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

Conning Inc. lifted its stake in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 9.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 402,500 shares of the technology retailer's stock after acquiring an additional 33,266 shares during the period. Conning Inc. owned approximately 0.19% of Best Buy worth $34,534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in shares of Best Buy by 4.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,164,953 shares of the technology retailer's stock worth $636,840,000 after buying an additional 241,988 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Best Buy by 2.5% in the third quarter. Geode Capital Management LLC now owns 4,852,980 shares of the technology retailer's stock worth $499,954,000 after buying an additional 120,185 shares in the last quarter. Raymond James & Associates raised its position in shares of Best Buy by 1.8% in the third quarter. Raymond James & Associates now owns 3,440,215 shares of the technology retailer's stock worth $355,374,000 after buying an additional 62,452 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Best Buy by 3.3% in the third quarter. Eagle Asset Management Inc. now owns 1,388,151 shares of the technology retailer's stock worth $143,396,000 after buying an additional 44,693 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Best Buy by 5.6% in the third quarter. Thrivent Financial for Lutherans now owns 1,160,614 shares of the technology retailer's stock worth $119,892,000 after buying an additional 61,119 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company's stock.

Insider Activity

In related news, CFO Matthew M. Bilunas sold 69,166 shares of the business's stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total value of $6,049,258.36. Following the completion of the transaction, the chief financial officer now directly owns 92,070 shares in the company, valued at $8,052,442.20. The trade was a 42.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.59% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BBY shares. Truist Financial lowered their price target on Best Buy from $107.00 to $95.00 and set a "hold" rating on the stock in a research report on Wednesday, November 27th. UBS Group lowered their price target on Best Buy from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. StockNews.com downgraded Best Buy from a "buy" rating to a "hold" rating in a report on Friday, November 15th. JPMorgan Chase & Co. lifted their price objective on Best Buy from $111.00 to $117.00 and gave the stock an "overweight" rating in a report on Friday, November 22nd. Finally, Telsey Advisory Group decreased their price objective on Best Buy from $115.00 to $110.00 and set an "outperform" rating on the stock in a report on Tuesday, November 26th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $101.72.

Best Buy Stock Down 1.4 %

Best Buy stock traded down $1.22 during trading hours on Wednesday, hitting $86.79. 1,874,160 shares of the stock traded hands, compared to its average volume of 2,409,395. The firm's 50-day moving average price is $85.79 and its two-hundred day moving average price is $90.06. The company has a current ratio of 1.00, a quick ratio of 0.22 and a debt-to-equity ratio of 0.37. The company has a market cap of $18.56 billion, a PE ratio of 14.84, a PEG ratio of 2.01 and a beta of 1.43. Best Buy Co., Inc. has a one year low of $69.29 and a one year high of $103.71.

Best Buy (NYSE:BBY - Get Free Report) last released its earnings results on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.04). Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The business had revenue of $9.45 billion for the quarter, compared to analysts' expectations of $9.63 billion. During the same quarter in the previous year, the business posted $1.29 earnings per share. Best Buy's revenue for the quarter was down 3.2% on a year-over-year basis. On average, research analysts forecast that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 7th. Stockholders of record on Tuesday, December 17th were issued a dividend of $0.94 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $3.76 annualized dividend and a dividend yield of 4.33%. Best Buy's payout ratio is 64.27%.

About Best Buy

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.