Stock Traders Buy Large Volume of Put Options on Best Buy Co. (BBY)
Shares of Best Buy Co. (NYSE:BBY) saw some unusual options trading on Thursday. Stock investors bought 13,152 put options on the company, Stock Ratings Network reports. This represents an increase of 207% compared to the typical daily volume of 4,281 put options.
In other Best Buy Co. news, major shareholder Richard M. Schulze sold 1,708,334 shares of the company’s 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.
A number of analysts have recently weighed in on BBY shares. 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 research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $38.78.
Shares of Best Buy Co. (NYSE:BBY) traded up 7.56% on Thursday, hitting $39.00. 11,488,529 shares of the company’s stock traded hands. Best Buy Co. has a 52-week low of $11.20 and a 52-week high of $39.28. The stock’s 50-day moving average is $37.25 and its 200-day moving average is $29.69. The company’s market cap is $13.319 billion.
Best Buy Co. (NYSE:BBY) last released its earnings data on Tuesday, August 20th. The company reported $0.32 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter 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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