Conning Inc. Cuts Stake in Best Buy Co., Inc. $BBY

Conning Inc. cut its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 12.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 417,187 shares of the technology retailer’s stock after selling 61,868 shares during the period. Conning Inc. owned 0.20% of Best Buy worth $31,548,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank acquired a new position in Best Buy during the 2nd quarter valued at about $171,851,000. AQR Capital Management LLC grew its stake in shares of Best Buy by 39.5% during the second quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after acquiring an additional 991,141 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Best Buy by 61.9% during the third quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock valued at $151,156,000 after acquiring an additional 764,064 shares in the last quarter. Invesco Ltd. raised its position in shares of Best Buy by 15.8% in the 2nd quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock valued at $305,351,000 after purchasing an additional 621,863 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in Best Buy by 855.5% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock worth $46,094,000 after purchasing an additional 614,779 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company’s stock.

Best Buy Stock Performance

Shares of BBY stock opened at $66.65 on Thursday. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $91.68. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44. The stock has a market cap of $13.97 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 1.71 and a beta of 1.41. The business has a 50-day simple moving average of $73.21 and a 200-day simple moving average of $73.62.

Best Buy (NYSE:BBY) last announced its quarterly earnings results on Tuesday, November 25th. The technology retailer reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.31 by $0.09. Best Buy had a return on equity of 50.02% and a net margin of 1.54%.The company had revenue of $9.67 billion during the quarter, compared to analysts’ expectations of $9.57 billion. During the same period last year, the business earned $1.26 earnings per share. Best Buy’s quarterly revenue was up 2.4% on a year-over-year basis. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, equities analysts expect that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 6th. Investors of record on Tuesday, December 16th were issued a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, December 16th. This represents a $3.80 dividend on an annualized basis and a yield of 5.7%. Best Buy’s dividend payout ratio is 125.83%.

Insider Buying and Selling

In other Best Buy news, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total value of $6,285,563.43. Following the completion of the transaction, the chairman owned 11,451,911 shares of the company’s stock, valued at approximately $965,510,616.41. The trade was a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 1,534,993 shares of company stock worth $126,626,855 in the last quarter. 0.47% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

BBY has been the subject of a number of research analyst reports. Wall Street Zen cut shares of Best Buy from a “buy” rating to a “hold” rating in a report on Saturday, January 10th. Wedbush restated a “neutral” rating and issued a $75.00 target price on shares of Best Buy in a research note on Thursday, November 20th. The Goldman Sachs Group lowered their price target on Best Buy from $95.00 to $93.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Truist Financial set a $77.00 price objective on Best Buy in a report on Wednesday, December 17th. Finally, Loop Capital raised their price objective on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Nine equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $83.89.

Best Buy Profile

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.