Best Buy Co., Inc. (NYSE:BBY) Shares Sold by Conning Inc.

Conning Inc. lowered its position in Best Buy Co., Inc. (NYSE:BBY - Free Report) by 7.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 369,234 shares of the technology retailer's stock after selling 30,345 shares during the quarter. Conning Inc. owned 0.17% of Best Buy worth $38,142,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ninety One UK Ltd purchased a new stake in Best Buy in the 2nd quarter valued at $121,325,000. Thrivent Financial for Lutherans increased its position in shares of Best Buy by 4,337.6% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,099,495 shares of the technology retailer's stock valued at $92,677,000 after purchasing an additional 1,074,718 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Best Buy by 55.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the last quarter. Swedbank AB purchased a new stake in shares of Best Buy during the 1st quarter valued at $43,522,000. Finally, AQR Capital Management LLC increased its position in shares of Best Buy by 55.4% during the 2nd quarter. AQR Capital Management LLC now owns 1,379,195 shares of the technology retailer's stock valued at $116,252,000 after purchasing an additional 491,781 shares during the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial lifted their price objective on Best Buy from $86.00 to $107.00 and gave the stock a "hold" rating in a report on Friday, August 30th. Barclays raised their target price on Best Buy from $81.00 to $95.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. The Goldman Sachs Group raised their target price on Best Buy from $95.00 to $116.00 and gave the stock a "buy" rating in a research note on Tuesday, September 3rd. Telsey Advisory Group lifted their price target on Best Buy from $95.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, August 30th. Finally, Melius Research started coverage on Best Buy in a research report on Monday, September 23rd. They set a "hold" rating and a $100.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $103.71.

Best Buy Stock Performance

Shares of BBY traded up $0.47 during mid-day trading on Friday, reaching $90.90. The company had a trading volume of 1,975,668 shares, compared to its average volume of 2,203,369. Best Buy Co., Inc. has a 52-week low of $62.30 and a 52-week high of $103.71. The company has a quick ratio of 0.34, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $19.52 billion, a P/E ratio of 15.67, a PEG ratio of 2.37 and a beta of 1.48. The stock has a 50 day moving average of $96.82 and a two-hundred day moving average of $87.20.

Best Buy (NYSE:BBY - Get Free Report) last issued its earnings results on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.16 by $0.18. Best Buy had a return on equity of 47.19% and a net margin of 2.96%. The firm had revenue of $9.29 billion for the quarter, compared to the consensus estimate of $9.23 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. The company's revenue was down 3.1% compared to the same quarter last year. On average, analysts expect that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were issued a $0.94 dividend. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $3.76 dividend on an annualized basis and a yield of 4.14%. Best Buy's payout ratio is 64.83%.

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.