Envestnet Asset Management Inc. Sells 497,212 Shares of Best Buy Co., Inc. (NYSE:BBY)

Envestnet Asset Management Inc. reduced its holdings in Best Buy Co., Inc. (NYSE:BBY) by 59.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 346,032 shares of the technology retailer’s stock after selling 497,212 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Best Buy worth $25,471,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Pinnacle Bancorp Inc. increased its position in shares of Best Buy by 108.5% during the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer’s stock valued at $25,000 after purchasing an additional 178 shares during the period. Vermillion Wealth Management Inc. bought a new stake in shares of Best Buy during the fourth quarter valued at approximately $31,000. Atlas Capital Advisors Inc. increased its position in shares of Best Buy by 186.9% during the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 243 shares during the period. Ancora Advisors LLC increased its position in shares of Best Buy by 18,700.0% during the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer’s stock valued at $32,000 after purchasing an additional 374 shares during the period. Finally, Grove Bank & Trust boosted its stake in Best Buy by 67.1% in the 1st quarter. Grove Bank & Trust now owns 431 shares of the technology retailer’s stock valued at $32,000 after buying an additional 173 shares in the last quarter. 80.96% of the stock is owned by institutional investors.

Insider Activity at Best Buy

In other news, Chairman Richard M. Schulze sold 729,201 shares of Best Buy 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 transaction, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.59% of the company’s stock.

Best Buy Stock Down 2.8%

Shares of NYSE:BBY opened at $68.94 on Wednesday. The business’s 50 day simple moving average is $70.50 and its two-hundred day simple moving average is $74.86. The firm has a market cap of $14.57 billion, a P/E ratio of 16.86, a PEG ratio of 1.87 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $103.71.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.06. The business had revenue of $8.77 billion for the quarter, compared to analyst estimates of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. The company’s quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.20 earnings per share. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 19th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 5.51%. The ex-dividend date was Wednesday, June 18th. Best Buy’s payout ratio is 92.91%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. DA Davidson reiterated a “buy” rating and set a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Barclays dropped their price objective on Best Buy from $89.00 to $74.00 and set an “equal weight” rating for the company in a research note on Friday, May 30th. UBS Group dropped their price objective on Best Buy from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, May 30th. BNP Paribas upgraded Best Buy to a “hold” rating in a report on Friday, May 30th. Finally, Wells Fargo & Company decreased their target price on Best Buy from $75.00 to $67.00 and set an “equal weight” rating on the stock in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $85.72.

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.