5 Best Consumer Electronics Stocks To Buy

2. Best Buy Co., Inc. (NYSE:BBY)

Number of Hedge Fund Holders: 32

Best Buy Co., Inc. (NYSE:BBY) is one of the best consumer electronics stocks. It is a technology product retailer operating in the United States and Canada. The company is divided into Domestic and International segments. Best Buy stores offer a range of computing and mobile phone products, including desktops, laptops, and related accessories. 

On March 1, Best Buy Co., Inc. (NYSE:BBY) declared a $0.94 per share quarterly dividend, a 2.2% increase from its previous dividend of $0.92. The dividend is to be paid on April 11 to shareholders on record as of March 21.

According to Insider Monkey’s fourth quarter database, 32 hedge funds were bullish on Best Buy Co., Inc. (NYSE:BBY), up from 28 funds in the preceding quarter. Cliff Asness’ AQR Capital Management held a significant position in the company, with 1.1 million shares valued at $85.98 million.

Mairs & Power Growth Fund stated the following regarding Best Buy Co., Inc. (NYSE:BBY) in its fourth quarter 2023 investor letter:

“We added two smaller positions to the portfolio in the fourth quarter as well—Piper Sandler (PIPR) and Best Buy Co., Inc. (NYSE:BBY)–both of which are Minnesota-based. We also initiated a position in Best Buy, a leading electronics retailer with more than 1,000 stores nationwide. We’ve been impressed with management’s ability to navigate a difficult retail landscape, gaining share amongst its offline competitors. The consumer electronics market is suffering from a spending hangover after the Pandemic, but we are starting to see green shoots of a recovery; in the meantime, Best Buy offers a 5% dividend.”