Envestnet Portfolio Solutions Inc. Cuts Stock Position in Best Buy Co., Inc. $BBY

Key Points

• Envestnet Portfolio Solutions Inc. reduced its stake in Best Buy Co., Inc. by 19.6%, selling 19,163 shares and holding 78,819 shares valued at $5.29 million at the end of Q2.
• Insider selling included Chairman Richard M. Schulze offloading 196,100 shares for approximately $14.5 million, indicating significant activity among company executives.
• Best Buy announced a quarterly dividend of $0.95, resulting in an annualized yield of 4.9%, with a payout ratio above 100%.

Envestnet Portfolio Solutions Inc. cut its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 19.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,819 shares of the technology retailer's stock after selling 19,163 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Best Buy were worth $5,291,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IFM Investors Pty Ltd boosted its stake in Best Buy by 6.6% during the second quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer's stock worth $3,284,000 after buying an additional 3,040 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Best Buy by 7.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after buying an additional 13,378 shares during the period. Blackhawk Capital Partners LLC. purchased a new position in Best Buy during the first quarter worth $1,574,000. Alberta Investment Management Corp boosted its stake in Best Buy by 25.6% during the first quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer's stock worth $2,422,000 after buying an additional 6,700 shares during the period. Finally, Focus Partners Advisor Solutions LLC boosted its stake in Best Buy by 191.9% during the first quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer's stock worth $789,000 after buying an additional 7,043 shares during the period. 80.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Best Buy news, Chairman Richard M. Schulze sold 196,100 shares of Best Buy stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total value of $14,511,400.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Mathew Watson sold 2,018 shares of Best Buy stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares in the company, valued at $1,545,332.32. This trade represents a 9.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 201,833 shares of company stock valued at $14,941,472 over the last 90 days. 0.59% of the stock is currently owned by corporate insiders.

Best Buy Stock Performance

BBY stock opened at $77.26 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The business has a 50-day moving average price of $74.13 and a 200 day moving average price of $70.14. The company has a market capitalization of $16.23 billion, a P/E ratio of 21.34, a PEG ratio of 2.04 and a beta of 1.23. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $99.80.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a return on equity of 47.32% and a net margin of 1.87%.The firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, equities research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Thursday, September 18th. Best Buy's payout ratio is presently 104.97%.

Wall Street Analysts Forecast Growth

BBY has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Best Buy from $67.00 to $75.00 and gave the stock a "buy" rating in a research note on Friday, August 29th. Citigroup reiterated a "buy" rating on shares of Best Buy in a research report on Thursday, August 28th. Weiss Ratings reiterated a "hold (c)" rating on shares of Best Buy in a research report on Wednesday, October 8th. Bank of America decreased their target price on Best Buy from $63.00 to $60.00 and set an "underperform" rating for the company in a research report on Friday, August 29th. Finally, Guggenheim reiterated a "buy" rating and set a $90.00 target price on shares of Best Buy in a research report on Friday, August 29th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $81.69.

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.

Want to see what other hedge funds are holding BBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Best Buy Co., Inc. (NYSE:BBY - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.