Best Buy Co., Inc. (NYSE:BBY) Position Reduced by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. trimmed its stake in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,583 shares of the technology retailer’s stock after selling 423 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Best Buy were worth $471,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC lifted its position in shares of Best Buy by 69.5% in the 1st quarter. Rise Advisors LLC now owns 322 shares of the technology retailer’s stock worth $26,000 after buying an additional 132 shares during the last quarter. Palisade Asset Management LLC bought a new position in shares of Best Buy in the 1st quarter worth about $27,000. PrairieView Partners LLC lifted its position in shares of Best Buy by 67.1% in the 1st quarter. PrairieView Partners LLC now owns 376 shares of the technology retailer’s stock worth $31,000 after buying an additional 151 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Best Buy in the 2nd quarter worth about $35,000. Finally, American National Bank bought a new position in shares of Best Buy in the 1st quarter worth about $37,000. 80.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BBY has been the topic of a number of recent research reports. Truist Financial raised their price target on shares of Best Buy from $86.00 to $107.00 and gave the stock a “hold” rating in a research report on Friday, August 30th. The Goldman Sachs Group increased their price objective on shares of Best Buy from $95.00 to $116.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Evercore ISI increased their price objective on shares of Best Buy from $90.00 to $94.00 and gave the stock an “in-line” rating in a report on Friday, August 30th. Telsey Advisory Group increased their price objective on shares of Best Buy from $95.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Finally, Bank of America increased their price objective on shares of Best Buy from $70.00 to $80.00 and gave the stock an “underperform” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $102.56.

Best Buy Stock Performance

NYSE:BBY opened at $98.45 on Friday. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month 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 has a 50-day moving average of $88.88 and a 200-day moving average of $82.80. The firm has a market cap of $21.24 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY) last posted 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. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter last year, the firm posted $1.22 EPS. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts forecast that Best Buy Co., Inc. will post 6.26 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 3.82%. Best Buy’s dividend payout ratio (DPR) is 65.85%.

Insiders Place Their Bets

In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total value of $290,570.00. Following the completion of the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at $4,210,276.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Chairman Richard M. Schulze sold 691,328 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $88.46, for a total transaction of $61,154,874.88. Following the transaction, the chairman now owns 14,911,525 shares of the company’s stock, valued at $1,319,073,501.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jason J. Bonfig sold 3,500 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the transaction, the executive vice president now directly owns 50,714 shares in the company, valued at approximately $4,210,276.28. The disclosure for this sale can be found here. Insiders sold a total of 1,383,370 shares of company stock worth $122,233,276 over the last ninety days. 0.59% of the stock is currently owned by company insiders.

About Best Buy

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.