Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 4.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 97,982 shares of the technology retailer's stock after selling 4,237 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Best Buy were worth $7,212,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. CIBC Asset Management Inc grew its position in shares of Best Buy by 2.1% in the 4th quarter. CIBC Asset Management Inc now owns 34,976 shares of the technology retailer's stock worth $3,001,000 after acquiring an additional 727 shares in the last quarter. Truist Financial Corp grew its position in shares of Best Buy by 11.7% in the 4th quarter. Truist Financial Corp now owns 29,357 shares of the technology retailer's stock worth $2,519,000 after acquiring an additional 3,072 shares in the last quarter. Alberta Investment Management Corp grew its position in shares of Best Buy by 424.0% in the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after acquiring an additional 21,200 shares in the last quarter. Ieq Capital LLC grew its position in shares of Best Buy by 209.3% in the 4th quarter. Ieq Capital LLC now owns 47,574 shares of the technology retailer's stock worth $4,082,000 after acquiring an additional 32,195 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Best Buy by 28.6% in the 4th quarter. Handelsbanken Fonder AB now owns 38,191 shares of the technology retailer's stock worth $3,277,000 after acquiring an additional 8,499 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Best Buy

In other news, CFO Matthew M. Bilunas sold 51,000 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $74.20, for a total value of $3,784,200.00. Following the sale, the chief financial officer now owns 55,856 shares of the company's stock, valued at approximately $4,144,515.20. The trade was a 47.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Richard M. Schulze sold 729,201 shares of the business's 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 now directly owns 196,100 shares in the company, valued at $14,305,495. This represents a 78.81% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.47% of the company's stock.

Best Buy Stock Performance

Best Buy stock traded down $0.19 during mid-day trading on Friday, hitting $67.58. 5,187,931 shares of the company's stock traded hands, compared to its average volume of 3,332,083. The firm has a 50 day moving average price of $68.62 and a 200 day moving average price of $76.97. The company has a quick ratio of 0.32, a current ratio of 1.02 and a debt-to-equity ratio of 0.42. The company has a market cap of $14.28 billion, a PE ratio of 16.52, a price-to-earnings-growth ratio of 1.79 and a beta of 1.25. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.06. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The firm had revenue of $8.77 billion for the quarter, compared to the consensus estimate of $8.77 billion. During the same quarter in the previous year, the business earned $1.20 EPS. The firm's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 19th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.62%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio is presently 92.91%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Telsey Advisory Group reiterated an "outperform" rating and issued a $90.00 target price on shares of Best Buy in a research report on Friday, May 30th. Evercore ISI decreased their target price on Best Buy from $95.00 to $80.00 and set an "in-line" rating for the company in a research report on Wednesday, March 5th. UBS Group cut their price target on Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Loop Capital cut their price target on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Citigroup reissued a "neutral" rating and issued a $70.00 price target (down previously from $93.00) on shares of Best Buy in a report on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $86.11.

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.