Klein Pavlis & Peasley Financial Inc. Reduces Holdings in Best Buy Co., Inc. (NYSE:BBY)

Klein Pavlis & Peasley Financial Inc. lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 35.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,760 shares of the technology retailer's stock after selling 9,840 shares during the period. Best Buy makes up approximately 1.5% of Klein Pavlis & Peasley Financial Inc.'s portfolio, making the stock its 22nd largest position. Klein Pavlis & Peasley Financial Inc.'s holdings in Best Buy were worth $1,835,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. Raymond James & Associates raised its holdings in shares of Best Buy by 1.8% during the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock valued at $355,374,000 after purchasing an additional 62,452 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Best Buy by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock valued at $257,569,000 after buying an additional 235,478 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock worth $241,347,000 after buying an additional 1,024,824 shares during the last quarter. Ninety One UK Ltd bought a new stake in shares of Best Buy in the second quarter worth $121,325,000. Finally, AQR Capital Management LLC increased its position in Best Buy by 55.4% during the second quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock valued at $116,252,000 after acquiring an additional 491,781 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Price Performance

NYSE BBY traded down $1.15 on Monday, reaching $91.53. The company had a trading volume of 2,196,916 shares, compared to its average volume of 3,000,480. The stock has a market capitalization of $19.74 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 2.58 and a beta of 1.46. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The firm's 50 day moving average price is $96.37 and its 200 day moving average price is $86.72.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.18. The company had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.22 earnings per share. As a group, equities analysts predict that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date was Thursday, September 19th. Best Buy's payout ratio is 65.85%.

Analyst Upgrades and Downgrades

BBY has been the topic of several research reports. Bank of America raised their target price on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. DA Davidson restated a "buy" rating and set a $117.00 target price on shares of Best Buy in a research report on Tuesday, October 15th. Evercore ISI increased their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research report on Friday, August 30th. Melius Research initiated coverage on shares of Best Buy in a research report on Monday, September 23rd. They set a "hold" rating and a $100.00 price objective for the company. Finally, Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $103.71.

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.