Stock Traders Buy Large Volume of Best Buy Co. Call Options (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the recipient of some unusual options trading on Monday. Stock traders acquired 993 call options on the stock. This represents an increase of 163% compared to the average daily volume of 378 call options.
BBY has been the subject of a number of recent research reports. BidaskClub upgraded shares of Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 target price on shares of Best Buy Co. and gave the stock a “buy” rating in a report on Saturday, July 22nd. Bank of America Corporation reiterated a “buy” rating and issued a $68.00 target price (up from $58.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Loop Capital reiterated a “buy” rating and issued a $72.00 target price on shares of Best Buy Co. in a report on Monday, July 10th. Finally, Telsey Advisory Group boosted their target price on shares of Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, May 26th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Best Buy Co. presently has a consensus rating of “Buy” and an average target price of $58.14.
In related news, CEO Hubert Joly sold 106,942 shares of Best Buy Co. stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $5,847,588.56. Following the completion of the sale, the chief executive officer now directly owns 645,222 shares in the company, valued at $35,280,738.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 787 shares of Best Buy Co. stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total value of $47,157.04. Following the completion of the sale, the chief financial officer now owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The disclosure for this sale can be found here. Insiders sold 163,125 shares of company stock valued at $9,003,240 over the last 90 days. 1.21% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Spectrum Management Group Inc. grew its stake in shares of Best Buy Co. by 25.7% in the 2nd quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after purchasing an additional 4,405 shares during the last quarter. Bedrijfstakpensioenfonds Voor DE Media PNO purchased a new position in shares of Best Buy Co. in the 2nd quarter valued at approximately $1,534,000. Commerzbank Aktiengesellschaft FI grew its stake in shares of Best Buy Co. by 18.7% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after purchasing an additional 13,150 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Best Buy Co. by 9.1% in the 1st quarter. Geode Capital Management LLC now owns 3,494,964 shares of the technology retailer’s stock valued at $171,592,000 after purchasing an additional 292,667 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Best Buy Co. by 23.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 180,179 shares of the technology retailer’s stock valued at $10,330,000 after purchasing an additional 34,345 shares during the last quarter. Institutional investors own 88.11% of the company’s stock.
Shares of Best Buy Co. (NYSE BBY) opened at 53.90 on Friday. The stock has a market cap of $16.13 billion, a price-to-earnings ratio of 14.26 and a beta of 1.48. The company has a 50-day moving average price of $58.64 and a 200-day moving average price of $53.96. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06. The company had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The firm’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, analysts expect that Best Buy Co. will post $4.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be paid a $0.34 dividend. The ex-dividend date is Monday, September 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.52%. Best Buy Co.’s dividend payout ratio (DPR) is currently 35.88%.
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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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