Ceredex Value Advisors LLC Sells 78,800 Shares of Best Buy Co., Inc. (NYSE:BBY)

Ceredex Value Advisors LLC decreased its stake in Best Buy Co., Inc. (NYSE:BBY) by 21.3% in the third quarter, Holdings Channel.com reports. The firm owned 292,000 shares of the technology retailer’s stock after selling 78,800 shares during the period. Ceredex Value Advisors LLC’s holdings in Best Buy were worth $30,438,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Palisade Asset Management LLC bought a new stake in Best Buy in the first quarter worth about $27,000. Richardson Financial Services Inc. lifted its stake in shares of Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares during the last quarter. PrairieView Partners LLC boosted its holdings in Best Buy by 67.1% during the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the period. Innealta Capital LLC bought a new position in Best Buy in the 2nd quarter valued at $35,000. Finally, Whittier Trust Co. increased its stake in Best Buy by 53.3% in the second quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock worth $41,000 after purchasing an additional 171 shares during the period. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Price Performance

NYSE BBY opened at $90.92 on Friday. 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 stock’s fifty day moving average price is $96.82 and its 200 day moving average price is $87.04. The company has a market cap of $19.52 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 2.37 and a beta of 1.46. Best Buy Co., Inc. has a 1 year low of $62.30 and a 1 year high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the business posted $1.22 earnings per share. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were issued a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date was Thursday, September 19th. Best Buy’s payout ratio is presently 64.83%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BBY. UBS Group upped their price target on shares of Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Wells Fargo & Company raised their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Wedbush boosted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report on Friday, August 30th. StockNews.com upgraded Best Buy from a “hold” rating to a “buy” rating in a report on Friday. Finally, Citigroup upped their target price on Best Buy from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $103.71.

Best Buy 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.