Ceredex Value Advisors LLC Has $19.09 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Ceredex Value Advisors LLC cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 23.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 about 0.10% of Best Buy worth $19,090,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Rakuten Securities Inc. boosted its stake in Best Buy by 971.9% during the fourth quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock worth $29,000 after acquiring an additional 311 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Best Buy in the 4th quarter worth approximately $32,000. Atlas Capital Advisors Inc. grew its stake in Best Buy by 186.9% in the 4th quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the period. OFI Invest Asset Management bought a new position in Best Buy during the fourth quarter valued at about $34,000. Finally, Trust Co. of Vermont grew its position in shares of Best Buy by 1,200.0% during the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after acquiring an additional 384 shares during the period. Institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.1 %

Best Buy stock opened at $61.11 on Wednesday. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The firm has a market cap of $12.92 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The business’s 50-day moving average price is $76.47 and its 200 day moving average price is $84.90. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37.

Best Buy (NYSE:BBY) last posted its earnings results 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 net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion during the quarter, compared to analysts’ expectations of $13.69 billion. During the same period in the previous year, the business posted $2.72 EPS. As a group, sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th were given a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 6.22%. This is an increase from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Insider Buying and Selling at Best Buy

In related news, CFO Matthew M. Bilunas sold 9,482 shares of Best Buy stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $688,867.30. Following the sale, the chief financial officer now directly owns 106,856 shares in the company, valued at approximately $7,763,088.40. The trade was a 8.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 2,951 shares of the business’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $214,390.15. Following the sale, the chief accounting officer now owns 21,371 shares of the company’s stock, valued at approximately $1,552,603.15. This trade represents a 12.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BBY shares. Guggenheim reduced their target price on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. DA Davidson reaffirmed a “buy” rating and issued a $110.00 price target on shares of Best Buy in a report on Monday. Wedbush reiterated a “neutral” rating and issued a $90.00 target price on shares of Best Buy in a research report on Monday, March 3rd. Morgan Stanley reduced their price target on shares of Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group dropped their target price on Best Buy from $106.00 to $92.00 and set a “buy” rating for the company in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Best Buy has an average rating of “Hold” and an average price target of $91.28.

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.