Stock Traders Buy High Volume of Put Options on Best Buy Co. (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the target of some unusual options trading activity on Monday. Investors bought 1,986 put options on the company. This is an increase of 592% compared to the typical daily volume of 287 put options.
Shares of Best Buy Co. (BBY) opened at 57.15 on Thursday. The stock has a market capitalization of $17.10 billion, a price-to-earnings ratio of 15.12 and a beta of 1.51. The company has a 50 day moving average of $57.17 and a 200 day moving average of $54.75. Best Buy Co. has a 52-week low of $37.10 and a 52-week high of $63.32.
Best Buy Co. (NYSE:BBY) last announced its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. Best Buy Co. had a return on equity of 27.41% and a net margin of 3.00%. The business had revenue of $8.94 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the business posted $0.57 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Analysts predict that Best Buy Co. will post $4.06 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.38%. Best Buy Co.’s dividend payout ratio is currently 35.88%.
A number of equities analysts recently weighed in on BBY shares. Piper Jaffray Companies set a $70.00 price objective on shares of Best Buy Co. and gave the company a “buy” rating in a research report on Monday, June 26th. Jefferies Group LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a research report on Thursday, July 6th. Loop Capital reiterated a “buy” rating and issued a $72.00 price objective on shares of Best Buy Co. in a research report on Monday, July 10th. Sanford C. Bernstein set a $47.00 price objective on shares of Best Buy Co. and gave the company a “sell” rating in a research report on Tuesday, July 11th. Finally, BidaskClub lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Three analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Best Buy Co. has a consensus rating of “Buy” and an average target price of $58.79.
In other news, insider Kathleen Scarlett sold 10,797 shares of Best Buy Co. stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $52.49, for a total value of $566,734.53. Following the transaction, the insider now directly owns 25,690 shares of the company’s stock, valued at approximately $1,348,468.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Corie S. Barry sold 3,134 shares of Best Buy Co. stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total transaction of $179,452.84. The disclosure for this sale can be found here. Insiders sold a total of 166,259 shares of company stock worth $9,182,693 over the last ninety days. Corporate insiders own 1.21% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Best Buy Co. by 4.0% during the first quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock valued at $1,602,962,000 after buying an additional 1,241,888 shares in the last quarter. BlackRock Inc. boosted its position in shares of Best Buy Co. by 1,859.1% in the 1st quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after purchasing an additional 19,040,478 shares during the period. State Street Corp boosted its position in shares of Best Buy Co. by 1.9% in the 1st quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock valued at $673,407,000 after purchasing an additional 250,469 shares during the period. American International Group Inc. boosted its position in shares of Best Buy Co. by 1.3% in the 1st quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock valued at $533,116,000 after purchasing an additional 142,042 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Best Buy Co. in the 1st quarter valued at $265,777,000. 88.11% of the stock is owned by institutional investors and hedge funds.
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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