Best Buy Co. Target of Unusually High Options Trading (BBY)

Best Buy Co., Inc. (NYSE:BBY) saw some unusual options trading on Monday. Traders bought 993 call options on the stock. This is an increase of 163% compared to the typical volume of 378 call options.

Shares of Best Buy Co. (NYSE BBY) opened at 52.59 on Thursday. The stock’s 50 day moving average price is $58.64 and its 200-day moving average price is $53.96. The firm has a market cap of $15.73 billion, a P/E ratio of 13.92 and a beta of 1.48. Best Buy Co. has a 12 month low of $37.10 and a 12 month high of $63.32.

Best Buy Co. (NYSE:BBY) last released its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that Best Buy Co. will post $4.05 earnings per share for the current fiscal 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 of this dividend is Monday, September 18th. Best Buy Co.’s dividend payout ratio is presently 35.88%.

BBY has been the subject of several recent research reports. BidaskClub raised Best Buy Co. from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. SunTrust Banks, Inc. set a $70.00 price objective on Best Buy Co. and gave the stock a “buy” rating in a report on Saturday, July 22nd. Bank of America Corporation reissued a “buy” rating and issued a $68.00 price objective (up from $58.00) on shares of Best Buy Co. in a report on Sunday, May 28th. Loop Capital reissued a “buy” rating and issued a $72.00 price objective on shares of Best Buy Co. in a report on Monday, July 10th. Finally, Telsey Advisory Group increased their price objective on Best Buy Co. from $53.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, May 26th. Three analysts have rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $58.31.

In other news, CFO Corie S. Barry sold 787 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 transaction of $47,157.04. Following the completion of the transaction, the chief financial officer now directly owns 54,159 shares of the company’s stock, valued at $3,245,207.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Shari L. Ballard sold 2,246 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The shares were 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. Insiders have sold 152,328 shares of company stock valued at $8,436,505 over the last ninety days. Corporate insiders own 1.21% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. 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 period. 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 period. 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 period. 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 period. Finally, Harbour Capital Advisors LLC acquired a new stake in Best Buy Co. during the 1st quarter worth $147,000. 88.11% of the stock is owned by hedge funds and other institutional investors.

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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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