Best Buy Target of Unusually Large Options Trading (NYSE:BBY)

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) was the recipient of some unusual options trading on Monday. Stock traders acquired 46,788 call options on the stock. This represents an increase of 249% compared to the average daily volume of 13,422 call options.

Insider Activity at Best Buy

In other news, CFO Matthew M. Bilunas sold 69,166 shares of the company's stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $87.46, for a total transaction of $6,049,258.36. Following the transaction, the chief financial officer now owns 92,070 shares in the company, valued at $8,052,442.20. This represents a 42.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.59% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BBY. Richardson Financial Services Inc. increased its holdings in Best Buy by 190.9% during the 2nd quarter. Richardson Financial Services Inc. now owns 320 shares of the technology retailer's stock worth $27,000 after purchasing an additional 210 shares in the last quarter. Innealta Capital LLC bought a new position in Best Buy during the 2nd quarter worth about $35,000. Harbor Capital Advisors Inc. bought a new position in shares of Best Buy in the 3rd quarter valued at about $40,000. LRI Investments LLC grew its holdings in shares of Best Buy by 632.1% in the 3rd quarter. LRI Investments LLC now owns 388 shares of the technology retailer's stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Finally, Whittier Trust Co. grew its holdings in shares of Best Buy by 53.3% in the 2nd quarter. Whittier Trust Co. now owns 492 shares of the technology retailer's stock valued at $41,000 after acquiring an additional 171 shares in the last quarter. Institutional investors and hedge funds own 80.96% of the company's stock.

Best Buy Stock Performance

Shares of NYSE BBY traded up $0.98 during trading hours on Monday, hitting $88.58. 4,909,286 shares of the company's stock were exchanged, compared to its average volume of 3,088,337. Best Buy has a 1-year low of $69.29 and a 1-year high of $103.71. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.22. The stock has a market capitalization of $18.94 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 2.19 and a beta of 1.44. The company's 50-day moving average price is $91.54 and its 200-day moving average price is $90.54.

Best Buy (NYSE:BBY - Get Free Report) last released its quarterly earnings data on Tuesday, November 26th. The technology retailer reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.04). The company had revenue of $9.45 billion during the quarter, compared to the consensus estimate of $9.63 billion. Best Buy had a net margin of 3.01% and a return on equity of 45.93%. The company's revenue for the quarter was down 3.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 earnings per share. On average, sell-side analysts expect that Best Buy will post 6.18 earnings per share for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 7th. Shareholders of record on Tuesday, December 17th will be issued a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 4.24%. The ex-dividend date of this dividend is Tuesday, December 17th. Best Buy's dividend payout ratio is 64.27%.

Analysts Set New Price Targets

BBY has been the topic of several recent research reports. Loop Capital lowered their price objective on Best Buy from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, November 27th. Guggenheim decreased their target price on Best Buy from $110.00 to $105.00 and set a "buy" rating on the stock in a research report on Friday, November 29th. UBS Group reduced their price objective on Best Buy from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, November 27th. JPMorgan Chase & Co. increased their price objective on Best Buy from $111.00 to $117.00 and gave the company an "overweight" rating in a research note on Friday, November 22nd. Finally, Truist Financial reduced their price objective on Best Buy from $107.00 to $95.00 and set a "hold" rating for the company in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $101.06.

About Best Buy

Best Buy Co, Inc engages in the retail of technology products in the United States, Canada, and international. Its stores provide computing and mobile phone products, such as desktops, notebooks, and peripherals; mobile phones comprising related mobile network carrier commissions; networking products; tablets covering e-readers; smartwatches; and consumer electronics consisting of digital imaging, health and fitness products, portable audio comprising headphones and portable speakers, and smart home products, as well as home theaters, which includes home theater accessories, soundbars, and televisions.