Best Buy Co., Inc. $BBY Shares Sold by Conning Inc.

Conning Inc. trimmed its position in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.2% during the third quarter, HoldingsChannel.com reports. The firm owned 464,168 shares of the technology retailer’s stock after selling 35,829 shares during the period. Best Buy makes up approximately 1.3% of Conning Inc.’s portfolio, making the stock its 12th biggest holding. Conning Inc.’s holdings in Best Buy were worth $40,958,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BBY. Clark Wealth Partners bought a new position in Best Buy in the 3rd quarter valued at approximately $29,000. Ashurst Perkins Coie Trust Co boosted its position in Best Buy by 75.1% during the 3rd quarter. Ashurst Perkins Coie Trust Co now owns 394 shares of the technology retailer’s stock worth $35,000 after buying an additional 169 shares during the period. Farmers & Merchants Investments Inc. boosted its position in Best Buy by 313.9% during the 3rd quarter. Farmers & Merchants Investments Inc. now owns 447 shares of the technology retailer’s stock worth $39,000 after buying an additional 339 shares during the period. Aberdeen Wealth Management LLC acquired a new stake in Best Buy during the 2nd quarter worth approximately $38,000. Finally, Physician Wealth Advisors Inc. grew its holdings in Best Buy by 582.4% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 621 shares of the technology retailer’s stock worth $55,000 after acquiring an additional 530 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Stock Performance

Shares of BBY stock opened at $96.86 on Thursday. The stock has a market capitalization of $20.32 billion, a PE ratio of 16.12, a PEG ratio of 2.50 and a beta of 1.26. The business’s 50 day simple moving average is $89.95 and its 200 day simple moving average is $75.04. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.12 and a quick ratio of 0.41. Best Buy Co., Inc. has a one year low of $55.10 and a one year high of $100.58.

Best Buy (NYSE:BBY) last released its quarterly earnings results on Thursday, August 27th. The technology retailer reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.08. Best Buy had a net margin of 3.01% and a return on equity of 48.14%. The firm had revenue of $9.78 billion during the quarter, compared to analyst estimates of $9.59 billion. During the same quarter last year, the business earned $1.28 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. Best Buy has set its FY 2027 guidance at 6.700-6.900 EPS. As a group, research analysts forecast that Best Buy Co., Inc. will post 6.81 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 8th. Stockholders of record on Thursday, September 17th were paid a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Thursday, September 17th. Best Buy’s dividend payout ratio is currently 63.89%.

Insider Buying and Selling at Best Buy

In other news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total transaction of $10,695,113.30. Following the completion of the sale, the executive vice president directly owned 116,173 shares in the company, valued at $10,705,341.95. This represents a 49.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Richard Schulze sold 300,000 shares of Best Buy stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $92.51, for a total transaction of $27,753,000.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Best Buy from a “hold” rating to a “buy” rating in a research report on Sunday, October 11th. Loop Capital downgraded shares of Best Buy from a “buy” rating to a “hold” rating and set a $82.00 price target for the company. in a research note on Monday, July 13th. The Goldman Sachs Group lifted their price target on shares of Best Buy from $62.00 to $71.00 and gave the stock a “sell” rating in a report on Friday, August 28th. Wells Fargo & Company boosted their price objective on shares of Best Buy from $65.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 11th. Finally, Morgan Stanley boosted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, August 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy presently has a consensus rating of “Hold” and an average target price of $86.15.

Best Buy Company Profile

Best Buy Co, Inc is a specialty retailer of technology products and services headquartered in Richfield, Minnesota. The company sells consumer electronics, computing and mobile products, entertainment products, appliances, furniture, and related accessories through its retail stores, websites, and other sales channels.

Best Buy also provides technology-related services, including product installation, repair, technical support, delivery, and in-home consultation. Its services are offered through brands and operations such as Geek Squad, while the company also provides membership and protection programs designed to support customers after purchase.

The company serves customers primarily in the United States and Canada.