Best Buy Co. Sees Unusually Large Options Volume (BBY)
Best Buy Co., Inc. (NYSE:BBY) saw some unusual options trading on Monday. Stock investors purchased 993 call options on the stock. This is an increase of 163% compared to the typical daily volume of 378 call options.
In other news, insider Asheesh Saksena sold 18,706 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $57.08, for a total value of $1,067,738.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel Keith J. Nelsen sold 55,153 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $59.01, for a total value of $3,254,578.53. Following the completion of the sale, the general counsel now directly owns 89,306 shares in the company, valued at $5,269,947.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,917 shares of company stock worth $7,107,375. 0.84% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the stock. LSV Asset Management increased its position in shares of Best Buy Co. by 3.5% in the second quarter. LSV Asset Management now owns 2,015,293 shares of the technology retailer’s stock valued at $115,536,000 after buying an additional 69,000 shares during the last quarter. Spectrum Management Group Inc. increased its position in shares of Best Buy Co. by 25.7% in the second quarter. Spectrum Management Group Inc. now owns 21,515 shares of the technology retailer’s stock valued at $1,233,000 after buying an additional 4,405 shares during the last quarter. Meiji Yasuda Life Insurance Co increased its position in shares of Best Buy Co. by 11.4% in the second quarter. Meiji Yasuda Life Insurance Co now owns 8,800 shares of the technology retailer’s stock valued at $505,000 after buying an additional 900 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its position in shares of Best Buy Co. by 18.7% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 83,623 shares of the technology retailer’s stock valued at $4,794,000 after buying an additional 13,150 shares during the last quarter. Finally, Cipher Capital LP bought a new position in shares of Best Buy Co. during the second quarter valued at approximately $2,533,000. 94.06% of the stock is owned by institutional investors and hedge funds.
Best Buy Co. (NYSE BBY) opened at 61.07 on Thursday. The stock has a 50 day moving average of $56.38 and a 200-day moving average of $50.73. The company has a market cap of $18.62 billion, a PE ratio of 16.43 and a beta of 1.45. Best Buy Co. has a 1-year low of $32.20 and a 1-year high of $61.95.
Best Buy Co. (NYSE:BBY) last issued its quarterly earnings data on Thursday, May 25th. The technology retailer reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.20. The business had revenue of $8.53 billion during the quarter, compared to the consensus estimate of $8.28 billion. Best Buy Co. had a net margin of 3.01% and a return on equity of 26.81%. The firm’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.44 EPS. On average, equities research analysts predict that Best Buy Co. will post $3.89 earnings per share for the current year.
BBY has been the topic of several research analyst reports. Loop Capital reaffirmed a “buy” rating and issued a $72.00 price target (up from $64.00) on shares of Best Buy Co. in a research report on Monday, June 5th. Morgan Stanley raised Best Buy Co. from an “equal weight” rating to a “buy” rating and raised their price target for the company from $43.00 to $60.00 in a research report on Tuesday, May 30th. Deutsche Bank AG raised Best Buy Co. from a “hold” rating to a “buy” rating and lifted their target price for the stock from $46.00 to $60.00 in a research report on Tuesday, May 30th. BidaskClub raised Best Buy Co. from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. Finally, Credit Suisse Group reissued a “buy” rating and set a $60.00 target price (up from $47.00) on shares of Best Buy Co. in a research report on Sunday, May 28th. Four investment analysts have rated the stock with a sell rating, three have issued a hold rating and twenty have issued a buy rating to the stock. Best Buy Co. has an average rating of “Buy” and a consensus price target of $56.76.
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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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