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

Integrated Wealth Concepts LLC cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 49.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,421 shares of the technology retailer’s stock after selling 7,128 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Best Buy were worth $637,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in shares of Best Buy during the fourth quarter worth $7,741,000. Adage Capital Partners GP L.L.C. grew its position in shares of Best Buy by 45.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 138,600 shares of the technology retailer’s stock worth $11,892,000 after buying an additional 43,600 shares during the period. Syon Capital LLC bought a new stake in shares of Best Buy in the 4th quarter valued at about $279,000. Price T Rowe Associates Inc. MD raised its position in shares of Best Buy by 0.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 278,042 shares of the technology retailer’s stock valued at $23,857,000 after acquiring an additional 1,316 shares during the period. Finally, J. Safra Sarasin Holding AG boosted its stake in Best Buy by 661.4% during the 4th quarter. J. Safra Sarasin Holding AG now owns 44,678 shares of the technology retailer’s stock worth $3,833,000 after acquiring an additional 38,810 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Buying and Selling at Best Buy

In other Best Buy news, CAO Mathew Watson sold 2,951 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $72.65, for a total value of $214,390.15. Following the sale, the chief accounting officer now owns 21,371 shares in the company, valued at $1,552,603.15. This trade represents a 12.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total transaction of $3,784,200.00. Following the transaction, the chief financial officer now owns 55,856 shares of the company’s stock, valued at $4,144,515.20. This trade represents a 47.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,355 shares of company stock worth $5,767,213 over the last 90 days. Insiders own 0.59% of the company’s stock.

Best Buy Trading Up 0.6 %

Shares of Best Buy stock opened at $67.09 on Friday. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12-month low of $54.99 and a 12-month high of $103.71. The company has a market capitalization of $14.18 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 2.10 and a beta of 1.42. The firm’s 50-day moving average price is $70.55 and its two-hundred day moving average price is $82.15.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same period last year, the firm posted $2.72 earnings per share. On average, analysts forecast 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 paid a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. This represents a $3.80 annualized dividend and a yield of 5.66%. Best Buy’s dividend payout ratio (DPR) is 88.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Citigroup reiterated a “neutral” rating and set a $70.00 target price (down from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. Wells Fargo & Company lowered their price target on Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Wednesday, March 5th. Wedbush reiterated a “neutral” rating and set a $90.00 price objective on shares of Best Buy in a report on Monday, March 3rd. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Best Buy has an average rating of “Hold” and a consensus price target 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.