Traders Purchase High Volume of Call Options on Best Buy Co. (BBY)
Best Buy Co., Inc. (NYSE:BBY) was the target of some unusual options trading on Monday. Stock traders purchased 993 call options on the company. This represents an increase of approximately 163% compared to the typical volume of 378 call options.
In other Best Buy Co. news, insider Kathleen Scarlett sold 10,797 shares of Best Buy Co. stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $52.49, for a total transaction of $566,734.53. Following the completion of the transaction, the insider now owns 25,690 shares in the company, valued at approximately $1,348,468.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Corie S. Barry sold 3,134 shares of Best Buy Co. stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $57.26, for a total value of $179,452.84. The disclosure for this sale can be found here. Insiders have sold a total of 166,259 shares of company stock valued at $9,182,693 in the last quarter. Company insiders own 1.21% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cleararc Capital Inc. raised its position in Best Buy Co. by 0.3% in the first quarter. Cleararc Capital Inc. now owns 6,644 shares of the technology retailer’s stock worth $327,000 after acquiring an additional 18 shares during the period. Nordea Investment Management AB raised its position in shares of Best Buy Co. by 0.3% during the 2nd quarter. Nordea Investment Management AB now owns 15,000 shares of the technology retailer’s stock valued at $860,000 after purchasing an additional 48 shares during the period. Advisor Group Inc. raised its position in shares of Best Buy Co. by 1.2% during the 2nd quarter. Advisor Group Inc. now owns 4,636 shares of the technology retailer’s stock valued at $265,000 after purchasing an additional 55 shares during the period. CENTRAL TRUST Co raised its position in shares of Best Buy Co. by 1.9% during the 2nd quarter. CENTRAL TRUST Co now owns 5,310 shares of the technology retailer’s stock valued at $304,000 after purchasing an additional 100 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its position in shares of Best Buy Co. by 6.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,774 shares of the technology retailer’s stock valued at $159,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 88.11% of the company’s stock.
A number of research firms have issued reports on BBY. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Best Buy Co. in a research note on Tuesday, August 29th. BidaskClub upgraded Best Buy Co. from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Barclays PLC restated a “buy” rating and issued a $65.00 target price on shares of Best Buy Co. in a research note on Monday, August 28th. Piper Jaffray Companies restated a “buy” rating and issued a $70.00 target price on shares of Best Buy Co. in a research note on Wednesday, August 23rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $60.00 target price on shares of Best Buy Co. in a research note on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $58.79.
Shares of Best Buy Co. (NYSE BBY) opened at 57.15 on Thursday. The firm’s 50-day moving average is $57.17 and its 200-day moving average is $54.75. Best Buy Co. has a one year low of $37.10 and a one year high of $63.32. The company has a market cap of $17.10 billion, a PE ratio of 15.12 and a beta of 1.51.
Best Buy Co. (NYSE:BBY) last released its quarterly earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the Thomson Reuters’ 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 business had revenue of $8.94 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same period last year, the firm earned $0.57 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. On average, equities analysts anticipate that Best Buy Co. will post $4.06 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th will be given a $0.34 dividend. The ex-dividend date is Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.38%. Best Buy Co.’s payout ratio is presently 35.88%.
Best Buy Co. Company Profile
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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