Conning Inc. Grows Holdings in Best Buy Co., Inc. (NYSE:BBY)

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

Other large investors have also added to or reduced their stakes in the company. Pinnacle Bancorp Inc. lifted its stake in shares of Best Buy by 108.5% during the 1st quarter. Pinnacle Bancorp Inc. now owns 342 shares of the technology retailer's stock valued at $25,000 after buying an additional 178 shares in the last quarter. Rakuten Securities Inc. increased its stake in Best Buy by 971.9% in the 4th quarter. Rakuten Securities Inc. now owns 343 shares of the technology retailer's stock worth $29,000 after buying an additional 311 shares in the last quarter. Vermillion Wealth Management Inc. bought a new stake in Best Buy during the fourth quarter valued at about $31,000. Atlas Capital Advisors Inc. lifted its position in shares of Best Buy by 186.9% in the fourth quarter. Atlas Capital Advisors Inc. now owns 373 shares of the technology retailer's stock valued at $32,000 after acquiring an additional 243 shares in the last quarter. Finally, Ancora Advisors LLC boosted its stake in shares of Best Buy by 18,700.0% in the fourth quarter. Ancora Advisors LLC now owns 376 shares of the technology retailer's stock worth $32,000 after acquiring an additional 374 shares during the period. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insiders Place Their Bets

In other Best Buy news, Chairman Richard M. Schulze sold 729,201 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chairman owned 196,100 shares in the company, valued at $14,305,495. The trade was a 78.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.47% of the stock is owned by company insiders.

Best Buy Trading Up 0.4%

Shares of BBY stock opened at $71.89 on Friday. The company has a market cap of $15.19 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 1.89 and a beta of 1.24. Best Buy Co., Inc. has a 1 year low of $54.99 and a 1 year high of $103.71. The stock's 50 day simple moving average is $69.81 and its two-hundred day simple moving average is $75.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.02 and a quick ratio of 0.32.

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

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Thursday, June 19th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 5.29%. The ex-dividend date of this dividend is Wednesday, June 18th. Best Buy's dividend payout ratio (DPR) is currently 92.91%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. BNP Paribas raised Best Buy to a "hold" rating in a research note on Friday, May 30th. UBS Group reduced their price objective on shares of Best Buy from $95.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Wedbush lowered their target price on shares of Best Buy from $75.00 to $70.00 and set a "neutral" rating on the stock in a report on Friday, May 30th. Telsey Advisory Group reaffirmed an "outperform" rating and set a $90.00 target price on shares of Best Buy in a research note on Friday, May 30th. Finally, Barclays reduced their price target on shares of Best Buy from $89.00 to $74.00 and set an "equal weight" rating on the stock in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $86.11.

Best Buy 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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