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

Best Buy Co., Inc. (NYSE:BBY - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Stock investors bought 67,540 call options on the stock. This represents an increase of 286% compared to the average volume of 17,478 call options.

Best Buy Stock Performance

BBY stock traded down $0.41 on Wednesday, reaching $99.07. 2,317,947 shares of the company were exchanged, compared to its average volume of 3,102,525. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.01 and a quick ratio of 0.34. Best Buy has a 12 month low of $62.30 and a 12 month high of $103.71. The stock's fifty day moving average price is $89.68 and its 200 day moving average price is $83.21. The firm has a market capitalization of $21.37 billion, a PE ratio of 17.35, a PEG ratio of 2.56 and a beta of 1.46.

Best Buy (NYSE:BBY - Get Free Report) last announced its quarterly earnings data on Thursday, August 29th. The technology retailer reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.16 by $0.18. Best Buy had a net margin of 2.96% and a return on equity of 47.19%. The business had revenue of $9.29 billion during the quarter, compared to analyst estimates of $9.23 billion. During the same quarter in the prior year, the business earned $1.22 earnings per share. The firm's revenue for the quarter was down 3.1% on a year-over-year basis. On average, research analysts anticipate that Best Buy will post 6.26 EPS for the current fiscal year.

Best Buy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.94 per share. This represents a $3.76 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date of this dividend is Thursday, September 19th. Best Buy's dividend payout ratio is presently 65.85%.

Insiders Place Their Bets

In other news, EVP Jason J. Bonfig sold 3,500 shares of the firm's stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $83.02, for a total transaction of $290,570.00. Following the completion of the transaction, the executive vice president now owns 50,714 shares in the company, valued at approximately $4,210,276.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Best Buy news, EVP Jason J. Bonfig sold 3,500 shares of the company's stock in a transaction on Monday, July 8th. The stock was sold at an average price of $83.02, for a total value of $290,570.00. Following the transaction, the executive vice president now owns 50,714 shares of the company's stock, valued at $4,210,276.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Richard M. Schulze sold 88,542 shares of the firm's stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $88.25, for a total value of $7,813,831.50. Following the sale, the chairman now directly owns 13,602,853 shares of the company's stock, valued at $1,200,451,777.25. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,383,370 shares of company stock worth $122,233,276. 0.59% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of BBY. Raymond James & Associates boosted its position in shares of Best Buy by 17.0% during the 2nd quarter. Raymond James & Associates now owns 3,377,763 shares of the technology retailer's stock valued at $284,712,000 after acquiring an additional 490,801 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Best Buy by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 3,055,743 shares of the technology retailer's stock valued at $257,569,000 after purchasing an additional 235,478 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Best Buy by 55.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,863,291 shares of the technology retailer's stock valued at $241,347,000 after purchasing an additional 1,024,824 shares during the period. Norges Bank acquired a new position in shares of Best Buy in the 4th quarter worth approximately $165,164,000. Finally, Ninety One UK Ltd bought a new position in shares of Best Buy during the 2nd quarter worth approximately $121,325,000. 80.96% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BBY has been the subject of a number of analyst reports. Piper Sandler reaffirmed an "overweight" rating and set a $114.00 price objective (up from $100.00) on shares of Best Buy in a research note on Friday, August 30th. BNP Paribas upgraded shares of Best Buy to a "strong-buy" rating in a research report on Thursday, August 29th. Wedbush lifted their price objective on shares of Best Buy from $85.00 to $95.00 and gave the stock a "neutral" rating in a research report on Friday, August 30th. Wells Fargo & Company increased their target price on Best Buy from $80.00 to $95.00 and gave the company an "equal weight" rating in a report on Friday, August 30th. Finally, Bank of America raised their target price on Best Buy from $70.00 to $80.00 and gave the stock an "underperform" rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.56.

Best Buy Company Profile

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.