Conning Inc. lifted its stake in shares of Best Buy Co., Inc. (NYSE:BBY – Free Report) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 436,710 shares of the technology retailer’s stock after acquiring an additional 19,523 shares during the quarter. Conning Inc.’s holdings in Best Buy were worth $29,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in BBY. AQR Capital Management LLC increased its position in Best Buy by 99.8% during the 3rd quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares during the period. KBC Group NV lifted its position in shares of Best Buy by 293.6% in the 4th quarter. KBC Group NV now owns 1,052,805 shares of the technology retailer’s stock worth $70,464,000 after purchasing an additional 785,294 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Best Buy in the 3rd quarter worth approximately $55,475,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Best Buy by 2,683.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer’s stock valued at $52,381,000 after purchasing an additional 667,801 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its stake in shares of Best Buy by 855.5% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 686,644 shares of the technology retailer’s stock valued at $46,094,000 after purchasing an additional 614,779 shares during the last quarter. 80.96% of the stock is currently owned by institutional investors.
Insider Activity
In related news, EVP Kathleen Scarlett sold 8,049 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $64.02, for a total transaction of $515,296.98. Following the transaction, the executive vice president directly owned 102,669 shares of the company’s stock, valued at $6,572,869.38. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Matthew M. Bilunas sold 11,356 shares of the business’s stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $64.02, for a total transaction of $727,011.12. Following the transaction, the chief financial officer owned 76,884 shares in the company, valued at approximately $4,922,113.68. This trade represents a 12.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 77,247 shares of company stock worth $4,945,353. Company insiders own 0.47% of the company’s stock.
Best Buy Stock Performance
Best Buy (NYSE:BBY – Get Free Report) last posted its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 earnings per share for the quarter, beating analysts’ consensus estimates of $2.48 by $0.13. The company had revenue of $13.81 billion for the quarter, compared to analyst estimates of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter last year, the company earned $2.58 earnings per share. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Equities analysts forecast that Best Buy Co., Inc. will post 6.5 earnings per share for the current fiscal year.
Best Buy Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 14th. Shareholders of record on Tuesday, March 24th were paid a dividend of $0.96 per share. This is a boost from Best Buy’s previous quarterly dividend of $0.95. The ex-dividend date was Tuesday, March 24th. This represents a $3.84 annualized dividend and a yield of 6.8%. Best Buy’s dividend payout ratio (DPR) is 76.19%.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on BBY shares. Wedbush lifted their target price on shares of Best Buy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 28th. Morgan Stanley cut their price target on shares of Best Buy from $76.00 to $72.00 and set an “equal weight” rating on the stock in a research report on Wednesday, March 4th. Guggenheim reiterated a “buy” rating and set a $90.00 price target on shares of Best Buy in a report on Wednesday, March 4th. Evercore set a $65.00 price objective on Best Buy in a research report on Tuesday, April 14th. Finally, Piper Sandler restated a “buy” rating on shares of Best Buy in a research report on Wednesday, March 4th. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $70.80.
Read Our Latest Research Report on Best Buy
Best Buy Company Profile
Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.
Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.
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