Conning Inc. Has $32.16 Million Stake in Best Buy Co., Inc. $BBY

Conning Inc. increased its position in Best Buy Co., Inc. (NYSE:BBY) by 5.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 479,055 shares of the technology retailer’s stock after purchasing an additional 24,741 shares during the period. Conning Inc.’s holdings in Best Buy were worth $32,159,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. IFM Investors Pty Ltd boosted its stake in shares of Best Buy by 6.6% during the 2nd quarter. IFM Investors Pty Ltd now owns 48,919 shares of the technology retailer’s stock valued at $3,284,000 after buying an additional 3,040 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Best Buy by 7.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer’s stock valued at $14,560,000 after buying an additional 13,378 shares during the period. Blackhawk Capital Partners LLC. acquired a new stake in shares of Best Buy during the 1st quarter valued at $1,574,000. Alberta Investment Management Corp boosted its stake in shares of Best Buy by 25.6% during the 1st quarter. Alberta Investment Management Corp now owns 32,900 shares of the technology retailer’s stock valued at $2,422,000 after buying an additional 6,700 shares during the period. Finally, Focus Partners Advisor Solutions LLC boosted its stake in shares of Best Buy by 191.9% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,714 shares of the technology retailer’s stock valued at $789,000 after buying an additional 7,043 shares during the period. Institutional investors and hedge funds own 80.96% of the company’s stock.

Insider Activity

In other news, Chairman Richard M. Schulze sold 196,100 shares of the business’s stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $74.00, for a total transaction of $14,511,400.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mathew Watson sold 3,715 shares of the business’s stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $74.07, for a total transaction of $275,170.05. Following the transaction, the chief accounting officer owned 22,150 shares in the company, valued at approximately $1,640,650.50. The trade was a 14.36% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 201,833 shares of company stock worth $14,941,472. Insiders own 0.47% of the company’s stock.

Best Buy Stock Performance

Shares of BBY opened at $70.53 on Friday. The company has a market capitalization of $14.82 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.98 and a beta of 1.23. Best Buy Co., Inc. has a one year low of $54.99 and a one year high of $99.80. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.04 and a quick ratio of 0.36. The company’s fifty day moving average price is $73.70 and its 200 day moving average price is $70.12.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 28th. The technology retailer reported $1.28 EPS for the quarter, topping the consensus estimate of $1.22 by $0.06. The firm had revenue of $9.44 billion for the quarter, compared to the consensus estimate of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The business’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 EPS. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. As a group, analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Stockholders of record on Thursday, September 18th were issued a dividend of $0.95 per share. The ex-dividend date was Thursday, September 18th. This represents a $3.80 annualized dividend and a dividend yield of 5.4%. Best Buy’s payout ratio is presently 104.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BBY shares. Argus reissued a “hold” rating on shares of Best Buy in a research note on Tuesday, September 16th. Jefferies Financial Group raised their price target on shares of Best Buy from $88.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Best Buy in a report on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Best Buy from $88.00 to $89.00 and gave the company an “overweight” rating in a report on Friday, August 29th. Finally, Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a report on Saturday, September 13th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $81.69.

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.