Boston, MA 02/07/2013 (wallstreetpr) – Since the departure of the last Chief Executive Officer more than a year ago and with the advent of the new CEO, Hubert Joly, who replaced the previous one, the share price of Best Buy Co., Inc. (NYSE:BBY) has been soaring for most of the trading sessions in this year. In particular, the share price has more than doubled since then and the new Chief Executive Officer continues to turn around the company with the purpose of achieving better results.
Best Buy Co., Inc. (NYSE:BBY) operates on the basis of the blueprint called “Renew Blue”, developed by the CEO. The company has effectively refocused its strategies through this model and has achieved cost reductions and an increase in investments in the e-commerce sector. Renew Blue aims at solving two major problems of Best Buy Co., Inc. (NYSE:BBY), namely the declining comps and operating profit margins, by establishing the company as a preferred destination for the buyers to purchase technology-related products and services.
Shares of Best Buy Co., Inc. (NYSE:BBY) rose by 8.82 percent to close at $29.74 on Monday. The shares recorded an intraday high of $29.91 per share and an intraday low of $27.72 per share during the day. As of the last trading session, shares of Best Buy Co., Inc. (NYSE:BBY) had a 52-week high of $29.91 and a 52-week low of $11.20 per share.
Best Buy Co., Inc. (NYSE:BBY) was trading at very high volumes, namely at 12.01 million shares on Monday, while the average level of trading in the company is only 6.52 million shares per day. With 338.28 million shares outstanding in the market, Best Buy Co., Inc. (NYSE:BBY) has currently a market cap of $10.06 billion and an institutional ownership of 73 percent of total capital.
