Ceredex Value Advisors LLC Acquires Shares of 167,500 Best Buy Co., Inc. $BBY

Ceredex Value Advisors LLC acquired a new stake in shares of Best Buy Co., Inc. (NYSE:BBY) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 167,500 shares of the technology retailer’s stock, valued at approximately $12,666,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Best Buy by 2.4% during the 3rd quarter. Vanguard Group Inc. now owns 23,947,415 shares of the technology retailer’s stock valued at $1,810,904,000 after purchasing an additional 552,360 shares in the last quarter. State Street Corp lifted its holdings in Best Buy by 3.8% in the 2nd quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock worth $927,753,000 after buying an additional 496,215 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Best Buy by 1.0% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after buying an additional 69,533 shares during the last quarter. Invesco Ltd. boosted its position in Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after buying an additional 621,863 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Best Buy by 39.5% during the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock valued at $235,064,000 after acquiring an additional 991,141 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on BBY. Wedbush cut their price target on Best Buy from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 24th. Piper Sandler restated a “buy” rating on shares of Best Buy in a report on Wednesday, March 4th. KeyCorp reaffirmed a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 4th. Citigroup increased their target price on Best Buy from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Wednesday, March 4th. Finally, BNP Paribas Exane raised their price target on shares of Best Buy from $68.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $76.20.

Best Buy Trading Down 1.7%

NYSE BBY opened at $64.85 on Wednesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $84.99. The company has a 50-day simple moving average of $66.54 and a 200-day simple moving average of $72.64. The firm has a market capitalization of $13.56 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 1.63 and a beta of 1.46.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.13. Best Buy had a net margin of 2.56% and a return on equity of 49.17%. The firm had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. During the same quarter in the prior year, the business earned $2.58 earnings per share. Best Buy’s quarterly revenue was down 1.0% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 14th. Stockholders of record on Tuesday, March 24th will be given a dividend of $0.96 per share. This represents a $3.84 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date is Tuesday, March 24th. This is a positive change from Best Buy’s previous quarterly dividend of $0.95. Best Buy’s payout ratio is currently 75.40%.

Best Buy Company Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.