Best Buy Co. Target of Unusually High Options Trading (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the recipient of unusually large options trading on Monday. Traders acquired 993 call options on the stock. This represents an increase of approximately 163% compared to the typical volume of 378 call options.
In other news, insider Shari L. Ballard sold 9,778 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $534,661.04. Following the completion of the transaction, the insider now owns 84,613 shares in the company, valued at $4,626,638.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mathew Watson sold 503 shares of the business’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $59.00, for a total value of $29,677.00. Following the completion of the transaction, the vice president now owns 15,767 shares of the company’s stock, valued at approximately $930,253. The disclosure for this sale can be found here. Insiders sold 193,792 shares of company stock valued at $10,772,634 in the last 90 days. Company insiders own 0.84% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. BlackRock Inc. raised its position in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after purchasing an additional 19,040,478 shares during the period. Skandinaviska Enskilda Banken AB publ purchased a new stake in Best Buy Co. in the first quarter valued at approximately $265,777,000. Renaissance Technologies LLC raised its position in Best Buy Co. by 762.4% in the second quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock valued at $202,312,000 after purchasing an additional 3,119,700 shares during the period. Massachusetts Financial Services Co. MA raised its position in Best Buy Co. by 78.4% in the first quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock valued at $183,979,000 after purchasing an additional 1,645,245 shares during the period. Finally, Vanguard Group Inc. raised its position in Best Buy Co. by 4.0% in the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after purchasing an additional 1,241,888 shares during the period. 86.46% of the stock is currently owned by institutional investors.
Best Buy Co. (NYSE BBY) opened at 55.66 on Thursday. The stock has a 50 day moving average price of $58.44 and a 200-day moving average price of $53.18. Best Buy Co. has a 1-year low of $36.51 and a 1-year high of $63.32. The company has a market cap of $16.93 billion, a price-to-earnings ratio of 14.73 and a beta of 1.48.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same period in the prior year, the firm posted $0.57 earnings per share. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities research analysts forecast that Best Buy Co. will post $4.05 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s dividend payout ratio is presently 35.88%.
Several research analysts have recently weighed in on BBY shares. Loop Capital restated a “buy” rating and issued a $72.00 price target (up previously from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Barclays PLC reiterated a “buy” rating and set a $65.00 price objective on shares of Best Buy Co. in a research report on Monday, August 28th. Deutsche Bank AG reiterated a “buy” rating and set a $58.00 price objective (down previously from $60.00) on shares of Best Buy Co. in a research report on Thursday, August 31st. Morgan Stanley upgraded Best Buy Co. from an “equal weight” rating to a “buy” rating and upped their price objective for the company from $43.00 to $60.00 in a research report on Tuesday, May 30th. Finally, BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $58.92.
About Best Buy Co.
Best Buy Co, Inc is a provider of technology products, services and solutions. The Company offers products and services to the customers visiting its stores, engaging with Geek Squad agents, or using its Websites or mobile applications. It has operations in the United States, Canada and Mexico. The Company operates through two segments: Domestic and International.
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