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

Verdence Capital Advisors LLC lowered its holdings in Best Buy Co., Inc. (NYSE:BBY) by 33.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,959 shares of the technology retailer’s stock after selling 3,481 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Best Buy were worth $719,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in BBY. QRG Capital Management Inc. grew its position in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer’s stock worth $3,279,000 after purchasing an additional 3,025 shares during the period. GAMMA Investing LLC grew its holdings in Best Buy by 78.7% during the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after acquiring an additional 898 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in Best Buy by 11.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock valued at $6,302,000 after acquiring an additional 7,663 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in Best Buy by 27.4% in the third quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer’s stock valued at $9,332,000 after acquiring an additional 19,405 shares during the period. Finally, M&G Plc purchased a new stake in Best Buy in the 1st quarter worth approximately $8,608,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Down 1.0 %

BBY stock opened at $89.20 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $96.59 and a two-hundred day moving average of $87.65. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71. The company has a market cap of $19.15 billion, a price-to-earnings ratio of 15.38, a PEG ratio of 2.34 and a beta of 1.47.

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

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.22%. Best Buy’s payout ratio is 64.83%.

Analyst Ratings Changes

BBY has been the subject of several recent research reports. Citigroup cut their target price on shares of Best Buy from $115.00 to $109.00 and set a “buy” rating for the company in a report on Friday. StockNews.com raised shares of Best Buy from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. Wedbush lifted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a research note on Friday, August 30th. Melius Research assumed coverage on Best Buy in a research report on Monday, September 23rd. They set a “hold” rating and a $100.00 price target on the stock. Finally, Bank of America boosted their price objective on Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $103.35.

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.