Stock Traders Buy Large Volume of Call Options on Best Buy Co (BBY)
Best Buy Co Inc (NYSE:BBY) was the target of unusually large options trading on Wednesday. Stock traders acquired 993 call options on the company. This represents an increase of approximately 163% compared to the typical daily volume of 378 call options.
A number of research firms recently weighed in on BBY. UBS Group AG (USA) restated a “buy” rating and issued a $57.00 price target (down previously from $60.00) on shares of Best Buy Co in a report on Wednesday, September 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $68.00 target price on shares of Best Buy Co in a research note on Thursday, September 21st. Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 target price on shares of Best Buy Co in a research note on Wednesday, August 9th. Loop Capital reaffirmed a “buy” rating and issued a $72.00 target price on shares of Best Buy Co in a research note on Saturday, July 22nd. Finally, Telsey Advisory Group reduced their target price on Best Buy Co from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, eighteen have assigned 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 $58.97.
In related news, CEO Hubert Joly sold 106,942 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total value of $5,847,588.56. Following the sale, the chief executive officer now owns 645,222 shares in the company, valued at approximately $35,280,738.96. 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 that occurred on Monday, August 21st. The stock was sold at an average price of $59.92, for a total value of $134,580.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 166,259 shares of company stock worth $9,182,693. Insiders own 1.21% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in BBY. FNY Managed Accounts LLC increased its holdings in Best Buy Co by 18,281.8% in the 2nd quarter. FNY Managed Accounts LLC now owns 2,000 shares of the technology retailer’s stock valued at $114,000 after purchasing an additional 2,011 shares in the last quarter. Huntington National Bank increased its holdings in Best Buy Co by 18.4% in the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock valued at $118,000 after purchasing an additional 318 shares in the last quarter. Exane Derivatives increased its holdings in Best Buy Co by 65.5% in the 2nd quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock valued at $146,000 after purchasing an additional 1,010 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Best Buy Co by 6.2% in 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 in the last quarter. Finally, Smithfield Trust Co. acquired a new stake in Best Buy Co in the 3rd quarter valued at $178,000. Hedge funds and other institutional investors own 88.31% of the company’s stock.
Shares of Best Buy Co (BBY) opened at $56.92 on Friday. The company has a market capitalization of $17.03 billion, a price-to-earnings ratio of 14.85, a PEG ratio of 1.15 and a beta of 1.42. The company has a current ratio of 1.42, a quick ratio of 0.69 and a debt-to-equity ratio of 0.30. Best Buy Co has a twelve month low of $37.10 and a twelve month high of $63.32.
Best Buy Co (NYSE:BBY) last released its quarterly earnings data on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.63 by $0.06. The business had revenue of $8.94 billion during the quarter, compared to the consensus estimate of $8.67 billion. Best Buy Co had a return on equity of 27.41% and a net margin of 3.00%. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.57 EPS. research analysts predict that Best Buy Co will post 4.05 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Tuesday, September 19th were issued a $0.34 dividend. The ex-dividend date was Monday, September 18th. This represents a $1.36 annualized dividend and a yield of 2.39%. Best Buy Co’s dividend payout ratio is currently 36.07%.
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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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