Vanguard Trims Best Buy Stake to 9.69% as of Dec 29, 2023

TL;DR

**Vanguard cut its Best Buy stake to 9.69% as of Dec 29, 2023.**

AI Summary

The Vanguard Group, a major investment firm, filed an amendment (SC 13G/A) on February 13, 2024, updating its ownership in Best Buy Co Inc. As of December 29, 2023, Vanguard beneficially owned 20,937,609 shares of Best Buy's Common Stock, representing 9.69% of the company. This filing indicates a slight decrease in Vanguard's reported stake from its previous filing, which could signal a minor shift in institutional investor sentiment towards Best Buy.

Why It Matters

This filing shows that a major institutional investor, Vanguard, slightly reduced its ownership in Best Buy, which could be interpreted as a minor loss of confidence or a portfolio rebalancing. Investors should note this as it reflects a significant holder's recent activity.

Risk Assessment

Risk Level: low — The change in ownership by Vanguard is minor and does not suggest any immediate significant risk to Best Buy's stock price or operations.

Analyst Insight

A smart investor would note this minor reduction in Vanguard's stake but recognize that Vanguard remains a major holder. This information alone isn't a strong buy/sell signal but suggests monitoring Best Buy's upcoming earnings and other institutional filings for a clearer trend.

Key Numbers

• 20,937,609 — Shares Beneficially Owned (The total number of Best Buy common stock shares Vanguard held as of December 29, 2023.)
• 9.69% — Percentage of Class (The percentage of Best Buy's common stock that Vanguard beneficially owned, indicating a significant but slightly reduced stake.)
• December 29, 2023 — Event Date (The specific date that triggered the requirement for this amendment filing, showing the snapshot of ownership.)
• February 13, 2024 — Filing Date (The date this amendment was officially filed with the SEC, providing the most recent public disclosure.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Best Buy Co Inc (company) — subject company whose shares are being reported
• 20,937,609 shares (dollar_amount) — number of shares beneficially owned by Vanguard
• 9.69% (dollar_amount) — percentage of Best Buy's common stock owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing

Forward-Looking Statements

• Vanguard will continue to be a significant institutional holder of Best Buy stock. (The Vanguard Group) — high confidence, target: 2025-02-13

FAQ

From the Filing

0001104659-24-020423.txt : 20240213 0001104659-24-020423.hdr.sgml : 20240213 20240213170053 ACCESSION NUMBER: 0001104659-24-020423 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 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/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-38156 FILM NUMBER: 24627632 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: VANGUARD GROUP INC CENTRAL INDEX KEY: 0000102909 ORGANIZATION NAME: IRS NUMBER: 231945930 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 SC 13G/A 1 tv0426-bestbuycoinc.htm SCHEDULE 13G/A bestbuycoinc SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 11)* Name of issuer:  Best Buy Co Inc Title of Class of Securities:  Common Stock CUSIP Number:  086516101 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ 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). (Continued on the following page(s))     13G CUSIP No.:  086516101 1.  NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Vanguard Group - 23-1945930 2.  CHECK THE APPROPRIATE [LINE] IF A MEMBER OF A GROUP A.  B.  X 3.  SEC USE ONLY 4.  CITIZENSHIP OF PLACE OF ORGANIZATION Pennsylvania (For questions 5-8, report the number of shares beneficially owned by each reporting person with:) 5.  SOLE VOTING POWER 0 6.  SHARED VOTING POWER 244,645 7.  SOLE DISPOSITIVE POWER 22,231,911 8.  SHARED DISPOSITIVE POWER 855,470 9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 23,087,381 10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A 11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 10.72% 12.  TYPE OF REPORTING PERSON IA     SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Act of 1934 Item 1(a) - Name of Issuer: Best Buy Co Inc Item 1(b) - Address of Issuer's Principal Executive Offices: 7601 Penn Avenue South Richfield, MN 55423-3645 Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930 Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355 Item 2(c) – Citizenship: Pennsylvania Item 2(d) - Title of Class of Se