Envestnet Portfolio Solutions Inc. Grows Stock Position in Best Buy Co., Inc. (NYSE:BBY)

Envestnet Portfolio Solutions Inc. grew its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 30.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,219 shares of the technology retailer’s stock after buying an additional 23,849 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Best Buy were worth $8,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of BBY. GSA Capital Partners LLP purchased a new stake in Best Buy during the 3rd quarter worth about $443,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Best Buy during the third quarter worth about $678,000. Huntington National Bank increased its position in shares of Best Buy by 22.0% during the third quarter. Huntington National Bank now owns 2,102 shares of the technology retailer’s stock worth $217,000 after purchasing an additional 379 shares in the last quarter. CIBC Asset Management Inc increased its position in shares of Best Buy by 9.2% during the third quarter. CIBC Asset Management Inc now owns 34,249 shares of the technology retailer’s stock worth $3,538,000 after purchasing an additional 2,888 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in shares of Best Buy by 12.0% during the third quarter. Natixis Advisors LLC now owns 116,167 shares of the technology retailer’s stock worth $12,000,000 after purchasing an additional 12,491 shares in the last quarter. 80.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BBY has been the topic of a number of research analyst reports. Telsey Advisory Group cut their target price on Best Buy from $110.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Piper Sandler cut their target price on Best Buy from $102.00 to $92.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Evercore ISI cut their target price on Best Buy from $95.00 to $80.00 and set an “in-line” rating on the stock in a research report on Wednesday, March 5th. Barclays cut their target price on Best Buy from $95.00 to $89.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 9th. Finally, JPMorgan Chase & Co. dropped their price target on Best Buy from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $93.50.

Best Buy Trading Up 3.1 %

Shares of Best Buy stock opened at $73.70 on Tuesday. Best Buy Co., Inc. has a fifty-two week low of $69.29 and a fifty-two week high of $103.71. The firm has a market cap of $15.76 billion, a PE ratio of 12.60, a P/E/G ratio of 2.10 and a beta of 1.43. The business’s fifty day moving average is $84.18 and its two-hundred day moving average is $89.77. 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) last issued its quarterly earnings results 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. 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 for the quarter, compared to analyst estimates of $13.69 billion. During the same quarter in the prior year, the company posted $2.72 EPS. Analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be paid a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.16%. The ex-dividend date of this dividend is Tuesday, March 25th. This is a positive change from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio is currently 88.99%.

Insiders Place Their Bets

In other news, CEO Corie S. Barry acquired 13,500 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $72.92 per share, for a total transaction of $984,420.00. Following the acquisition, the chief executive officer now directly owns 378,780 shares in the company, valued at approximately $27,620,637.60. This represents a 3.70 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.59% of the company’s stock.

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.