Jensen Investment Management Inc. Has $5.88 Million Holdings in Best Buy Co., Inc. (NYSE:BBY)

Jensen Investment Management Inc. decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 12.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 56,875 shares of the technology retailer’s stock after selling 8,080 shares during the period. Jensen Investment Management Inc.’s holdings in Best Buy were worth $5,875,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Richardson Financial Services Inc. lifted its stake in Best Buy by 190.9% in the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer’s stock worth $27,000 after acquiring an additional 210 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Best Buy during the second quarter worth approximately $35,000. Harbor Capital Advisors Inc. purchased a new position in Best Buy during the third quarter valued at approximately $40,000. Whittier Trust Co. increased its stake in Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer’s stock valued at $41,000 after buying an additional 171 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Best Buy by 103.6% in the 1st quarter. EverSource Wealth Advisors LLC now owns 509 shares of the technology retailer’s stock worth $42,000 after buying an additional 259 shares in the last quarter. 80.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on BBY. Barclays boosted their target price on Best Buy from $81.00 to $95.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Wedbush increased their price target on shares of Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research note on Friday, August 30th. Truist Financial raised their price target on shares of Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a report on Friday, August 30th. UBS Group upped their price target on Best Buy from $106.00 to $123.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com raised Best Buy from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $103.35.

Best Buy Price Performance

Shares of Best Buy stock traded down $0.91 during trading on Friday, hitting $89.20. 2,631,707 shares of the company’s stock traded hands, compared to its average volume of 2,348,488. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. The company has a market cap of $19.15 billion, a PE ratio of 15.38, a PEG ratio of 2.34 and a beta of 1.47. The firm’s fifty day moving average price is $96.59 and its 200 day moving average price is $87.65.

Best Buy (NYSE:BBY) last posted its earnings results on Thursday, August 29th. The technology retailer reported $1.34 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 the consensus estimate of $9.23 billion. During the same quarter last year, the company earned $1.22 EPS. Best Buy’s revenue was down 3.1% on a year-over-year basis. Analysts forecast that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a dividend of $0.94 per share. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 annualized dividend and a yield of 4.22%. Best Buy’s dividend payout ratio is 64.83%.

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.