Conning Inc. Sells 30,345 Shares of Best Buy Co., Inc. (NYSE:BBY)

Conning Inc. trimmed its holdings in shares of Best Buy Co., Inc. (NYSE:BBY) by 7.6% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 369,234 shares of the technology retailer’s stock after selling 30,345 shares during the period. Conning Inc.’s holdings in Best Buy were worth $38,142,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in BBY. GAMMA Investing LLC increased its position in shares of Best Buy by 78.7% in the second quarter. GAMMA Investing LLC now owns 2,039 shares of the technology retailer’s stock worth $172,000 after purchasing an additional 898 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Best Buy by 11.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 74,764 shares of the technology retailer’s stock worth $6,302,000 after buying an additional 7,663 shares during the last quarter. M&G Plc purchased a new stake in shares of Best Buy during the 1st quarter valued at $8,608,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Best Buy by 13.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 154,564 shares of the technology retailer’s stock valued at $15,806,000 after buying an additional 18,171 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Best Buy by 10.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 99,769 shares of the technology retailer’s stock worth $8,410,000 after acquiring an additional 9,785 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.

Best Buy Price Performance

Shares of BBY stock opened at $90.90 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.34 and a current ratio of 1.01. The firm has a market cap of $19.52 billion, a P/E ratio of 15.67, a P/E/G ratio of 2.37 and a beta of 1.48. The business’s 50 day moving average price is $96.82 and its 200-day moving average price is $87.12. Best Buy Co., Inc. has a fifty-two week low of $62.30 and a fifty-two week high of $103.71.

Best Buy (NYSE:BBY) last announced its earnings results on Thursday, August 29th. The technology retailer reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.18. The firm had revenue of $9.29 billion for the quarter, compared to analyst estimates of $9.23 billion. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.22 EPS. On average, equities research analysts anticipate that Best Buy Co., Inc. will post 6.28 earnings per share for the current year.

Best Buy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Investors of record on Thursday, September 19th were given a dividend of $0.94 per share. The ex-dividend date was Thursday, September 19th. This represents a $3.76 annualized dividend and a dividend yield of 4.14%. Best Buy’s dividend payout ratio is presently 64.83%.

Analyst Ratings Changes

A number of research analysts recently commented on BBY shares. Truist Financial increased their target price on Best Buy from $86.00 to $107.00 and gave the company a “hold” rating in a research note on Friday, August 30th. UBS Group increased their price objective on Best Buy from $106.00 to $123.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Wedbush boosted their target price on Best Buy from $85.00 to $95.00 and gave the stock a “neutral” rating in a research report on Friday, August 30th. Wells Fargo & Company lifted their target price on shares of Best Buy from $80.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Finally, BNP Paribas raised shares of Best Buy to a “strong-buy” rating in a research note on Thursday, August 29th. 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $103.71.

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.