Best Buy Co., Inc. (NYSE:BBY) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 5.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 818,138 shares of the technology retailer’s stock after acquiring an additional 43,113 shares during the quarter. Envestnet Asset Management Inc. owned about 0.38% of Best Buy worth $68,961,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BBY. Rise Advisors LLC increased its position in shares of Best Buy by 69.5% during the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after purchasing an additional 132 shares during the last quarter. Palisade Asset Management LLC purchased a new position in Best Buy during the first quarter worth about $27,000. PrairieView Partners LLC increased its position in shares of Best Buy by 67.1% during the first quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock valued at $31,000 after acquiring an additional 151 shares during the last quarter. Innealta Capital LLC purchased a new stake in shares of Best Buy in the 2nd quarter valued at approximately $35,000. Finally, American National Bank acquired a new position in shares of Best Buy in the 1st quarter worth approximately $37,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $99.48 on Wednesday. The company has a market cap of $21.46 billion, a P/E ratio of 17.42, a PEG ratio of 2.56 and a beta of 1.46. The firm has a fifty day moving average price of $89.41 and a 200 day moving average price of $83.10. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. Best Buy Co., Inc. has a 12 month low of $62.30 and a 12 month high of $103.71.

Best Buy (NYSE:BBY) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The business had revenue of $9.29 billion during the quarter, compared to analysts’ expectations of $9.23 billion. During the same period in the prior year, the firm posted $1.22 EPS. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. Sell-side analysts predict that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.78%. Best Buy’s dividend payout ratio is presently 65.85%.

Analysts Set New Price Targets

Several analysts recently weighed in on BBY shares. Bank of America lifted their target price on shares of Best Buy from $70.00 to $80.00 and gave the company an “underperform” rating in a report on Friday, August 30th. Loop Capital lifted their price objective on Best Buy from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Evercore ISI boosted their price objective on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Truist Financial raised their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $114.00 price target (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Best Buy presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.56.

Insider Transactions at Best Buy

In related news, EVP Jason J. Bonfig sold 3,500 shares of Best Buy stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at $4,210,276.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 88,542 shares of Best Buy stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now owns 13,602,853 shares in the company, valued at approximately $1,200,451,777.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is currently owned by insiders.

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.