Best Buy Co., Inc. $BBY Stock: Conning Inc. Reduces Holdings

Key Points

• Conning Inc. reduced its Best Buy stake by 7.2% in the third quarter, selling 35,829 shares and retaining 464,168 shares valued at approximately $41 million.
• Institutional ownership remains high at 80.96%, although Best Buy insiders also sold shares, including 116,062 shares by EVP Kathleen Scarlett and 300,000 shares by Chairman Richard Schulze.
• Analysts maintain a consensus “Hold” rating with an average price target of $86.15. Best Buy reported better-than-expected quarterly earnings and pays a $0.96 quarterly dividend, representing a 4.0% yield.

Conning Inc. reduced its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. 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 investment portfolio, making the stock its 12th biggest position. Conning Inc. owned about 0.22% of Best Buy worth $40,958,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Generali Asset Management SPA SGR lifted its position in shares of Best Buy by 267.9% during the 3rd quarter. Generali Asset Management SPA SGR now owns 11,163 shares of the technology retailer's stock valued at $985,000 after acquiring an additional 8,129 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Best Buy by 1.5% in the third quarter. Asset Management One Co. Ltd. now owns 83,859 shares of the technology retailer's stock worth $7,400,000 after purchasing an additional 1,271 shares during the period. SYM FINANCIAL Corp bought a new position in shares of Best Buy in the third quarter worth $280,000. Park Avenue Securities LLC increased its position in shares of Best Buy by 7.0% in the third quarter. Park Avenue Securities LLC now owns 14,331 shares of the technology retailer's stock worth $1,265,000 after purchasing an additional 942 shares during the period. Finally, Apollon Wealth Management LLC raised its stake in Best Buy by 41.5% in the third quarter. Apollon Wealth Management LLC now owns 12,826 shares of the technology retailer's stock valued at $1,132,000 after purchasing an additional 3,764 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Insider Activity at Best Buy

In related news, EVP Kathleen Scarlett sold 116,062 shares of the stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $92.15, for a total value of $10,695,113.30. Following the completion of the transaction, the executive vice president owned 116,173 shares of the company's stock, valued at $10,705,341.95. This represents a 49.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard Schulze sold 300,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The shares were 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. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

BBY has been the topic of several recent analyst reports. Truist Financial set a $100.00 target price on shares of Best Buy in a report on Thursday, August 27th. Wedbush reaffirmed a "buy" rating on shares of Best Buy in a report on Monday, August 24th. Weiss Ratings lowered shares of Best Buy from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. Barclays lifted their price objective on shares of Best Buy from $77.00 to $85.00 and gave the company a "buy" rating in a research note on Friday, August 28th. Finally, Morgan Stanley boosted their price objective on shares of Best Buy from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Friday, August 28th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $86.15.

Best Buy Stock Down 1.7%

Shares of NYSE BBY opened at $96.86 on Thursday. The company has a current ratio of 1.12, a quick ratio of 0.41 and a debt-to-equity ratio of 0.36. The company has a market cap of $20.32 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 2.50 and a beta of 1.26. Best Buy Co., Inc. has a 12 month low of $55.10 and a 12 month high of $100.58. The stock has a 50-day moving average price of $89.95 and a two-hundred day moving average price of $75.04.

Best Buy (NYSE:BBY - Get Free Report) last posted its earnings results on Thursday, August 27th. The technology retailer reported $1.47 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $9.59 billion. During the same quarter in the prior year, the business earned $1.28 earnings per share. The business's revenue for the quarter 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, analysts forecast that Best Buy Co., Inc. will post 6.81 earnings per share for the current fiscal year.

Best Buy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Thursday, September 17th were paid a $0.96 dividend. The ex-dividend date of this dividend was Thursday, September 17th. This represents a $3.84 annualized dividend and a yield of 4.0%. Best Buy's dividend payout ratio is presently 63.89%.

About Best Buy

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.

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