IHT Wealth Management LLC Takes Position in Best Buy Co., Inc. (NYSE:BBY)

IHT Wealth Management LLC bought a new stake in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,379 shares of the technology retailer's stock, valued at approximately $757,000.

A number of other institutional investors have also recently made changes to their positions in BBY. QRG Capital Management Inc. increased its position in Best Buy by 10.5% during the third quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock valued at $3,279,000 after acquiring an additional 3,025 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in Best Buy by 27.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 90,341 shares of the technology retailer's stock valued at $9,332,000 after purchasing an additional 19,405 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer's stock worth $6,302,000 after purchasing an additional 7,663 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Best Buy by 13.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer's stock worth $15,806,000 after purchasing an additional 18,171 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Best Buy by 10.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer's stock valued at $8,410,000 after buying an additional 9,785 shares during the period. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 1.8 %

Shares of NYSE BBY traded down $1.63 during mid-day trading on Friday, reaching $88.17. 3,295,408 shares of the company were exchanged, compared to its average volume of 3,763,939. Best Buy Co., Inc. has a 1 year low of $69.29 and a 1 year high of $103.71. The firm has a 50-day moving average of $92.84 and a 200 day moving average of $89.97. The stock has a market cap of $18.93 billion, a price-to-earnings ratio of 15.07, a P/E/G ratio of 2.27 and a beta of 1.44. 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 (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Tuesday, November 26th. The technology retailer reported $1.26 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $9.45 billion for the quarter, compared to analysts' expectations of $9.63 billion. During the same period in the previous year, the company posted $1.29 earnings per share. The business's quarterly revenue was down 3.2% compared to the same quarter last year. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 4.26%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio is currently 64.27%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group increased their price target on Best Buy from $95.00 to $116.00 and gave the stock a "buy" rating in a report on Tuesday, September 3rd. Wells Fargo & Company reduced their target price on Best Buy from $95.00 to $89.00 and set an "equal weight" rating on the stock in a research note on Wednesday, November 27th. JPMorgan Chase & Co. boosted their target price on shares of Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Evercore ISI raised their price target on shares of Best Buy from $90.00 to $94.00 and gave the stock an "in-line" rating in a research note on Friday, August 30th. Finally, StockNews.com cut shares of Best Buy from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $101.06.

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.