Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC lowered its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 49.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 reporting period.

A number of other institutional investors also recently modified their holdings of BBY. Vanguard Group Inc. raised its stake in Best Buy by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock worth $1,971,908,000 after buying an additional 191,161 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Best Buy by 6.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Best Buy in the fourth quarter worth approximately $514,483,000. Geode Capital Management LLC increased its holdings in shares of Best Buy by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer's stock worth $436,210,000 after purchasing an additional 239,840 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Best Buy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock valued at $328,136,000 after acquiring an additional 459,353 shares during the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Best Buy Stock Up 2.2 %

Best Buy stock traded up $1.49 during trading hours on Wednesday, reaching $68.17. The stock had a trading volume of 516,534 shares, compared to its average volume of 3,310,885. Best Buy Co., Inc. has a 52 week low of $54.99 and a 52 week high of $103.71. The business's 50 day moving average price is $69.22 and its 200-day moving average price is $81.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The company has a market cap of $14.41 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 2.10 and a beta of 1.27.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. The firm had revenue of $13.95 billion during the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the business posted $2.72 EPS. Sell-side analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th were paid a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This is a boost from Best Buy's previous quarterly dividend of $0.94. This represents a $3.80 dividend on an annualized basis and a yield of 5.57%. Best Buy's dividend payout ratio (DPR) is 88.99%.

Analyst Ratings Changes

Several brokerages recently commented on BBY. UBS Group set a $105.00 price objective on Best Buy in a report on Wednesday, March 5th. Bank of America lowered their price objective on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Piper Sandler reduced their price target on shares of Best Buy from $102.00 to $92.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Loop Capital restated a "negative" rating on shares of Best Buy in a research report on Wednesday, March 5th. Finally, DA Davidson restated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Best Buy presently has a consensus rating of "Hold" and an average target price of $91.28.

Insiders Place Their Bets

In other news, CAO Mathew Watson sold 3,182 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $71.29, for a total value of $226,844.78. Following the sale, the chief accounting officer now owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Todd G. Hartman sold 4,893 shares of the firm'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 transaction of $355,476.45. Following the sale, the insider now directly owns 32,320 shares in the company, valued at $2,348,048. The trade was a 13.15 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,355 shares of company stock valued at $5,767,213. Insiders own 0.59% of the company's stock.

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.