Traders Purchase High Volume of Best Buy Co. Call Options (BBY)
Shares of Best Buy Co. (NYSE:BBY) saw unusually large options trading on Tuesday. Investors bought 18,484 call options on the stock, American Banking and Market News reports. This represents an increase of approximately 412% compared to the average volume of 3,607 call options.
In other Best Buy Co. news, major shareholder Richard M. Schulze sold 1,708,334 shares of Best Buy Co. stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $37.78, for a total transaction of $64,540,858.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.
Several analysts have recently commented on the stock. Analysts at Bank of America Corp. reiterated a “hold” rating on shares of Best Buy Co. in a research note to investors on Monday, September 23rd. They now have a $38.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Best Buy Co. from $38.00 to $50.00 in a research note to investors on Monday, September 23rd. They now have an “overweight” rating on the stock. Finally, analysts at Morgan Stanley reiterated an “equal weight” rating on shares of Best Buy Co. in a research note to investors on Tuesday, September 17th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $38.78.
Best Buy Co. (NYSE:BBY) opened at 35.67 on Wednesday. Best Buy Co. has a 52-week low of $11.20 and a 52-week high of $39.28. The stock has a 50-day moving average of $37.21 and a 200-day moving average of $29.64. The company’s market cap is $12.182 billion.
Best Buy Co. (NYSE:BBY) last posted its quarterly earnings results on Tuesday, August 20th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.12 by $0.20. The company had revenue of $9.30 billion for the quarter, compared to the consensus estimate of $9.13 billion. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, analysts predict that Best Buy Co. will post $2.39 earnings per share for the current fiscal year.
Best Buy Co, Inc is a multinational retailer of consumer electronics, computing and mobile phone products, entertainment products, appliances and related services.
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