Envestnet Asset Management Inc. Has $22.65 Million Stock Holdings in Best Buy Co., Inc. $BBY

Envestnet Asset Management Inc. cut its stake in Best Buy Co., Inc. (NYSE:BBY) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 337,407 shares of the technology retailer’s stock after selling 8,625 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Best Buy worth $22,650,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Mutual Advisors LLC grew its stake in shares of Best Buy by 25.4% in the first quarter. Mutual Advisors LLC now owns 3,279 shares of the technology retailer’s stock valued at $222,000 after buying an additional 664 shares in the last quarter. OneDigital Investment Advisors LLC acquired a new stake in shares of Best Buy in the first quarter valued at approximately $200,000. Concurrent Investment Advisors LLC increased its position in shares of Best Buy by 1.3% in the first quarter. Concurrent Investment Advisors LLC now owns 27,825 shares of the technology retailer’s stock worth $2,048,000 after purchasing an additional 358 shares during the period. Blackhawk Capital Partners LLC. bought a new stake in shares of Best Buy during the 1st quarter worth approximately $1,574,000. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Best Buy by 7.7% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 142,790 shares of the technology retailer’s stock valued at $10,276,000 after purchasing an additional 10,165 shares during the last quarter. Institutional investors own 80.96% of the company’s stock.

Analyst Upgrades and Downgrades

BBY has been the subject of a number of research reports. Jefferies Financial Group increased their price target on Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, October 8th. Evercore ISI increased their target price on shares of Best Buy from $75.00 to $77.00 and gave the stock an “in-line” rating in a research note on Friday, August 29th. Truist Financial lifted their price target on shares of Best Buy from $69.00 to $72.00 and gave the company a “hold” rating in a research report on Friday, August 29th. Citigroup restated a “buy” rating on shares of Best Buy in a research note on Thursday, August 28th. Finally, Argus reiterated a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $81.69.

Best Buy Stock Performance

Best Buy stock opened at $79.38 on Wednesday. The firm’s fifty day moving average price is $77.14 and its 200-day moving average price is $72.19. The stock has a market cap of $16.68 billion, a P/E ratio of 21.93, a price-to-earnings-growth ratio of 2.21 and a beta of 1.23. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $95.49. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04.

Best Buy (NYSE:BBY) last issued its quarterly earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.06. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business had revenue of $9.44 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same period last year, the business earned $1.34 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, equities research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date was Thursday, September 18th. Best Buy’s payout ratio is currently 104.97%.

Insiders Place Their Bets

In other news, Chairman Richard M. Schulze sold 500,000 shares of the company’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $80.83, for a total value of $40,415,000.00. Following the sale, the chairman directly owned 12,486,904 shares of the company’s stock, valued at $1,009,316,450.32. This represents a 3.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mathew Watson sold 3,715 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $74.07, for a total value of $275,170.05. Following the completion of the sale, the chief accounting officer owned 22,150 shares in the company, valued at $1,640,650.50. The trade was a 14.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,736,826 shares of company stock worth $141,568,327. Insiders own 0.47% of the company’s stock.

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.