Best Buy (BBY)

• Market cap: $19.7B
• 1 day: 0.97%
• 5 days: 0.88%
• 1 month: -5.50%
• 3 months: 10.46%
• 6 months: 23.17%
• Year to date: 18.53%
• 1 year: 37.76%
• 5 years: 21.14%
• 10 years: 158.04%
• Sector: Consumer Discretionary
• Industry: Radio, TV & Consumer Electronics Stores

About: With $43.5 billion in consolidated 2023 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8.3% share of the North American market and north of 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid-19 pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.

Employees: 85,000

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

56% more first-time investments, than exits

New positions opened: 137 | Existing positions closed: 88

32% more call options, than puts

Call options by funds: $752M | Put options by funds: $568M

18% more repeat investments, than reductions

Existing positions increased: 317 | Existing positions reduced: 268

6% more funds holding

Funds holding: 766 [Q1] → 815 (+49) [Q2]

3% more capital invested

Capital invested by funds: $14.9B [Q1] → $15.3B (+$382M) [Q2]

0.34% less ownership

Funds ownership: 84.3% [Q1] → 83.97% (-0.34%) [Q2]

83% less funds holding in top 10

Funds holding in top 10: 6 [Q1] → 1 (-5) [Q2]

Research analyst outlook

17 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $80 13% downside
• Avg. target: $105 15% upside
• High target: $123 34% upside

17 analyst ratings

• positive: 10 59%
• neutral: 6 35%
• negative: 1 6%

Citigroup Steven Zaccone 71% 1-year accuracy 10 / 14 met price target	19% upside $109	Buy Maintained	8 Nov 2024
DA Davidson Michael Baker 68% 1-year accuracy 17 / 25 met price target	28% upside $117	Buy Maintained	15 Oct 2024
Melius Research Karen Short 88% 1-year accuracy 7 / 8 met price target	9% upside $100	Hold Initiated	23 Sept 2024
Goldman Sachs Kate McShane 70% 1-year accuracy 26 / 37 met price target	27% upside $116	Buy Maintained	3 Sept 2024
Wells Fargo Zachary Fadem 79% 1-year accuracy 15 / 19 met price target	4% upside $95	Equal-Weight Maintained	30 Aug 2024