State Street Corp Discloses Passive Stake in Best Buy Co Inc

TL;DR

**State Street just confirmed a big, passive stake in Best Buy, signaling institutional confidence.**

AI Summary

State Street Corporation, a major financial institution, has disclosed its ownership of Best Buy Co Inc common stock as of December 31, 2023. This SC 13G filing indicates that State Street holds a significant, but passive, stake in Best Buy. This matters to investors because large institutional holdings like this can signal confidence in the company's long-term prospects and provide a degree of stability to the stock, as these firms typically aren't looking for quick trades.

Why It Matters

This filing confirms a major institutional investor's position in Best Buy, which can influence market perception and stock stability.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of a passive investment, indicating no immediate risk or significant change in company control.

Analyst Insight

Smart investors should note this institutional holding as a baseline for Best Buy's investor base, but recognize it's a passive stake, so it doesn't signal an activist move or immediate change in company direction.

Key Players & Entities

• State Street Corporation (company) — the reporting person and institutional investor
• Best Buy Co Inc (company) — the subject company whose stock is being reported
• December 31, 2023 (date) — the date of the event requiring the filing
• 086516101 (number) — CUSIP number for Best Buy Co Inc common stock

FAQ

From the Filing

0000093751-24-000280.txt : 20240129 0000093751-24-000280.hdr.sgml : 20240129 20240129064447 ACCESSION NUMBER: 0000093751-24-000280 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240129 DATE AS OF CHANGE: 20240129 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 FILM NUMBER: 24570032 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: STATE STREET CORP CENTRAL INDEX KEY: 0000093751 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 042456637 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1 CONGRESS STREET STREET 2: SUITE 1 CITY: BOSTON STATE: MA ZIP: 02114 BUSINESS PHONE: 617 786-3000 MAIL ADDRESS: STREET 1: 1 CONGRESS STREET STREET 2: SUITE 1 CITY: BOSTON STATE: MA ZIP: 02114 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET Corp DATE OF NAME CHANGE: 20090218 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET CORP DATE OF NAME CHANGE: 19970424 FORMER COMPANY: FORMER CONFORMED NAME: STATE STREET BOSTON FINANCIAL CORP DATE OF NAME CHANGE: 19780525 SC 13G 1 Best_Buy_Co_Inc.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 INITIAL FILING BEST BUY CO INC (NAME OF ISSUER) COMMON STOCK (TITLE OF CLASS OF SECURITIES) 086516101 (CUSIP NUMBER) 12/31/2023 (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) ( ) RULE 13D-1 (C) ( ) 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 13G Page 2 of 5 Pages 1. NAME OF REPORTING PERSON: STATE STREET CORPORATION I.R.S. IDENTIFICATION NO. OF THE ABOVE PERSON: 04-2456637 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP NOT APPLICABLE 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION BOSTON, MASSACHUSETTS 5. SOLE VOTING POWER 0 SHARES 6. SHARED VOTING POWER 6,898,198 7. SOLE DISPOSITIVE POWER 0 SHARES 8. SHARED DISPOSITIVE POWER 10,520,518 9. AGGREGATED AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 11,747,443 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES NOT APPLICABLE 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 5.45% 12. TYPE OF REPORTING PERSON HC CUSIP NO: 086516101 13G Page 3 of 5 Pages ITEM 1. (A) NAME OF ISSUER BEST BUY CO INC (B) ADDRESS OF ISSUER`S PRINCIPAL EXECUTIVE OFFICES 7601 PENN AVENUE SOUTH RICHFIELD MN 55423 UNITED STATES ITEM 2. (A) NAME OF PERSON FILING STATE STREET CORPORATION (B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE STATE STREET FINANCIAL CENTER 1 CONGRESS STREET, SUITE 1 BOSTON, MA 02114-2016 (FOR ALL REPORTING PERSONS) (C) CITIZENSHIP: SEE ITEM 4 (CITIZENSHIP OR PLACE OF ORGANIZATION) OF COVER PAGES (