Conning Inc. Acquires 51,814 Shares of Best Buy Co., Inc. (NYSE:BBY)

Conning Inc. boosted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 12.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,314 shares of the technology retailer's stock after buying an additional 51,814 shares during the quarter. Conning Inc. owned approximately 0.21% of Best Buy worth $33,442,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Stevens Capital Management LP boosted its stake in Best Buy by 228.7% in the 4th quarter. Stevens Capital Management LP now owns 22,625 shares of the technology retailer's stock valued at $1,941,000 after buying an additional 15,741 shares in the last quarter. Invesco Ltd. boosted its stake in Best Buy by 20.5% in the 4th quarter. Invesco Ltd. now owns 3,692,118 shares of the technology retailer's stock valued at $316,784,000 after buying an additional 629,180 shares in the last quarter. Vanguard Group Inc. boosted its stake in Best Buy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 22,982,608 shares of the technology retailer's stock valued at $1,971,908,000 after buying an additional 191,161 shares in the last quarter. APG Asset Management N.V. acquired a new position in Best Buy in the fourth quarter worth $9,073,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Best Buy by 7.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 200,960 shares of the technology retailer's stock worth $14,560,000 after purchasing an additional 13,378 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on BBY shares. DA Davidson reissued a "buy" rating and issued a $110.00 price objective on shares of Best Buy in a research note on Monday, April 14th. Loop Capital reduced their price objective on Best Buy from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Telsey Advisory Group reissued an "outperform" rating and issued a $90.00 price objective on shares of Best Buy in a research note on Friday, May 30th. BNP Paribas upgraded Best Buy to a "hold" rating in a research report on Friday, May 30th. Finally, Piper Sandler dropped their target price on Best Buy from $92.00 to $82.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $86.11.

Best Buy Stock Down 2.1%

Best Buy stock traded down $1.50 during mid-day trading on Monday, reaching $70.60. The stock had a trading volume of 4,196,028 shares, compared to its average volume of 3,342,605. The firm has a market capitalization of $14.92 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.90 and a beta of 1.24. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.32 and a current ratio of 1.02. Best Buy Co., Inc. has a fifty-two week low of $54.99 and a fifty-two week high of $103.71. The stock's 50-day simple moving average is $69.89 and its 200-day simple moving average is $75.53.

Best Buy (NYSE:BBY - Get Free Report) last announced its earnings results on Thursday, May 29th. The technology retailer reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.06. The company had revenue of $8.77 billion for the quarter, compared to analysts' expectations of $8.77 billion. Best Buy had a return on equity of 46.40% and a net margin of 2.13%. Best Buy's quarterly revenue was down .9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, sell-side analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current fiscal year.

Best Buy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Thursday, June 19th will be given a $0.95 dividend. The ex-dividend date is Wednesday, June 18th. This represents a $3.80 annualized dividend and a yield of 5.38%. Best Buy's dividend payout ratio is currently 92.91%.

Insider Activity

In related news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $72.95, for a total transaction of $53,195,212.95. Following the sale, the chairman directly owned 196,100 shares in the company, valued at approximately $14,305,495. The trade was a 78.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.59% of the stock is currently owned by insiders.

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.