Conning Inc. Has $32.59 Million Stake in Best Buy Co., Inc. (NYSE:BBY)

Conning Inc. lessened its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 5.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 417,244 shares of the technology retailer's stock after selling 24,613 shares during the period. Conning Inc. owned 0.19% of Best Buy worth $32,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in Best Buy by 1.2% in the first quarter. BlackRock Inc. now owns 19,612,957 shares of the technology retailer's stock valued at $1,535,106,000 after acquiring an additional 223,536 shares in the last quarter. State Street Corp boosted its stake in shares of Best Buy by 1.2% during the first quarter. State Street Corp now owns 10,152,129 shares of the technology retailer's stock worth $803,778,000 after buying an additional 123,256 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Best Buy by 32.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,885,308 shares of the technology retailer's stock worth $773,724,000 after buying an additional 2,409,006 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Best Buy by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,478,759 shares of the technology retailer's stock worth $311,139,000 after buying an additional 66,770 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Best Buy by 0.7% during the first quarter. Geode Capital Management LLC now owns 4,218,968 shares of the technology retailer's stock worth $329,735,000 after buying an additional 27,257 shares during the period. Institutional investors and hedge funds own 80.96% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BBY shares. TheStreet upgraded shares of Best Buy from a "c" rating to a "b-" rating in a research note on Thursday, February 29th. The Goldman Sachs Group increased their target price on shares of Best Buy from $81.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, March 1st. UBS Group raised their price objective on shares of Best Buy from $82.00 to $85.00 and gave the company a "neutral" rating in a research report on Friday, March 1st. Jefferies Financial Group reduced their price objective on shares of Best Buy from $95.00 to $94.00 and set a "buy" rating for the company in a research report on Monday, April 8th. Finally, JPMorgan Chase & Co. upgraded shares of Best Buy from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $89.00 to $101.00 in a research report on Friday, March 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $84.60.

Insider Activity

In related news, CAO Mathew Watson sold 2,505 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $204,909.00. Following the sale, the chief accounting officer now owns 25,638 shares in the company, valued at $2,097,188.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Todd G. Hartman sold 3,973 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $81.80, for a total transaction of $324,991.40. Following the completion of the sale, the insider now directly owns 25,912 shares in the company, valued at $2,119,601.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mathew Watson sold 2,505 shares of the firm's stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $81.80, for a total transaction of $204,909.00. Following the sale, the chief accounting officer now owns 25,638 shares of the company's stock, valued at $2,097,188.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 51,394 shares of company stock worth $4,206,247. 0.56% of the stock is currently owned by corporate insiders.

Best Buy Stock Down 2.5 %

Shares of NYSE:BBY traded down $2.01 during midday trading on Friday, hitting $78.00. 2,710,637 shares of the company's stock traded hands, compared to its average volume of 3,183,204. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.37 and a current ratio of 1.00. The company has a market cap of $16.80 billion, a PE ratio of 13.71, a P/E/G ratio of 2.04 and a beta of 1.49. The firm's fifty day moving average price is $77.87 and its two-hundred day moving average price is $73.72. Best Buy Co., Inc. has a twelve month low of $62.30 and a twelve month high of $86.11.

Best Buy (NYSE:BBY - Get Free Report) last issued its quarterly earnings data on Thursday, February 29th. The technology retailer reported $2.72 EPS for the quarter, topping analysts' consensus estimates of $2.51 by $0.21. Best Buy had a net margin of 2.86% and a return on equity of 48.45%. The firm had revenue of $14.65 billion for the quarter, compared to analyst estimates of $14.58 billion. During the same quarter in the previous year, the business posted $2.61 EPS. The firm's revenue was down .6% compared to the same quarter last year. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.03 EPS for the current fiscal year.

Best Buy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 11th. Stockholders of record on Thursday, March 21st were paid a $0.94 dividend. This represents a $3.76 dividend on an annualized basis and a dividend yield of 4.82%. The ex-dividend date of this dividend was Wednesday, March 20th. This is a positive change from Best Buy's previous quarterly dividend of $0.92. Best Buy's dividend payout ratio is 66.08%.

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.