Integrated Wealth Concepts LLC Sells 7,128 Shares of Best Buy Co., Inc. (NYSE:BBY)

Integrated Wealth Concepts LLC lessened its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 49.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,421 shares of the technology retailer's stock after selling 7,128 shares during the period. Integrated Wealth Concepts LLC's holdings in Best Buy were worth $637,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Raymond James Financial Inc. bought a new position in Best Buy during the fourth quarter valued at about $514,483,000. Norges Bank purchased a new position in Best Buy in the 4th quarter valued at approximately $178,015,000. Invesco Ltd. grew its stake in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Best Buy by 101.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock worth $95,661,000 after acquiring an additional 561,413 shares during the period. Finally, Canada Pension Plan Investment Board grew its position in shares of Best Buy by 461.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 621,994 shares of the technology retailer's stock valued at $53,367,000 after purchasing an additional 511,161 shares in the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Up 1.5 %

Shares of NYSE:BBY traded up $1.01 during trading on Friday, reaching $68.05. 3,315,467 shares of the stock traded hands, compared to its average volume of 3,325,997. The stock has a 50-day moving average of $70.11 and a two-hundred day moving average of $81.83. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71. The stock has a market cap of $14.38 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.40 by $0.18. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the business posted $2.72 earnings per share. As a group, sell-side analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were issued a $0.95 dividend. This is an increase from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.58%. Best Buy's dividend payout ratio (DPR) is presently 88.99%.

Insider Activity

In related news, CAO Mathew Watson sold 2,951 shares of Best Buy stock in a transaction on Friday, March 21st. The shares were sold at an average price of $72.65, for a total transaction of $214,390.15. Following the transaction, the chief accounting officer now owns 21,371 shares in the company, valued at approximately $1,552,603.15. The trade was a 12.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Todd G. Hartman sold 4,893 shares of the company's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $72.65, for a total value of $355,476.45. Following the completion of the transaction, the insider now directly owns 32,320 shares of the company's stock, valued at approximately $2,348,048. This trade represents a 13.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last 90 days. Company insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

BBY has been the topic of several recent analyst reports. Evercore ISI lowered their target price on shares of Best Buy from $95.00 to $80.00 and set an "in-line" rating on the stock in a research note on Wednesday, March 5th. Truist Financial decreased their price target on shares of Best Buy from $81.00 to $64.00 and set a "hold" rating on the stock in a research note on Tuesday, April 8th. Barclays dropped their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating for the company in a report on Thursday, January 9th. Guggenheim decreased their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Citigroup reaffirmed a "neutral" rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a research note on Thursday, April 3rd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.