Best Buy (NYSE:BBY) Stock Rating Lowered by Cfra

Best Buy (NYSE:BBY) was downgraded by analysts at Cfra from a “hold” rating to a “sell” rating in a note issued to investors on Thursday, FinViz reports. They currently have a $87.00 price objective on the technology retailer’s stock. Cfra’s target price points to a potential downside of 17.26% from the company’s current price.

BBY has been the topic of a number of other reports. Telsey Advisory Group increased their target price on shares of Best Buy from $90.00 to $95.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Piper Sandler boosted their price target on shares of Best Buy from $77.00 to $85.00 and gave the stock a “neutral” rating in a research note on Thursday, August 20th. Morgan Stanley upped their price objective on Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Friday, August 28th. Wall Street Zen upgraded Best Buy from a “hold” rating to a “buy” rating in a research note on Sunday, October 11th. Finally, Evercore set a $100.00 target price on Best Buy in a report on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.33.

Best Buy Stock Up 1.0%

Shares of NYSE:BBY opened at $105.15 on Thursday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. The firm has a market capitalization of $22.05 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 2.60 and a beta of 1.20. The firm’s 50-day moving average is $92.98 and its two-hundred day moving average is $76.68. Best Buy has a 1 year low of $55.10 and a 1 year high of $106.83.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The business had revenue of $9.78 billion for the quarter, compared to analysts’ expectations of $9.59 billion. During the same quarter in the prior year, the company earned $1.28 earnings per share. The business’s quarterly revenue was up 3.6% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. Analysts predict that Best Buy will post 6.81 EPS for the current year.

Insider Buying and Selling

In other news, Chairman Richard M. Schulze sold 300,000 shares of Best Buy stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $92.51, for a total transaction of $27,753,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kathleen Scarlett sold 116,062 shares of the business’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the transaction, the executive vice president owned 116,173 shares of the company’s stock, valued at approximately $10,705,341.95. The trade was a 49.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Best Buy

Several hedge funds have recently added to or reduced their stakes in the stock. Asset Dedication LLC purchased a new position in shares of Best Buy in the 3rd quarter valued at $27,000. Clark Wealth Partners purchased a new stake in Best Buy during the 3rd quarter valued at approximately $29,000. Colonial Trust Co SC lifted its position in Best Buy by 4,062.5% during the 3rd quarter. Colonial Trust Co SC now owns 333 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 325 shares during the period. Entrust Financial LLC acquired a new stake in Best Buy during the 3rd quarter worth approximately $31,000. Finally, Westpac Banking Corp purchased a new position in shares of Best Buy in the 3rd quarter valued at approximately $33,000. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

About Best Buy

Best Buy is a retailer of consumer technology products and services. Its offerings include computers and mobile devices, televisions and home theater equipment, major appliances, and related accessories, sold through stores and digital channels. The company also provides technology support and installation services through Geek Squad, including help with device setup, repairs, and home technology systems. Best Buy serves customers in the United States and Canada. Founded in 1966 as Sound of Music, the company adopted the Best Buy name in 1983.