JPMorgan Chase Discloses Passive Stake in Best Buy

Ticker: BBY · Form: SC 13G · Filed: 2024-01-08T00:00:00.000Z

Sentiment: bullish

Topics: institutional-ownership, passive-investment, SC-13G

TL;DR

**JPMorgan Chase just revealed a big, passive investment in Best Buy.**

AI Summary

JPMorgan Chase & Co. filed an SC 13G on January 8, 2024, disclosing its ownership of Best Buy Co., Inc. common stock as of December 29, 2023. This filing indicates that JPMorgan Chase & Co. holds a significant, though passive, stake in Best Buy, signaling its confidence in the electronics retailer. For investors, this means a major financial institution sees value in Best Buy, which could be a positive signal for the stock's stability and future performance.

Why It Matters

A major institutional investor like JPMorgan Chase & Co. holding a stake in Best Buy can be seen as a vote of confidence, potentially attracting other investors and supporting the stock price.

Risk Assessment

Risk Level: low — This filing indicates a passive investment by a large institution, which generally reduces risk by signaling institutional confidence rather than active, potentially disruptive, shareholder activism.

Analyst Insight

An investor might view this as a positive signal, suggesting that a large, sophisticated financial institution sees long-term value in Best Buy, potentially warranting further research into the company's fundamentals.

Key Players & Entities

FAQ

What type of filing is this document?

This document is an SC 13G filing, specifically filed under Rule 13d-1(b) as indicated by the 'x' next to 'Rule 13d-1(b)'.

Who is the 'subject company' in this filing?

The subject company is BEST BUY CO., INC., identified by its CIK 0000764478 and CUSIP 086516101.

Who is the 'filed by' entity in this document?

The 'filed by' entity is JPMORGAN CHASE & CO., identified by its CIK 0000019617.

What is the 'Date of Event Which Requires Filing of this Statement'?

The 'Date of Event Which Requires Filing of this Statement' is December 29, 2023.

What is the title of the class of securities being reported?

The title of the class of securities is 'Common Stock, $0.10 par value per share' of Best Buy Co., Inc.

From the Filing

0000019617-24-000028.txt : 20240108 0000019617-24-000028.hdr.sgml : 20240108 20240108090925 ACCESSION NUMBER: 0000019617-24-000028 CONFORMED SUBMISSION TYPE: SC 13G CONFIRMING COPY: PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240108 DATE AS OF CHANGE: 20240108 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BEST BUY CO INC CENTRAL INDEX KEY: 0000764478 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 410907483 STATE OF INCORPORATION: MN FISCAL YEAR END: 0203 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-38156 BUSINESS ADDRESS: STREET 1: 7601 PENN AVE SOUTH CITY: RICHFIELD STATE: MN ZIP: 55423 BUSINESS PHONE: 6122911000 MAIL ADDRESS: STREET 1: 7601 PENN AVE SOUTH CITY: RICHFIELD STATE: MN ZIP: 55423 FORMER COMPANY: FORMER CONFORMED NAME: BEST BUYS CO INC DATE OF NAME CHANGE: 19900809 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN CHASE & CO CENTRAL INDEX KEY: 0000019617 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] ORGANIZATION NAME: 02 Finance IRS NUMBER: 132624428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 383 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2122706000 MAIL ADDRESS: STREET 1: 383 MADISON AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: J P MORGAN CHASE & CO DATE OF NAME CHANGE: 20010102 FORMER COMPANY: FORMER CONFORMED NAME: CHASE MANHATTAN CORP /DE/ DATE OF NAME CHANGE: 19960402 FORMER COMPANY: FORMER CONFORMED NAME: CHEMICAL BANKING CORP DATE OF NAME CHANGE: 19920703 SC 13G 1 BEST_BUY_CO_INC.htm FILING BEST BUY CO., INC Schedule 13G   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   SCHEDULE 13G     Under the Securities Exchange Act of 1934 (Amendment No. )*   BEST BUY CO., INC   (Name of Issuer)   Common Stock, $0.10 par value per share (Title of Class of Securities)   086516101 (CUSIP Number)   December 29, 2023 (Date of Event Which Requires Filing of this Statement)   Check the appropriate box to designate the rule pursuant to which this Schedule is filed:        x  Rule 13d-1(b)        o  Rule 13d-1(c)        o  Rule 13d-1(d)   * The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.   The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).           CUSIP No.  086516101                           1   NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)   JPMORGAN CHASE & CO. 13-2624428       2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)   (a)   o   (b)   o       3   SEC USE ONLY               4   CITIZENSHIP OR PLACE OF ORGANIZATION       Delaware         NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER       11,799,055       6   SHARED VOTING POWER       66,826       7   SOLE DISPOSITIVE POWER       12,59

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