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

IHT Wealth Management LLC lowered its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 40.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,358 shares of the technology retailer’s stock after selling 3,021 shares during the period. IHT Wealth Management LLC’s holdings in Best Buy were worth $374,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of BBY. Vanguard Group Inc. grew its holdings in shares of Best Buy by 0.8% during 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Best Buy by 6.4% during the 4th 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 period. Raymond James Financial Inc. purchased a new position in shares of Best Buy in the 4th quarter valued at approximately $514,483,000. Geode Capital Management LLC increased its holdings in shares of Best Buy by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 5,092,820 shares of the technology retailer’s stock valued at $436,210,000 after purchasing an additional 239,840 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Best Buy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer’s stock worth $328,136,000 after purchasing an additional 459,353 shares during the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Best Buy

In other news, CAO Mathew Watson sold 3,182 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $71.29, for a total transaction 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 trade represents a 14.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Corie S. Barry bought 13,500 shares of Best Buy stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average price of $72.92 per share, for a total transaction of $984,420.00. Following the completion of the transaction, the chief executive officer now directly owns 378,780 shares of the company’s stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 78,355 shares of company stock valued at $5,767,213. Company insiders own 0.59% of the company’s stock.

Best Buy Trading Up 2.6 %

Shares of BBY opened at $67.71 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The stock has a market cap of $14.31 billion, a price-to-earnings ratio of 11.57, a price-to-earnings-growth ratio of 2.10 and a beta of 1.42. The firm has a 50 day simple moving average of $72.39 and a 200-day simple moving average of $82.88.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping 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 company had revenue of $13.95 billion during the quarter, compared to the consensus estimate of $13.69 billion. During the same quarter last year, the business posted $2.72 earnings per share. Equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Tuesday, March 25th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s payout ratio is currently 88.99%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BBY shares. JPMorgan Chase & Co. lowered their price objective on shares of Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Bank of America lowered their target price on shares of Best Buy from $80.00 to $75.00 and set an “underperform” rating on the stock in a report on Wednesday, March 5th. Truist Financial dropped 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. Telsey Advisory Group reduced their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Finally, DA Davidson reiterated a “buy” rating and set a $110.00 target price 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $91.28.

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.