Jensen Investment Management Inc. Sells 8,080 Shares of Best Buy Co., Inc. (NYSE:BBY)

Jensen Investment Management Inc. decreased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 12.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,875 shares of the technology retailer's stock after selling 8,080 shares during the quarter. Jensen Investment Management Inc.'s holdings in Best Buy were worth $5,875,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of BBY. Richardson Financial Services Inc. lifted its holdings in shares of 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 purchasing an additional 210 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in Best Buy in the 3rd quarter valued at about $40,000. Innealta Capital LLC acquired a new position in Best Buy during the 2nd quarter valued at about $35,000. Whittier Trust Co. boosted its stake in Best Buy by 53.3% during the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after purchasing an additional 171 shares during the period. Finally, Benjamin Edwards Inc. grew its position in Best Buy by 50.8% in the 2nd quarter. Benjamin Edwards Inc. now owns 493 shares of the technology retailer's stock worth $42,000 after purchasing an additional 166 shares during the last quarter. Institutional investors own 80.96% of the company's stock.

Best Buy Stock Down 1.0 %

NYSE BBY traded down $0.91 during trading on Friday, reaching $89.20. 2,631,707 shares of the company's stock were exchanged, compared to its average volume of 2,348,488. The firm has a market capitalization of $19.15 billion, a PE ratio of 15.38, a P/E/G ratio of 2.34 and a beta of 1.47. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71. The company has a current ratio of 1.01, a quick ratio of 0.34 and a debt-to-equity ratio of 0.37. The company's fifty day simple moving average is $96.59 and its 200-day simple moving average is $87.65.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.22 EPS. Sell-side analysts predict that Best Buy Co., Inc. will post 6.28 EPS for the current year.

Best Buy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Thursday, September 19th were paid a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.22%. Best Buy's dividend payout ratio (DPR) is currently 64.83%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wells Fargo & Company boosted their price objective on Best Buy from $80.00 to $95.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Bank of America upped their target price on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their price target on Best Buy from $101.00 to $111.00 and gave the company an "overweight" rating in a research report on Friday, August 30th. Truist Financial upped their price objective 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 target price on Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten 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 an average rating of "Moderate Buy" and an average target price of $103.35.

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.