Is Best Buy Co Inc (NYSE:BBY) a good equity to bet on right now? We like to check what the smart money thinks first before doing extensive research. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It’s not surprising given that hedge funds have access to better information and more resources to find the latest market-moving information.
Is Best Buy Co Inc (NYSE:BBY) a splendid stock to buy now? Prominent investors are getting more optimistic. The number of long hedge fund positions moved up by 11 lately. BBY was in 40 hedge funds’ portfolios at the end of the third quarter of 2016. There were 29 hedge funds in our database with BBY holdings at the end of the previous quarter. At the end of this article we will also compare BBY to other stocks including UDR, Inc. (NYSE:UDR), Textron Inc. (NYSE:TXT), and Akamai Technologies, Inc. (NASDAQ:AKAM) to get a better sense of its popularity.
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Now, we’re going to take a glance at the new action regarding Best Buy Co Inc (NYSE:BBY).
What does the smart money think about Best Buy Co Inc (NYSE:BBY)?
Heading into the fourth quarter of 2016, a total of 40 of the hedge funds tracked by Insider Monkey were long this stock, a 38% rise from the second quarter of 2016, after three relatively flat quarters of hedge fund ownership, so the company did something to attract more attention. With the smart money’s capital changing hands, there exists a few notable hedge fund managers who were boosting their holdings meaningfully (or already accumulated large positions).
Of the funds tracked by Insider Monkey, AQR Capital Management, managed by Cliff Asness, holds the biggest position in Best Buy Co., Inc. (NYSE:BBY). AQR Capital Management has a $215.9 million position in the stock. Sitting at the No. 2 spot is Jim Simons of Renaissance Technologies, with a $105.9 million position. Some other members of the smart money with similar optimism include Israel Englander’s Millennium Management, David Harding’s Winton Capital Management and John Overdeck and David Siegel’s Two Sigma Advisors.