Best Buy Co. Sees Unusually Large Options Volume (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY) saw unusually large options trading on Wednesday. Stock traders purchased 1,986 put options on the stock. This represents an increase of approximately 592% compared to the typical daily volume of 287 put options.

A number of equities research analysts recently weighed in on BBY shares. Barclays PLC restated a “buy” rating and issued a $65.00 price target on shares of Best Buy Co. in a report on Monday, August 28th. Zacks Investment Research upgraded Best Buy Co. from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a report on Tuesday, October 10th. KeyCorp restated a “hold” rating on shares of Best Buy Co. in a report on Friday. Deutsche Bank AG restated a “buy” rating and issued a $58.00 price target (down previously from $60.00) on shares of Best Buy Co. in a report on Thursday, August 31st. Finally, BidaskClub upgraded Best Buy Co. from a “hold” rating to a “buy” rating in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $58.97.

In other Best Buy Co. news, CFO Corie S. Barry sold 787 shares of the business’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 transaction, the chief financial officer now owns 54,159 shares in the company, valued at approximately $3,245,207.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Keith J. Nelsen sold 2,433 shares of the business’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 $145,785.36. Following the transaction, the general counsel now owns 66,873 shares in the company, valued at approximately $4,007,030.16. The disclosure for this sale can be found here. Insiders have sold a total of 166,259 shares of company stock worth $9,182,693 in the last quarter. 0.84% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. FNY Managed Accounts LLC raised its position in shares of 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 worth $114,000 after buying an additional 2,011 shares during the period. Huntington National Bank raised its position in shares of Best Buy Co. by 18.4% in the 2nd quarter. Huntington National Bank now owns 2,050 shares of the technology retailer’s stock worth $118,000 after buying an additional 318 shares during the period. Exane Derivatives raised its position in shares of Best Buy Co. by 65.5% in the 2nd quarter. Exane Derivatives now owns 2,553 shares of the technology retailer’s stock worth $146,000 after buying an additional 1,010 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of 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 worth $159,000 after buying an additional 163 shares during the period. Finally, Smithfield Trust Co. purchased a new position in shares of Best Buy Co. in the 3rd quarter worth $178,000. 87.52% of the stock is currently owned by institutional investors and hedge funds.

Best Buy Co. (BBY) opened at $56.68 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.42 and a quick ratio of 0.69. The firm has a market capitalization of $16,957.78, a price-to-earnings ratio of 14.68, a P/E/G ratio of 1.14 and a beta of 1.42. Best Buy Co. has a 52-week low of $37.65 and a 52-week high of $63.32.

Best Buy Co. (NYSE:BBY) last issued its earnings results on Tuesday, August 29th. The technology retailer reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. The business had revenue of $8.94 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. analysts predict that Best Buy Co. will post 4.06 earnings per share for the current fiscal year.

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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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