Envestnet Asset Management Inc. Buys 20,958 Shares of Best Buy Co., Inc. (NYSE:BBY)

Envestnet Asset Management Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 2.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 843,244 shares of the technology retailer's stock after purchasing an additional 20,958 shares during the period. Envestnet Asset Management Inc. owned approximately 0.39% of Best Buy worth $72,350,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Stevens Capital Management LP grew its position in Best Buy by 228.7% during the fourth quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock worth $1,941,000 after buying an additional 15,741 shares in the last quarter. Vanguard Group Inc. increased its holdings in Best Buy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after purchasing an additional 191,161 shares in the last quarter. Pinnacle Financial Partners Inc bought a new position in shares of Best Buy in the fourth quarter valued at about $3,293,000. Klein Pavlis & Peasley Financial Inc. raised its stake in shares of Best Buy by 48.6% in the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 26,400 shares of the technology retailer's stock worth $2,265,000 after acquiring an additional 8,640 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its holdings in Best Buy by 424.0% during the 4th quarter. Alberta Investment Management Corp now owns 26,200 shares of the technology retailer's stock worth $2,248,000 after buying an additional 21,200 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently issued reports on BBY shares. Bank of America reduced their price target on Best Buy from $80.00 to $75.00 and set an "underperform" rating on the stock in a research report on Wednesday, March 5th. Loop Capital restated a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. KeyCorp restated a "sector weight" rating on shares of Best Buy in a research note on Wednesday, March 5th. Guggenheim reduced their price objective on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group decreased their target price on shares of Best Buy from $106.00 to $92.00 and set a "buy" rating for the company in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $91.28.

Insider Buying and Selling

In other Best Buy news, CAO Mathew Watson sold 3,182 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $71.29, for a total value of $226,844.78. Following the transaction, the chief accounting officer now directly owns 19,218 shares of the company's stock, valued at approximately $1,370,051.22. The trade was a 14.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Corie S. Barry purchased 13,500 shares of Best Buy stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $72.92 per share, with a total value of $984,420.00. Following the completion of the acquisition, the chief executive officer now directly owns 378,780 shares of the company's stock, valued at approximately $27,620,637.60. This trade represents a 3.70 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 78,355 shares of company stock valued at $5,767,213 in the last three months. Insiders own 0.59% of the company's stock.

Best Buy Price Performance

Shares of NYSE BBY traded down $0.31 during midday trading on Tuesday, reaching $61.45. The company's stock had a trading volume of 1,330,255 shares, compared to its average volume of 3,246,351. The company has a market cap of $12.99 billion, a P/E ratio of 10.49, a P/E/G ratio of 2.10 and a beta of 1.42. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. The business's 50 day moving average price is $76.97 and its two-hundred day moving average price is $85.07. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating the consensus estimate of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analysts' expectations of $13.69 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. During the same period in the previous year, the company earned $2.72 EPS. On average, analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Tuesday, March 25th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 6.18%. 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 (DPR) is 88.99%.

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.