Envestnet Asset Management Inc. Sells 497,212 Shares of Best Buy Co., Inc. (NYSE:BBY)

Envestnet Asset Management Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 59.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 346,032 shares of the technology retailer's stock after selling 497,212 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.16% of Best Buy worth $25,471,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in BBY. Pinnacle Bancorp Inc. boosted its stake in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares in the last quarter. Vermillion Wealth Management Inc. acquired a new stake in shares of Best Buy during the fourth quarter valued at about $31,000. Atlas Capital Advisors Inc. boosted its stake in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 243 shares in the last quarter. Ancora Advisors LLC lifted its stake in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock worth $32,000 after acquiring an additional 173 shares during the period. 80.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on BBY shares. Piper Sandler reaffirmed a "neutral" rating and issued a $75.00 price objective (down from $82.00) on shares of Best Buy in a research note on Monday. Wells Fargo & Company cut their price objective on Best Buy from $75.00 to $67.00 and set an "equal weight" rating on the stock in a research note on Friday, May 30th. BNP Paribas raised Best Buy to a "hold" rating in a research note on Friday, May 30th. DA Davidson reiterated a "buy" rating and issued a $110.00 target price on shares of Best Buy in a report on Monday, April 14th. Finally, UBS Group dropped their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Best Buy has an average rating of "Hold" and an average target price of $85.72.

Insider Buying and Selling

In related news, Chairman Richard M. Schulze sold 729,201 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total value of $53,195,212.95. Following the completion of the sale, the chairman directly owned 196,100 shares of the company's stock, valued at approximately $14,305,495. This represents a 78.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.47% of the company's stock.

Best Buy Stock Down 0.8%

Shares of NYSE:BBY traded down $0.55 during trading on Friday, reaching $67.12. 365,993 shares of the stock were exchanged, compared to its average volume of 3,339,029. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $103.71. The stock has a fifty day moving average of $70.43 and a two-hundred day moving average of $74.67. The firm has a market cap of $14.19 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.77 and a beta of 1.24.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.20 earnings per share. Research analysts anticipate that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.66%. The ex-dividend date was Wednesday, June 18th. Best Buy's payout ratio is currently 92.91%.

About Best Buy

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.