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

Key Points

• Conning Inc. has increased its stake in Best Buy by 5.4% during the 2nd quarter, now owning 479,055 shares valued at approximately $32.2 million.
• Best Buy recently announced a quarterly dividend of $0.95 per share, representing an annual yield of 5.4%, despite having a high dividend payout ratio of 104.97%.
• Insiders sold 201,833 shares of Best Buy stock valued at about $14.9 million over the past 90 days, indicating significant insider trading activity.

Conning Inc. increased its holdings in shares of Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 479,055 shares of the technology retailer's stock after acquiring an additional 24,741 shares during the quarter. Conning Inc. owned approximately 0.23% of Best Buy worth $32,159,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BBY. Pinnacle Bancorp Inc. increased its stake in shares of Best Buy by 108.5% in the first quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after purchasing an additional 178 shares during the period. Oliver Lagore Vanvalin Investment Group acquired a new stake in shares of Best Buy in the second quarter valued at approximately $26,000. Grove Bank & Trust increased its stake in shares of Best Buy by 67.1% in the first quarter. Grove Bank & Trust now owns 431 shares of the technology retailer's stock valued at $32,000 after purchasing an additional 173 shares during the period. Maseco LLP acquired a new stake in shares of Best Buy in the second quarter valued at approximately $39,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Best Buy in the first quarter valued at approximately $53,000. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Buying and Selling

In related news, CAO Mathew Watson sold 2,018 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $76.76, for a total value of $154,901.68. Following the completion of the transaction, the chief accounting officer owned 20,132 shares of the company's stock, valued at approximately $1,545,332.32. This trade represents a 9.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Richard M. Schulze sold 196,100 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $74.00, for a total transaction of $14,511,400.00. The disclosure for this sale can be found here. Insiders have sold 201,833 shares of company stock valued at $14,941,472 over the last 90 days. 0.47% of the stock is currently owned by insiders.

Best Buy Trading Down 6.2%

Shares of NYSE:BBY opened at $70.53 on Friday. The stock has a market capitalization of $14.82 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 1.98 and a beta of 1.23. Best Buy Co., Inc. has a 1-year low of $54.99 and a 1-year high of $99.80. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.36 and a current ratio of 1.04. The company has a 50 day moving average price of $73.70 and a 200 day moving average price of $70.12.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, August 28th. The technology retailer reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.06. The firm had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $9.23 billion. Best Buy had a net margin of 1.87% and a return on equity of 47.32%. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $1.34 earnings per share. Best Buy has set its FY 2026 guidance at 6.150-6.300 EPS. On average, research analysts anticipate that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Thursday, September 18th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date was Thursday, September 18th. Best Buy's dividend payout ratio (DPR) is presently 104.97%.

Analysts Set New Price Targets

BBY has been the topic of several analyst reports. Telsey Advisory Group restated an "outperform" rating and issued a $90.00 price target on shares of Best Buy in a research note on Friday, August 29th. Wedbush raised their price target on shares of Best Buy from $70.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, August 29th. Piper Sandler restated a "neutral" rating and issued a $75.00 price target (down previously from $82.00) on shares of Best Buy in a research note on Monday, July 14th. JPMorgan Chase & Co. increased their price objective 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 Best Buy from a "hold" rating to a "buy" rating in a research report on Saturday, September 13th. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $81.69.

Best Buy Company Profile

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.

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