Jensen Investment Management Inc. Sells 11,500 Shares of Best Buy Co., Inc. (NYSE:BBY)

Jensen Investment Management Inc. reduced its position in Best Buy Co., Inc. (NYSE:BBY) by 15.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 64,955 shares of the technology retailer’s stock after selling 11,500 shares during the quarter. Jensen Investment Management Inc.’s holdings in Best Buy were worth $5,475,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BBY. Raymond James & Associates lifted its holdings in shares of Best Buy by 17.0% during the second quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer’s stock valued at $284,712,000 after acquiring an additional 490,801 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Best Buy by 55.7% during the second quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer’s stock valued at $241,347,000 after acquiring an additional 1,024,824 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Best Buy by 4.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,791,561 shares of the technology retailer’s stock valued at $218,527,000 after acquiring an additional 107,926 shares during the period. Norges Bank bought a new position in shares of Best Buy during the fourth quarter valued at $165,164,000. Finally, Ninety One UK Ltd bought a new position in shares of Best Buy during the second quarter valued at $121,325,000. 80.96% of the stock is owned by institutional investors.

Best Buy Stock Up 0.6 %

Shares of Best Buy stock traded up $0.59 on Friday, reaching $100.00. 221,118 shares of the company were exchanged, compared to its average volume of 3,111,483. Best Buy Co., Inc. has a one year low of $62.30 and a one year high of $103.71. The company has a market capitalization of $21.57 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 3.20 and a beta of 1.46. The company has a current ratio of 1.01, a quick ratio of 0.33 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $87.06 and a 200 day moving average of $81.82.

Best Buy (NYSE:BBY) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The company had revenue of $9.29 billion for the quarter, compared to analysts’ expectations of $9.23 billion. During the same quarter in the prior year, the business posted $1.22 EPS. The business’s revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts forecast that Best Buy Co., Inc. will post 6.27 earnings per share for the current year.

Best Buy Announces Dividend

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 paid a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy’s dividend payout ratio is currently 65.85%.

Insider Transactions at Best Buy

In other news, EVP Jason J. Bonfig sold 3,500 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $83.02, for a total transaction of $290,570.00. Following the sale, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, EVP Jason J. Bonfig sold 3,500 shares of the stock in a transaction on Monday, July 8th. The stock was 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 of the company’s stock, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Chairman Richard M. Schulze sold 600,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $88.29, for a total value of $52,974,000.00. Following the sale, the chairman now directly owns 14,002,853 shares in the company, valued at $1,236,311,891.37. The disclosure for this sale can be found here. Insiders have sold a total of 1,383,370 shares of company stock worth $122,233,276 in the last 90 days. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a report on Friday, August 30th. Evercore ISI lifted their price target on Best Buy from $90.00 to $94.00 and gave the company an “in-line” rating in a report on Friday, August 30th. Wells Fargo & Company lifted their price target on Best Buy from $80.00 to $95.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Truist Financial lifted their price target on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. Finally, Wedbush lifted their price target on Best Buy from $85.00 to $95.00 and gave the company a “neutral” rating in a report 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 given a strong buy rating to the stock. According to MarketBeat, Best Buy currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.56.

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.