Best Buy Co Inc Can’t Burn Your Long Portfolio. Option Traders are Bullish

 Best Buy Co Inc Can't Burn Your Long Portfolio. Option Traders are Bullish

In today’s session Best Buy Co Inc (BBY) registered an unusually high (1,303) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the October, 2016 call, expecting serious BBY increase. With 1,303 contracts traded and 113214 open interest for the Oct, 16 contract, it seems this is a quite bullish bet. The option with symbol: BBY161021C00039000 closed last at: $0.53 or 60.6% up. The stock decreased 0.55% or $0.21 during the last trading session, hitting $37.98. About 2.85 million shares traded hands. Best Buy Co Inc (NYSE:BBY) has risen 15.56% since March 1, 2016 and is uptrending. It has outperformed by 6.31% the S&P500.

Best Buy Co Inc (NYSE:BBY) Ratings Coverage

Out of 18 analysts covering Best Buy Co (NYSE:BBY), 6 rate it a “Buy”, 1 “Sell”, while 11 “Hold”. This means 33% are positive. $50 is the highest target while $20.50 is the lowest. The $38.51 average target is 1.40% above today’s ($37.98) stock price. Best Buy Co has been the topic of 47 analyst reports since August 10, 2015 according to StockzIntelligence Inc. The company was downgraded on Wednesday, May 25 by Deutsche Bank. As per Monday, August 10, the company rating was maintained by UBS. On Wednesday, August 26 the stock rating was maintained by Telsey with “Outperform”. The rating was maintained by Jefferies on Wednesday, August 26 with “Buy”. The firm earned “Overweight” rating on Monday, August 24 by Piper Jaffray. The rating was maintained by Raymond James on Wednesday, August 24 with “Buy”. The company was downgraded on Tuesday, January 19 by Morgan Stanley. Citigroup maintained it with “Neutral” rating and $40 target price in Wednesday, August 24 report. As per Wednesday, August 24, the company rating was maintained by SunTrust. Zacks upgraded it to “Hold” rating and $39 target price in Thursday, August 27 report.

Insitutional Activity: The institutional sentiment increased to 1.07 in Q2 2016. Its up 0.38, from 0.69 in 2016Q1. The ratio is positive, as 44 funds sold all Best Buy Co Inc shares owned while 139 reduced positions. 42 funds bought stakes while 153 increased positions. They now own 263.98 million shares or 4.84% less from 277.42 million shares in 2016Q1.
Geode Cap Mgmt Ltd Liability Co last reported 0.05% of its portfolio in the stock. The New York-based Rafferty Asset Management Ltd has invested 0.23% in Best Buy Co Inc (NYSE:BBY). Delta Lloyd Nv has 0.02% invested in the company for 17,358 shares. Euclidean Management Ltd Liability Com has 2.06% invested in the company for 63,008 shares. Meiji Yasuda Asset Mngmt Co holds 10,066 shares or 0.04% of its portfolio. Glenmede Na accumulated 0% or 974 shares. Fifth Third Bancorp last reported 1,074 shares in the company. Bnp Paribas Arbitrage Sa accumulated 322,706 shares or 0.04% of the stock. Millennium Management Llc has invested 0.02% of its portfolio in Best Buy Co Inc (NYSE:BBY). Van Eck Corporation last reported 39,330 shares in the company. Nikko Asset Mngmt Americas holds 0.05% of its portfolio in Best Buy Co Inc (NYSE:BBY) for 16,400 shares. Federated Investors Pa reported 120,279 shares or 0.01% of all its holdings. Laurion Capital Management L P last reported 0.01% of its portfolio in the stock. Blackrock Fund Advisors reported 4.54M shares or 0.03% of all its holdings. Renaissance Technologies Limited Liability last reported 0.09% of its portfolio in the stock.

Insider Transactions: Since May 31, 2016, the stock had 0 insider buys, and 5 insider sales for $17.92 million net activity. 181,362 Best Buy Co Inc (NYSE:BBY) shares with value of $7.00 million were sold by Ballard Shari L. Another trade for 1,363 shares valued at $43,751 was sold by Watson Mathew. 221,335 Best Buy Co Inc (NYSE:BBY) shares with value of $8.53 million were sold by MOHAN RAJENDRA M. On Wednesday, August 31 Nelsen Keith J sold $2.31 million worth of the stock or 59,893 shares.

Best Buy Co., Inc. is a provider of technology products, services and solutions. The company has a market cap of $12.05 billion. The Firm offers services and products to the clients visiting its stores, engaging with Geek Squad agents or using its Websites or mobile applications. It has a 12.58 P/E ratio. It operates through two divisions: Domestic and International.

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