Best Buy Co. Sees Unusually Large Options Volume (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the target of some unusual options trading activity on Monday. Traders acquired 993 call options on the company. This is an increase of approximately 163% compared to the average volume of 378 call options.
BBY has been the topic of a number of analyst reports. UBS AG reissued a “buy” rating and issued a $51.00 target price (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Citigroup Inc. raised shares of Best Buy Co. from a “neutral” rating to a “buy” rating and upped their target price for the company from $53.00 to $62.00 in a research note on Tuesday, May 30th. Morgan Stanley raised shares of Best Buy Co. from an “equal weight” rating to a “buy” rating and upped their target price for the company from $43.00 to $60.00 in a research note on Tuesday, May 30th. Jefferies Group LLC raised shares of Best Buy Co. from a “hold” rating to a “buy” rating and upped their target price for the company from $51.00 to $60.00 in a research note on Tuesday, May 30th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $68.00 target price (up previously from $58.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. 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 company. The company currently has a consensus rating of “Buy” and a consensus price target of $58.31.
Best Buy Co. (BBY) opened at 52.59 on Thursday. The firm has a market capitalization of $15.73 billion, a price-to-earnings ratio of 13.92 and a beta of 1.48. Best Buy Co. has a one year low of $37.10 and a one year high of $63.32. The company has a 50-day moving average of $58.64 and a 200 day moving average of $53.96.
Best Buy Co. (NYSE:BBY) last posted its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a net margin of 3.00% and a return on equity of 27.41%. The firm had revenue of $8.94 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the previous year, the firm posted $0.57 EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, analysts anticipate that Best Buy Co. will post $4.05 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date is Monday, September 18th. Best Buy Co.’s payout ratio is 35.88%.
In related news, VP Mathew Watson sold 1,129 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $54.68, for a total value of $61,733.72. Following the sale, the vice president now owns 17,764 shares of the company’s stock, valued at $971,335.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Shari L. Ballard sold 2,246 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $59.92, for a total transaction of $134,580.32. The disclosure for this sale can be found here. In the last three months, insiders sold 152,328 shares of company stock worth $8,436,505. 1.21% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of BBY. FNY Managed Accounts LLC grew its holdings in Best Buy Co. by 18,281.8% during the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock worth $114,000 after acquiring an additional 2,011 shares during the last quarter. Huntington National Bank grew its holdings in Best Buy Co. by 18.4% during the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after acquiring an additional 318 shares during the last quarter. TrimTabs Asset Management LLC grew its holdings in Best Buy Co. by 89.1% during the 1st quarter. TrimTabs Asset Management LLC now owns 2,819 shares of the technology retailer’s stock worth $139,000 after acquiring an additional 1,328 shares during the last quarter. Exane Derivatives grew its holdings in Best Buy Co. by 65.5% during the 2nd quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after acquiring an additional 1,010 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in Best Buy Co. during the 1st quarter worth approximately $147,000. 88.11% of the stock is currently owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION WARNING: This piece of content was reported by American Banking News and is the property of of American Banking News. If you are reading this piece of content on another publication, it was stolen and republished in violation of U.S. and international trademark and copyright laws. The correct version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/09/21/best-buy-co-sees-unusually-large-options-volume-bby-2.html.
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.
Receive News & Ratings for Best Buy Co. Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Best Buy Co. Inc. and related companies with MarketBeat.com's FREE daily email newsletter.