Conning Inc. Has $34.31 Million Holdings in Best Buy Co., Inc. $BBY

Conning Inc. raised its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 22.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 534,415 shares of the technology retailer’s stock after purchasing an additional 97,705 shares during the quarter. Conning Inc.’s holdings in Best Buy were worth $34,309,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BBY. KLCM Advisors Inc. increased its position in shares of Best Buy by 2.8% during the first quarter. KLCM Advisors Inc. now owns 130,405 shares of the technology retailer’s stock worth $8,372,000 after acquiring an additional 3,506 shares in the last quarter. Manning & Napier Advisors LLC boosted its stake in Best Buy by 15.8% during the 1st quarter. Manning & Napier Advisors LLC now owns 11,597 shares of the technology retailer’s stock valued at $745,000 after purchasing an additional 1,583 shares during the last quarter. Elevated Capital Advisors LLC increased its holdings in Best Buy by 3,903.9% during the 1st quarter. Elevated Capital Advisors LLC now owns 9,169 shares of the technology retailer’s stock worth $589,000 after purchasing an additional 8,940 shares in the last quarter. First Horizon Corp raised its stake in shares of Best Buy by 35.7% in the first quarter. First Horizon Corp now owns 70,973 shares of the technology retailer’s stock worth $4,556,000 after purchasing an additional 18,659 shares during the last quarter. Finally, Kestra Advisory Services LLC raised its stake in shares of Best Buy by 12.4% in the first quarter. Kestra Advisory Services LLC now owns 15,873 shares of the technology retailer’s stock worth $1,019,000 after purchasing an additional 1,750 shares during the last quarter. 80.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Weiss Ratings raised Best Buy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. Piper Sandler restated a “neutral” rating and set a $77.00 price objective on shares of Best Buy in a research note on Thursday, May 28th. Evercore upped their target price on shares of Best Buy from $65.00 to $85.00 in a research note on Friday, May 29th. Jefferies Financial Group raised their price target on shares of Best Buy from $83.00 to $89.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Loop Capital cut their price target on shares of Best Buy from $85.00 to $82.00 and set a “buy” rating on the stock in a report on Wednesday, June 24th. Six equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.50.

Insider Activity at Best Buy

In other Best Buy news, Chairman Richard M. Schulze sold 500,350 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $76.12, for a total transaction of $38,086,642.00. Following the completion of the transaction, the chairman directly owned 10,930,586 shares of the company’s stock, valued at approximately $832,036,206.32. This represents a 4.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mathew Watson sold 1,784 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $73.80, for a total value of $131,659.20. Following the completion of the sale, the chief accounting officer directly owned 21,630 shares of the company’s stock, valued at $1,596,294. This represents a 7.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,002,134 shares of company stock worth $77,283,527. 0.50% of the stock is owned by company insiders.

Best Buy Trading Up 3.7%

Shares of Best Buy stock opened at $82.97 on Friday. The firm has a market cap of $17.49 billion, a PE ratio of 15.37, a P/E/G ratio of 2.13 and a beta of 1.30. Best Buy Co., Inc. has a 1 year low of $55.10 and a 1 year high of $84.99. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.12 and a quick ratio of 0.40. The stock has a fifty day moving average price of $70.16 and a 200-day moving average price of $67.07.

Best Buy (NYSE:BBY) last posted its quarterly earnings results on Thursday, May 28th. The technology retailer reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.05. Best Buy had a net margin of 2.73% and a return on equity of 48.70%. The company had revenue of $8.94 billion during the quarter, compared to analyst estimates of $8.82 billion. During the same quarter in the prior year, the business earned $1.15 earnings per share. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities research analysts anticipate that Best Buy Co., Inc. will post 6.56 EPS for the current year.

Best Buy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Thursday, June 18th were issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Thursday, June 18th. Best Buy’s payout ratio is 71.11%.

Best Buy Company 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.