technology retailer reported $1.29 EPS for the quarter, beating analysts’ consensus estimates of $1.19 by $0.10. Best Buy had a return on equity of 49.40% and a net margin of 2.91%. The business had revenue of $9.76 billion during the quarter, compared to analysts’ expectations of $9.90 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The business’s revenue was down 7.8% compared to the same quarter last year. Sell-side analysts predict that Best Buy will post 6.22 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Todd G. Hartman sold 7,948 shares of the firm’s stock in a transaction dated Friday, September 22nd. The stock was sold at an average price of $69.38, for a total transaction of $551,432.24. Following the completion of the sale, the insider now directly owns 13,337 shares of the company’s stock, valued at approximately $925,321.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Todd G. Hartman sold 7,948 shares of the company’s stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $69.38, for a total value of $551,432.24. Following the transaction, the insider now directly owns 13,337 shares in the company, valued at approximately $925,321.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Todd G. Hartman sold 5,000 shares of Best Buy stock in a transaction that occurred on Wednesday, September 20th. The shares were sold at an average price of $71.18, for a total transaction of $355,900.00. Following the completion of the sale, the insider now owns 21,285 shares of the company’s stock, valued at approximately $1,515,066.30. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently bought and sold shares of the company. EA Series Trust acquired a new position in shares of Best Buy in the second quarter valued at approximately $222,000. Dark Forest Capital Management LP acquired a new position in shares of Best Buy in the first quarter worth $201,000. O Brien Greene & Co. Inc increased its position in shares of Best Buy by 163.7% during the second quarter. O Brien Greene & Co. Inc now owns 156,954 shares of the technology retailer’s stock worth $12,862,000 after acquiring an additional 97,443 shares during the period. New Mexico Educational Retirement Board raised its stake in shares of Best Buy by 3.2% in the second quarter. New Mexico Educational Retirement Board now owns 9,571 shares of the technology retailer’s stock valued at $784,000 after acquiring an additional 300 shares in the last quarter. Finally, Brown Advisory Inc. boosted its holdings in Best Buy by 9.5% in the first quarter. Brown Advisory Inc. now owns 293,792 shares of the technology retailer’s stock valued at $22,995,000 after purchasing an additional 25,514 shares during the period. Institutional investors and hedge funds own 76.10% of the company’s stock.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States and Canada. The company operates in two segments, Domestic 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, home theater, portable audio comprising headphones and portable speakers, and smart home products.