JPMorgan Chase & Co. Increases Best Buy (NYSE:BBY) Price Target to $117.00

Best Buy (NYSE:BBY) had its target price hoisted by analysts at JPMorgan Chase & Co. from $111.00 to $117.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology retailer’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 30.67% from the stock’s current price.

BBY has been the subject of several other reports. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. Wells Fargo & Company increased their price target on Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Bank of America lifted their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research note on Friday, August 30th. Finally, Truist Financial increased their target price on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.71.

Best Buy Price Performance

Shares of BBY opened at $89.54 on Friday. The business has a 50-day moving average of $94.72 and a 200-day moving average of $88.73. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market capitalization of $19.23 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 2.26 and a beta of 1.47. Best Buy has a 1 year low of $67.80 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. 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 company earned $1.22 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that Best Buy will post 6.28 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. TCW Group Inc. grew its stake in shares of Best Buy by 156.6% in the 3rd quarter. TCW Group Inc. now owns 316,593 shares of the technology retailer’s stock worth $32,704,000 after acquiring an additional 193,209 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Best Buy by 82.2% in the third quarter. Toronto Dominion Bank now owns 102,292 shares of the technology retailer’s stock valued at $10,567,000 after acquiring an additional 46,152 shares in the last quarter. Coldstream Capital Management Inc. purchased a new stake in shares of Best Buy during the 3rd quarter valued at $367,000. Geode Capital Management LLC increased its holdings in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer’s stock worth $499,954,000 after buying an additional 120,185 shares during the last quarter. Finally, LRI Investments LLC increased its stake in shares of Best Buy by 632.1% during the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock worth $40,000 after purchasing an additional 335 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

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.