Envestnet Portfolio Solutions Inc. Purchases 23,849 Shares of Best Buy Co., Inc. (NYSE:BBY)

Envestnet Portfolio Solutions Inc. increased its holdings in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 30.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,219 shares of the technology retailer's stock after acquiring an additional 23,849 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Best Buy were worth $8,770,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its holdings in Best Buy by 6.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,560,368 shares of the technology retailer's stock worth $562,880,000 after acquiring an additional 395,415 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Best Buy during the fourth quarter valued at about $514,483,000. Geode Capital Management LLC boosted its holdings in Best Buy by 2.5% during the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock worth $499,954,000 after purchasing an additional 120,185 shares during the last quarter. Bank of New York Mellon Corp grew its position in Best Buy by 13.7% in the 4th quarter. Bank of New York Mellon Corp now owns 3,824,425 shares of the technology retailer's stock worth $328,136,000 after purchasing an additional 459,353 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its stake in Best Buy by 17.3% in the 4th quarter. Allianz Asset Management GmbH now owns 1,606,242 shares of the technology retailer's stock valued at $137,816,000 after buying an additional 236,524 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

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Analysts Set New Price Targets

Several equities analysts have recently issued reports on BBY shares. Bank of America reduced their target price on Best Buy from $80.00 to $75.00 and set an "underperform" rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their price objective on Best Buy from $115.00 to $110.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. KeyCorp reaffirmed a "sector weight" rating on shares of Best Buy in a research report on Wednesday, March 5th. Guggenheim cut their price target on shares of Best Buy from $105.00 to $90.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Finally, Loop Capital restated a "negative" rating on shares of Best Buy in a report on Wednesday, March 5th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $93.50.

Best Buy Price Performance

BBY traded up $0.15 during trading on Friday, reaching $73.63. 6,849,458 shares of the company were exchanged, compared to its average volume of 2,984,881. The company has a quick ratio of 0.22, a current ratio of 1.00 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.74 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 2.10 and a beta of 1.43. Best Buy Co., Inc. has a 12-month low of $69.29 and a 12-month high of $103.71. The company's 50-day moving average is $83.54 and its two-hundred day moving average is $89.36.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, March 4th. The technology retailer reported $2.58 EPS for the quarter, beating analysts' consensus estimates of $2.40 by $0.18. The company had revenue of $13.95 billion during the quarter, compared to analyst estimates 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 last year, the business earned $2.72 earnings per share. Research analysts forecast that Best Buy Co., Inc. will post 6.18 earnings per share 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 paid a dividend of $0.95 per share. This is a positive change from Best Buy's previous quarterly dividend of $0.94. The ex-dividend date is Tuesday, March 25th. This represents a $3.80 annualized dividend and a yield of 5.16%. Best Buy's dividend payout ratio (DPR) is currently 88.99%.

Insider Buying and Selling

In other Best Buy news, CEO Corie S. Barry acquired 13,500 shares of the business's stock in a transaction dated 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 owns 378,780 shares of the company's stock, valued at $27,620,637.60. This trade represents a 3.70 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Mathew Watson sold 3,182 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $71.29, for a total transaction of $226,844.78. Following the completion of the sale, the chief accounting officer now directly owns 19,218 shares in the company, valued at $1,370,051.22. This represents a 14.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.59% of the stock is owned by company insiders.

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.