Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC decreased its stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 23.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 222,500 shares of the technology retailer's stock after selling 69,500 shares during the period. Ceredex Value Advisors LLC owned approximately 0.10% of Best Buy worth $19,090,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Jump Financial LLC grew its position in Best Buy by 81.0% during the 4th quarter. Jump Financial LLC now owns 10,517 shares of the technology retailer's stock worth $902,000 after purchasing an additional 4,706 shares in the last quarter. Ontario Teachers Pension Plan Board increased its stake in Best Buy by 193.4% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 10,153 shares of the technology retailer's stock valued at $871,000 after buying an additional 6,692 shares during the period. Mariner LLC boosted its stake in shares of Best Buy by 0.3% during the 4th quarter. Mariner LLC now owns 43,215 shares of the technology retailer's stock valued at $3,708,000 after buying an additional 129 shares during the period. SageView Advisory Group LLC raised its stake in shares of Best Buy by 8.9% during the 4th quarter. SageView Advisory Group LLC now owns 2,589 shares of the technology retailer's stock worth $222,000 after purchasing an additional 211 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its position in Best Buy by 168.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 32,161 shares of the technology retailer's stock worth $2,759,000 after acquiring an additional 20,187 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Down 2.3 %

BBY stock traded down $1.44 during midday trading on Monday, hitting $60.53. The stock had a trading volume of 700,455 shares, compared to its average volume of 3,264,417. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The firm has a market cap of $12.79 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The business has a 50-day moving average of $74.93 and a two-hundred day moving average of $83.96. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The business had revenue of $13.95 billion for the quarter, compared to analysts' expectations of $13.69 billion. During the same period in the prior year, the firm posted $2.72 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were paid a dividend of $0.95 per share. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 6.28%. Best Buy's dividend payout ratio is presently 88.99%.

Insider Transactions at Best Buy

In other news, CEO Corie S. Barry acquired 13,500 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $72.92 per share, with a total value of $984,420.00. Following the transaction, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of the company's stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 78,355 shares of company stock valued at $5,767,213 in the last ninety days. Corporate insiders own 0.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BBY. JPMorgan Chase & Co. cut their target price on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Citigroup reiterated a "neutral" rating and issued a $70.00 price target (down from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. Piper Sandler cut their price target on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. Barclays cut their target price on shares of Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a research note on Thursday, January 9th. Finally, UBS Group set a $105.00 price objective on Best Buy in a research report on Wednesday, March 5th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $91.28.

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.