IHT Wealth Management LLC Cuts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

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

Other institutional investors have also recently made changes to their positions in the company. J. Safra Sarasin Holding AG lifted its holdings in Best Buy by 661.4% in the 4th quarter. J. Safra Sarasin Holding AG now owns 44,678 shares of the technology retailer’s stock valued at $3,833,000 after purchasing an additional 38,810 shares in the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Best Buy by 130.8% in the fourth quarter. TD Waterhouse Canada Inc. now owns 921 shares of the technology retailer’s stock worth $79,000 after buying an additional 522 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Best Buy by 706.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 33,214 shares of the technology retailer’s stock worth $2,850,000 after acquiring an additional 29,097 shares during the last quarter. Tradition Wealth Management LLC grew its stake in Best Buy by 13.5% during the 4th quarter. Tradition Wealth Management LLC now owns 3,196 shares of the technology retailer’s stock valued at $274,000 after acquiring an additional 379 shares in the last quarter. Finally, MML Investors Services LLC raised its holdings in Best Buy by 2.7% in the 4th quarter. MML Investors Services LLC now owns 15,169 shares of the technology retailer’s stock valued at $1,301,000 after acquiring an additional 400 shares during the last quarter. 80.96% of the stock is owned by institutional investors and hedge funds.

Best Buy Trading Up 2.6 %

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

Best Buy (NYSE:BBY) last posted its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. The business had revenue of $13.95 billion for the quarter, compared to analyst estimates of $13.69 billion. Best Buy had a return on equity of 45.93% and a net margin of 3.01%. During the same quarter in the prior year, the company earned $2.72 earnings per share. Equities research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

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

Insider Buying and Selling

In other Best Buy news, insider Todd G. Hartman sold 4,893 shares of the 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 $355,476.45. Following the sale, the insider now directly owns 32,320 shares of the company’s stock, valued at approximately $2,348,048. This represents a 13.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Matthew M. Bilunas sold 51,000 shares of Best Buy 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 sale, the chief financial officer now directly owns 55,856 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders have sold 78,355 shares of company stock worth $5,767,213. Company insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on BBY. Citigroup restated 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. DA Davidson restated a “buy” rating and issued a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Morgan Stanley reduced their price target on Best Buy from $100.00 to $85.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 5th. Guggenheim dropped their price objective on shares of Best Buy from $105.00 to $90.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Best Buy in a report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Best Buy currently has an average rating of “Hold” and an average 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.