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

Envestnet Portfolio Solutions Inc. cut its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 97,982 shares of the technology retailer's stock after selling 4,237 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Best Buy were worth $7,212,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Best Buy during the fourth quarter worth about $514,483,000. Norges Bank acquired a new position in shares of Best Buy in the 4th quarter valued at $178,015,000. Northern Trust Corp boosted its holdings in Best Buy by 31.3% during the fourth quarter. Northern Trust Corp now owns 2,942,832 shares of the technology retailer's stock worth $252,495,000 after buying an additional 701,287 shares in the last quarter. Invesco Ltd. grew its position in Best Buy by 20.5% during the fourth quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in Best Buy by 101.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,114,928 shares of the technology retailer's stock valued at $95,661,000 after buying an additional 561,413 shares during the period. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the company's stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman now owns 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.47% of the stock is owned by insiders.

Best Buy Trading Up 3.8%

Shares of Best Buy stock traded up $2.52 on Tuesday, reaching $68.89. The company had a trading volume of 4,365,870 shares, compared to its average volume of 3,323,610. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. The firm has a market cap of $14.56 billion, a PE ratio of 16.84, a PEG ratio of 1.78 and a beta of 1.25. The firm's 50 day moving average price is $68.71 and its two-hundred day moving average price is $76.63. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 EPS 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 analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm's revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 earnings per share. Sell-side analysts predict that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.52%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Analyst Upgrades and Downgrades

Several analysts have commented on BBY shares. KeyCorp reissued a "sector weight" rating on shares of Best Buy in a report on Wednesday, March 5th. DA Davidson restated a "buy" rating and set a $110.00 price objective on shares of Best Buy in a research report on Monday, April 14th. Citigroup reiterated a "neutral" rating and issued a $70.00 target price (down previously from $93.00) on shares of Best Buy in a research report on Thursday, April 3rd. JPMorgan Chase & Co. reduced their price target on shares of Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Finally, UBS Group lowered their price objective on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $86.11.

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.