Best Buy (BBY)

• Market cap: $18.9B
• 1 day: -1.82%
• 5 days: -2.27%
• 1 month: -1.38%
• 3 months: -10.49%
• 6 months: 0.01%
• Year to date: 14.12%
• 1 year: 17.42%
• 5 years: 7.46%
• 10 years: 140.97%
• 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 Q3 regulatory filings by fund managers ($100M+ AUM)

100% more funds holding in top 10

Funds holding in top 10: 1 [Q2] → 2 (+1) [Q3]

40% more first-time investments, than exits

New positions opened: 144 | Existing positions closed: 103

32% more call options, than puts

Call options by funds: $877M | Put options by funds: $667M

19% more capital invested

Capital invested by funds: $15.3B [Q2] → $18.1B (+$2.85B) [Q3]

5% more funds holding

Funds holding: 817 [Q2] → 858 (+41) [Q3]

9% more repeat investments, than reductions

Existing positions increased: 325 | Existing positions reduced: 298

2.04% less ownership

Funds ownership: 84.03% [Q2] → 81.99% (-2.04%) [Q3]

Research analyst outlook

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

• Low target: $89 1% upside
• Avg. target: $105 19% upside
• High target: $117 33% upside

11 analyst ratings

• positive: 8 73%
• neutral: 3 27%
• negative: 0 0%

Guggenheim Steven Forbes 69% 1-year accuracy 9 / 13 met price target	19% upside $105	Buy Maintained	29 Nov 2024
Wells Fargo Zachary Fadem 79% 1-year accuracy 19 / 24 met price target	1% upside $89	Equal-Weight Maintained	27 Nov 2024
UBS Michael Lasser 57% 1-year accuracy 17 / 30 met price target	30% upside $115	Buy Maintained	27 Nov 2024
Truist Securities Scot Ciccarelli 70% 1-year accuracy 46 / 66 met price target	8% upside $95	Hold Maintained	27 Nov 2024
Citigroup Steven Zaccone 69% 1-year accuracy 9 / 13 met price target	15% upside $101	Buy Maintained	27 Nov 2024