What’s Propelling Best Buy Co Inc to Increase So Much?

 What's Propelling Best Buy Co Inc to Increase So Much?

In today’s session Best Buy Co Inc (BBY) registered an unusually high (5,000) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the December, 2016 call, expecting serious BBY increase. With 5,000 contracts traded and 1274 open interest for the Dec, 16 contract, it seems this is a quite bullish bet. The option with symbol: BBY161216C00045000 closed last at: $0.25 or 4.2% up. About 372,306 shares traded hands. Best Buy Co Inc (NYSE:BBY) has risen 22.33% since April 5, 2016 and is uptrending. It has outperformed by 20.37% 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 -0.85% below today’s ($38.84) stock price. Best Buy Co has been the topic of 47 analyst reports since August 10, 2015 according to StockzIntelligence Inc. Jefferies downgraded the stock to “Hold” rating in Monday, August 15 report. The stock has “Buy” rating given by Suntrust Robinson on Wednesday, August 24. RBC Capital Markets maintained Best Buy Co Inc (NYSE:BBY) on Wednesday, August 24 with “Sector Perform” rating. The stock of Best Buy Co Inc (NYSE:BBY) has “Sector Perform” rating given on Monday, January 18 by RBC Capital Markets. On Wednesday, August 24 the stock rating was maintained by Citigroup with “Neutral”. Zacks upgraded Best Buy Co Inc (NYSE:BBY) rating on Thursday, August 27. Zacks has “Hold” rating and $39 price target. On Friday, February 12 the stock rating was downgraded by Oppenheimer to “Perform”. The rating was maintained by Credit Suisse on Monday, August 17 with “Buy”. UBS maintained Best Buy Co Inc (NYSE:BBY) on Wednesday, August 26 with “Neutral” rating. The rating was maintained by Wedbush with “Neutral” on Monday, August 17.

According to Zacks Investment Research, “Best Buy operates in a single business segment, selling personal computers and other home office products, consumer electronics, entertainment software, major appliances and related accessories principally through its retail stores. They operate retail stores and commercial Websites under the brand names Best Buy, Media Play, On Cue, Sam Goody, Suncoast, Magnolia Hi-Fi and Future Shop. They also operate in three segments: Best Buy, Musicland and International.”

Insitutional Activity: The institutional sentiment increased to 1.07 in 2016 Q2. Its up 0.38, from 0.69 in 2016Q1. The ratio increased, 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.
The Colorado-based Employees Retirement Association Of Colorado has invested 0.02% in Best Buy Co Inc (NYSE:BBY). The Kentucky-based Teachers Retirement Of The State Of Kentucky has invested 0.3% in Best Buy Co Inc (NYSE:BBY). Gemmer Asset Management Ltd Liability Co, a California-based fund reported 278 shares. Renaissance Ltd Liability Company, a New York-based fund reported 1.46 million shares. Hsbc Public Ltd Liability holds 473,825 shares or 0.04% of its portfolio. Americafirst Cap Limited Liability Company holds 25,256 shares or 0% of its portfolio. Voya Mgmt Limited Co, a Georgia-based fund reported 297,997 shares. James has 444,975 shares for 0.34% of their US portfolio. California Public Employees Retirement Systems holds 0.05% of its portfolio in Best Buy Co Inc (NYSE:BBY) for 992,818 shares. Dynamic Capital Ltd holds 0.09% of its portfolio in Best Buy Co Inc (NYSE:BBY) for 23,721 shares. Credit Suisse Ag accumulated 1.02M shares or 0.03% of the stock. Westpac Corp holds 385,176 shares or 0% of its portfolio. Strs Ohio owns 255,510 shares or 0.03% of their US portfolio. Moreover, Utd Cap Fincl Advisers Limited Company has 0.01% invested in Best Buy Co Inc (NYSE:BBY) for 18,476 shares. Ngam Advisors Limited Partnership, a Massachusetts-based fund reported 12,988 shares.

Insider Transactions: Since May 31, 2016, the stock had 0 insider purchases, and 5 selling transactions for $17.92 million net activity. Shares for $7.00M were sold by Ballard Shari L. Another trade for 59,893 shares valued at $2.31 million was sold by Nelsen Keith J. $43,751 worth of Best Buy Co Inc (NYSE:BBY) shares were sold by Watson Mathew. Shares for $8.53M were sold by MOHAN RAJENDRA M on Wednesday, August 31.

Best Buy Co., Inc. is a provider of technology products, services and solutions. The company has a market cap of $12.23 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 12.86 P/E ratio. It operates through two divisions: Domestic and International.

BBY Company Profile

Best Buy Co., Inc., incorporated on October 20, 1966, is a well-known provider of technology products, services and solutions. 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 activities in the United States, Canada and Mexico. The Firm operates through two divisions: Domestic and International. The Domestic segment consists of the activities in all states, districts and territories of the United States, under various brand names, including Best Buy, bestbuy.com, Best Buy Mobile, Best Buy Direct, Best Buy Express, Geek Squad, Magnolia Home Theater, and Pacific Kitchen and Home. The International segment consists of all activities in Canada and Mexico under the brand names, Best Buy, bestbuy.com.ca, bestbuy.com.mx, Best Buy Express, Best Buy Mobile and Geek Squad. The Firm operates approximately 1,200 large-format and over 400 small-format stores throughout its Domestic and International divisions. It has a global sourcing operation to design, develop, test and contract-manufacture its brand products.

More recent Best Buy Co Inc (NYSE:BBY) news were published by: 247Wallst.com which released: “Best Buy Now Taking Pre-Orders for Apple MacBook Pro” on November 07, 2016. Also Profitconfidential.com published the news titled: “Best Buy Co Inc: Best Buy Stock Could Hit $50 in 2017” on October 10, 2016. Investorplace.com‘s news article titled: “Why Best Buy Co Inc Stock Shows Promise Again (BBY)” with publication date: October 19, 2016 was also an interesting one.

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