Best Buy Co. Target of Unusually Large Options Trading (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the recipient of unusually large options trading activity on Wednesday. Stock traders bought 40,932 put options on the company. This is an increase of approximately 474% compared to the typical volume of 7,131 put options.
In other Best Buy Co. news, insider Patricia H. Walker sold 9,974 shares of Best Buy Co. stock in a transaction on Friday, May 26th. The shares were sold at an average price of $59.86, for a total value of $597,043.64. Following the completion of the transaction, the insider now owns 24,122 shares of the company’s stock, valued at $1,443,942.92. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Mathew Watson sold 758 shares of Best Buy Co. stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $51.82, for a total transaction of $39,279.56. Following the completion of the transaction, the vice president now directly owns 19,172 shares of the company’s stock, valued at approximately $993,493.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 445,699 shares of company stock valued at $22,860,893. 1.21% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. UBS Oconnor LLC increased its stake in Best Buy Co. by 131.3% in the first quarter. UBS Oconnor LLC now owns 400,000 shares of the technology retailer’s stock valued at $19,660,000 after buying an additional 227,100 shares during the period. Skandinaviska Enskilda Banken AB publ bought a new position in shares of Best Buy Co. during the first quarter valued at $265,777,000. Public Employees Retirement System of Ohio boosted its position in shares of Best Buy Co. by 4.9% in the first quarter. Public Employees Retirement System of Ohio now owns 128,120 shares of the technology retailer’s stock valued at $6,297,000 after buying an additional 6,004 shares in the last quarter. Ibex Wealth Advisors bought a new position in shares of Best Buy Co. during the first quarter valued at $2,028,000. Finally, Achmea Investment Management B.V. bought a new position in shares of Best Buy Co. during the first quarter valued at $5,844,000. Institutional investors and hedge funds own 93.96% of the company’s stock.
Best Buy Co. (NYSE:BBY) opened at 55.18 on Friday. The stock’s 50 day moving average price is $54.93 and its 200-day moving average price is $48.33. The firm has a market capitalization of $16.83 billion, a price-to-earnings ratio of 14.85 and a beta of 1.47. Best Buy Co. has a one year low of $29.05 and a one year high of $61.95.
Best Buy Co. (NYSE:BBY) last issued its earnings results on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.20. Best Buy Co. had a return on equity of 26.81% and a net margin of 3.01%. The company had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. During the same period in the previous year, the company posted $0.44 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities research analysts expect that Best Buy Co. will post $3.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Investors of record on Thursday, June 15th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $1.36 annualized dividend and a yield of 2.46%. Best Buy Co.’s dividend payout ratio (DPR) is presently 36.46%.
A number of research firms have commented on BBY. Deutsche Bank AG reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a report on Monday, June 5th. Loop Capital reissued a “buy” rating and set a $72.00 price target (up previously from $64.00) on shares of Best Buy Co. in a report on Monday, June 5th. ValuEngine raised shares of Best Buy Co. from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Citigroup Inc. raised shares of Best Buy Co. from a “neutral” rating to a “buy” rating and boosted their price target for the company from $53.00 to $62.00 in a report on Tuesday, May 30th. Finally, Morgan Stanley raised shares of Best Buy Co. from an “equal weight” rating to a “buy” rating and boosted their price target for the company from $43.00 to $60.00 in a report on Tuesday, May 30th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and nineteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $54.14.
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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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