Best Buy Co. Sees Unusually High Options Volume (BBY)

Best Buy Co., Inc. (NYSE:BBY) was the target of unusually large options trading activity on Monday. Stock traders bought 1,986 put options on the company. This is an increase of approximately 592% compared to the typical volume of 287 put options.

Best Buy Co. (NYSE BBY) opened at 61.07 on Thursday. The company has a market capitalization of $18.62 billion, a price-to-earnings ratio of 16.43 and a beta of 1.45. The firm has a 50-day moving average of $56.38 and a 200 day moving average of $50.73. Best Buy Co. has a one year low of $32.20 and a one year high of $61.95.

Best Buy Co. (NYSE:BBY) last issued its earnings results on Thursday, May 25th. The technology retailer reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.20. The firm had revenue of $8.53 billion during the quarter, compared to analyst estimates of $8.28 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share. Equities research analysts predict that Best Buy Co. will post $3.89 earnings per share for the current fiscal year.

In other Best Buy Co. news, VP Mathew Watson sold 14,568 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $60.43, for a total value of $880,344.24. Following the completion of the transaction, the vice president now owns 21,872 shares of the company’s stock, valued at approximately $1,321,724.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Asheesh Saksena sold 22,255 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $55.66, for a total transaction of $1,238,713.30. Following the completion of the transaction, the insider now directly owns 82,440 shares of the company’s stock, valued at approximately $4,588,610.40. The disclosure for this sale can be found here. In the last three months, insiders sold 121,917 shares of company stock valued at $7,107,375. Corporate insiders own 0.84% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Best Buy Co. by 4.0% in 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 during the last quarter. BlackRock Inc. increased its stake in Best Buy Co. by 1,859.1% in the first quarter. BlackRock Inc. now owns 20,064,628 shares of the technology retailer’s stock valued at $986,174,000 after buying an additional 19,040,478 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Best Buy Co. by 6.5% in the first quarter. JPMorgan Chase & Co. now owns 14,724,133 shares of the technology retailer’s stock valued at $723,692,000 after buying an additional 898,300 shares during the last quarter. State Street Corp increased its stake in Best Buy Co. by 1.9% in the first quarter. State Street Corp now owns 13,700,994 shares of the technology retailer’s stock valued at $673,407,000 after buying an additional 250,469 shares during the last quarter. Finally, American International Group Inc. increased its stake in Best Buy Co. by 1.3% in the first quarter. American International Group Inc. now owns 10,846,704 shares of the technology retailer’s stock valued at $533,116,000 after buying an additional 142,042 shares during the last quarter. Hedge funds and other institutional investors own 94.06% of the company’s stock.

A number of equities analysts have commented on the stock. UBS AG reissued a “buy” rating and issued a $51.00 price target (up previously from $47.00) on shares of Best Buy Co. in a research note on Wednesday, May 24th. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 price target on shares of Best Buy Co. in a research note on Wednesday. Deutsche Bank AG reissued a “buy” rating and issued a $60.00 price target on shares of Best Buy Co. in a research note on Thursday, August 3rd. BidaskClub raised shares of Best Buy Co. from a “hold” rating to a “buy” rating in a research note on Wednesday, August 2nd. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $56.00 price objective (up previously from $49.00) on shares of Best Buy Co. in a research note on Sunday, May 28th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and twenty have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $56.76.

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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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