Conning Inc. Lowers Stock Holdings in Best Buy Co., Inc. $BBY

Conning Inc. cut its holdings in Best Buy Co., Inc. (NYSE:BBY) by 12.9% in the third quarter, Holdings Channel reports. The institutional investor owned 417,187 shares of the technology retailer’s stock after selling 61,868 shares during the quarter. Conning Inc.’s holdings in Best Buy were worth $31,548,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Best Buy by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 23,395,055 shares of the technology retailer’s stock valued at $1,570,510,000 after acquiring an additional 419,312 shares during the period. State Street Corp lifted its holdings in Best Buy by 3.8% during the second quarter. State Street Corp now owns 13,631,429 shares of the technology retailer’s stock valued at $927,753,000 after purchasing an additional 496,215 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Best Buy by 1.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 7,038,506 shares of the technology retailer’s stock valued at $472,495,000 after purchasing an additional 69,533 shares during the period. Invesco Ltd. increased its stake in shares of Best Buy by 15.8% during the second quarter. Invesco Ltd. now owns 4,548,650 shares of the technology retailer’s stock worth $305,351,000 after purchasing an additional 621,863 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of Best Buy by 39.5% during the 2nd quarter. AQR Capital Management LLC now owns 3,501,617 shares of the technology retailer’s stock worth $235,064,000 after purchasing an additional 991,141 shares during the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Insider Activity

In other news, Chairman Richard M. Schulze sold 74,553 shares of Best Buy stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $84.31, for a total transaction of $6,285,563.43. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 1,534,993 shares of company stock worth $126,626,855. 0.47% of the stock is owned by company insiders.

Best Buy Stock Down 1.2%

Shares of NYSE:BBY 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 stock has a market cap of $13.97 billion, a P/E ratio of 22.07, a PEG ratio of 1.71 and a beta of 1.41. The business has a fifty day moving average of $73.21 and a two-hundred day moving average of $73.62. The company has a quick ratio of 0.26, a current ratio of 1.05 and a debt-to-equity ratio of 0.44.

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 net margin of 1.54% and a return on equity of 50.02%. The firm had revenue of $9.67 billion for the quarter, compared to analysts’ expectations of $9.57 billion. During the same quarter in the previous year, the company posted $1.26 EPS. The company’s revenue was up 2.4% compared to the same quarter last year. Best Buy has set its FY 2026 guidance at 6.250-6.350 EPS. On average, research analysts expect that Best Buy Co., Inc. will post 6.18 earnings per share for the current year.

Best Buy Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on BBY shares. JPMorgan Chase & Co. boosted their price objective on Best Buy from $97.00 to $99.00 in a research note on Tuesday, November 25th. Evercore ISI lowered their price target on Best Buy from $85.00 to $80.00 and set an “in-line” rating on the stock in a research note on Tuesday, December 9th. Wall Street Zen downgraded Best Buy from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Guggenheim restated a “buy” rating and issued a $90.00 price objective on shares of Best Buy in a report on Wednesday, November 26th. Finally, Barclays dropped their target price on shares of Best Buy from $81.00 to $77.00 and set an “equal weight” rating for the company in a report on Thursday, January 8th. Nine investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Best Buy has an average rating of “Hold” and an average target price of $83.89.

About Best Buy

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.