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

Envestnet Portfolio Solutions Inc. lifted its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 30.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,219 shares of the technology retailer’s stock after buying an additional 23,849 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Best Buy were worth $8,770,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in BBY. Rakuten Securities Inc. increased its holdings in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer’s stock valued at $29,000 after purchasing an additional 311 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in Best Buy in the 4th quarter valued at $32,000. OFI Invest Asset Management acquired a new stake in Best Buy in the 4th quarter valued at $34,000. Trust Co. of Vermont increased its holdings in Best Buy by 1,200.0% in the 4th quarter. Trust Co. of Vermont now owns 416 shares of the technology retailer’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. Finally, LRI Investments LLC increased its holdings in Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer’s stock valued at $40,000 after purchasing an additional 335 shares in the last quarter. 80.96% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Stock Performance

Shares of BBY stock opened at $73.70 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.22 and a current ratio of 1.00. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71. The company’s 50-day simple moving average is $84.18 and its 200-day simple moving average is $89.77. The stock has a market capitalization of $15.76 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 2.10 and a beta of 1.43.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 4th. The technology retailer reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.40 by $0.18. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The firm had revenue of $13.95 billion for the quarter, compared to analysts’ expectations of $13.69 billion. During the same quarter last year, the company posted $2.72 earnings per share. Equities analysts anticipate 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 announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Tuesday, March 25th will be issued a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $3.80 dividend on an annualized basis and a yield of 5.16%. This is a boost from Best Buy’s previous quarterly dividend of $0.94. Best Buy’s dividend payout ratio (DPR) is currently 88.99%.

Insiders Place Their Bets

In other Best Buy news, CEO Corie S. Barry bought 13,500 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were purchased 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. The trade was a 3.70 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.59% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on BBY. Barclays lowered their price target on Best Buy from $95.00 to $89.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Truist Financial decreased their price objective on shares of Best Buy from $95.00 to $81.00 and set a “hold” rating for the company in a research report on Wednesday, March 5th. KeyCorp reissued a “sector weight” rating on shares of Best Buy in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on shares of Best Buy from $89.00 to $85.00 and set an “equal weight” rating for the company in a research report on Wednesday, March 5th. Finally, Telsey Advisory Group decreased their price objective on shares of Best Buy from $110.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $93.50.

About Best Buy

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.