Traders Purchase Large Volume of Best Buy Co. Put Options (BBY)
Best Buy Co., Inc. (NYSE:BBY) saw some unusual options trading activity on Monday. Stock traders bought 1,986 put options on the company. This represents an increase of approximately 592% compared to the typical volume of 287 put options.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research lowered shares of Best Buy Co. from a “buy” rating to a “hold” rating in a report on Friday. Piper Jaffray Companies restated a “buy” rating and issued a $68.00 price objective on shares of Best Buy Co. in a report on Thursday, September 21st. UBS AG restated a “buy” rating and issued a $57.00 price objective (down from $60.00) on shares of Best Buy Co. in a report on Wednesday, September 20th. Jefferies Group LLC restated a “buy” rating and issued a $60.00 price objective on shares of Best Buy Co. in a report on Wednesday, September 20th. Finally, Loop Capital reiterated a “buy” rating and set a $72.00 price target on shares of Best Buy Co. in a research note on Wednesday, September 20th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $59.19.
Best Buy Co. (BBY) traded down 0.05% during mid-day trading on Friday, reaching $55.10. 3,104,545 shares of the company were exchanged. The company’s 50 day moving average price is $56.36 and its 200-day moving average price is $55.27. The stock has a market capitalization of $16.49 billion, a P/E ratio of 14.58 and a beta of 1.51. 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, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.06. The firm had revenue of $8.94 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 EPS. On average, equities analysts expect that Best Buy Co. will post $4.06 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Tuesday, September 19th were paid a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, September 18th. Best Buy Co.’s payout ratio is 35.88%.
In related news, CFO Corie S. Barry sold 787 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were 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 owns 54,159 shares of the company’s stock, valued at approximately $3,245,207.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hubert Joly sold 106,942 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $54.68, for a total transaction of $5,847,588.56. Following the transaction, the chief executive officer now directly owns 645,222 shares of the company’s stock, valued at approximately $35,280,738.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,259 shares of company stock valued at $9,182,693. 1.21% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in BBY. BlackRock Inc. raised its stake in shares of Best Buy Co. by 1,859.1% during the 1st quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock worth $986,174,000 after purchasing an additional 19,040,478 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of Best Buy Co. during the 1st quarter worth approximately $265,777,000. Renaissance Technologies LLC raised its stake in shares of Best Buy Co. by 762.4% during the 2nd quarter. Renaissance Technologies LLC now owns 3,528,900 shares of the technology retailer’s stock worth $202,312,000 after purchasing an additional 3,119,700 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Best Buy Co. by 78.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,743,204 shares of the technology retailer’s stock worth $183,979,000 after purchasing an additional 1,645,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Best Buy Co. by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 32,613,654 shares of the technology retailer’s stock worth $1,602,962,000 after purchasing an additional 1,241,888 shares in the last quarter. Institutional investors own 88.11% of the company’s stock.
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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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