Traders Purchase High Volume of Best Buy Co. Put Options (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the recipient of unusually large options trading on Monday. Investors acquired 1,986 put options on the stock. This represents an increase of 592% compared to the average volume of 287 put options.
Several research analysts recently weighed in on the company. Jefferies Group LLC restated a “buy” rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Thursday. Piper Jaffray Companies set a $70.00 target price on Best Buy Co. and gave the stock a “buy” rating in a research note on Monday, June 26th. Deutsche Bank AG restated a “buy” rating and set a $60.00 target price on shares of Best Buy Co. in a research note on Monday, June 5th. Loop Capital restated a “buy” rating and set a $72.00 target price (up from $64.00) on shares of Best Buy Co. in a research note on Monday, June 5th. Finally, ValuEngine upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Four equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and nineteen have given a buy rating to the stock. Best Buy Co. has an average rating of “Buy” and a consensus target price of $54.97.
In related news, General Counsel Keith J. Nelsen sold 55,153 shares of the business’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $59.01, for a total transaction of $3,254,578.53. Following the transaction, the general counsel now directly owns 89,306 shares in the company, valued at approximately $5,269,947.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Patricia H. Walker sold 7,447 shares of the business’s stock in a transaction on Monday, April 24th. The stock was sold at an average price of $51.02, for a total value of $379,945.94. Following the transaction, the insider now owns 34,096 shares in the company, valued at $1,739,577.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 129,364 shares of company stock worth $7,487,321. 1.21% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. Tompkins Financial Corp acquired a new stake in shares of Best Buy Co. during the first quarter worth $134,000. Advisory Services Network LLC acquired a new stake in shares of Best Buy Co. during the first quarter worth $134,000. Heritage Trust Co acquired a new stake in shares of Best Buy Co. during the first quarter worth $137,000. TrimTabs Asset Management LLC raised its stake in shares of Best Buy Co. by 89.1% in the first quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after buying an additional 1,328 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new stake in shares of Best Buy Co. during the first quarter worth $147,000. 93.96% of the stock is currently owned by institutional investors.
Best Buy Co. (BBY) traded down 6.45% during trading on Monday, reaching $54.14. The company had a trading volume of 7,285,960 shares. The firm has a 50-day moving average of $55.81 and a 200-day moving average of $48.72. Best Buy Co. has a 1-year low of $30.69 and a 1-year high of $61.95. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 14.57 and a beta of 1.44.
Best Buy Co. (NYSE:BBY) last announced its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 earnings per share for the quarter, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $8.28 billion. During the same quarter in the previous year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co. will post $3.90 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th were issued a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date was Tuesday, June 13th. Best Buy Co.’s dividend payout ratio is presently 36.46%.
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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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