Integrated Wealth Concepts LLC Boosts Stock Holdings in Best Buy Co., Inc. (NYSE:BBY)

Integrated Wealth Concepts LLC grew its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 491.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 14,549 shares of the technology retailer's stock after buying an additional 12,088 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Best Buy were worth $1,503,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. QRG Capital Management Inc. lifted its position in Best Buy by 10.5% during the 3rd quarter. QRG Capital Management Inc. now owns 31,745 shares of the technology retailer's stock worth $3,279,000 after buying an additional 3,025 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in shares of Best Buy by 27.4% during the third 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. increased its holdings in shares of Best Buy by 11.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer's stock valued at $6,302,000 after purchasing an additional 7,663 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Best Buy by 13.3% in the 3rd 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 lifted its holdings in Best Buy by 10.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer's stock worth $8,410,000 after buying an additional 9,785 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on BBY. Citigroup lowered their target price on Best Buy from $109.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. Barclays boosted their price objective on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. DA Davidson reaffirmed a "buy" rating and issued a $117.00 target price on shares of Best Buy in a research note on Tuesday, October 15th. Telsey Advisory Group dropped their price target on shares of Best Buy from $115.00 to $110.00 and set an "outperform" rating for the company in a research note on Tuesday, November 26th. Finally, Bank of America raised their price objective on shares of Best Buy from $70.00 to $80.00 and gave the company an "underperform" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $101.06.

Best Buy Stock Down 1.8 %

Shares of Best Buy stock traded down $1.63 on Friday, hitting $88.17. The company had a trading volume of 3,295,408 shares, compared to its average volume of 3,763,939. 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 twelve month low of $69.29 and a twelve month high of $103.71. The firm has a market capitalization of $18.93 billion, a P/E ratio of 15.07, a P/E/G ratio of 2.27 and a beta of 1.44. The stock has a 50-day moving average of $92.84 and a 200-day moving average of $89.97.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.30 by ($0.04). The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.29 earnings per share. Research analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

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

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.