Is Now A Good Time to Buy Shares of Best Buy Co Inc (BBY)?

As industry-wide interest jumped, some big names were leading the bulls’ herd. Scopus Asset Management, managed by Alexander Mitchell, created the most valuable call position in Best Buy Co Inc (NYSE:BBY). Scopus Asset Management had $28.6 million invested in the company at the end of the quarter. David Keidan’s Buckingham Capital Management also initiated a $15.4 million position during the quarter. The other funds with new positions in the stock are Ken Griffin’s Citadel Investment Group, Robert Pohly’s Samlyn Capital, and Steven Boyd’s Armistice Capital.

Let’s now review hedge fund activity in other stocks similar to Best Buy Co Inc (NYSE:BBY). These stocks are UDR, Inc. (NYSE:UDR), Textron Inc. (NYSE:TXT), Akamai Technologies, Inc. (NASDAQ:AKAM), and WestRock Co (NYSE:WRK). This group of stocks’ market caps match BBY’s market cap.

As you can see these stocks had an average of 24 hedge funds with bullish positions and the average amount invested in these stocks was $499 million. That figure was $793 million in BBY’s case. Akamai Technologies, Inc. (NASDAQ:AKAM) is the most popular stock in this table. On the other hand UDR, Inc. (NYSE:UDR) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks Best Buy Co Inc (NYSE:BBY) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and ownership of it shot up last quarter, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None