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

Ceredex Value Advisors LLC trimmed its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 21.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 292,000 shares of the technology retailer's stock after selling 78,800 shares during the quarter. Ceredex Value Advisors LLC owned approximately 0.14% of Best Buy worth $30,438,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of BBY. Phillips Wealth Planners LLC grew its position in Best Buy by 10.7% during the 3rd quarter. Phillips Wealth Planners LLC now owns 4,463 shares of the technology retailer's stock worth $440,000 after purchasing an additional 432 shares in the last quarter. Affinity Investment Advisors LLC grew its stake in Best Buy by 6.4% during the 3rd quarter. Affinity Investment Advisors LLC now owns 22,421 shares of the technology retailer's stock valued at $2,316,000 after acquiring an additional 1,343 shares in the last quarter. Focus Financial Network Inc. acquired a new position in shares of Best Buy in the 3rd quarter valued at about $200,000. Cigna Investments Inc. New purchased a new stake in shares of Best Buy in the third quarter worth approximately $223,000. Finally, SteelPeak Wealth LLC acquired a new stake in shares of Best Buy during the third quarter worth approximately $951,000. 80.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Citigroup upped their price objective on shares of Best Buy from $100.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Loop Capital boosted their target price on Best Buy from $100.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, August 30th. BNP Paribas raised Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. DA Davidson reiterated a "buy" rating and set a $117.00 price target on shares of Best Buy in a report on Tuesday, October 15th. Finally, Wells Fargo & Company increased their price objective on Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $103.71.

Best Buy Stock Performance

Shares of NYSE:BBY traded up $0.47 during midday trading on Friday, hitting $90.90. The company's stock had a trading volume of 1,975,668 shares, compared to its average volume of 2,992,247. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The stock's 50 day simple moving average is $96.82 and its 200 day simple moving average is $87.12. The stock has a market capitalization of $19.52 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 2.37 and a beta of 1.48. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

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

Best Buy Announces Dividend

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

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.