What Makes Best Buy (BBY) an Investment Choice?

Mairs & Power, an investment advisor, released the “Mairs & Power Growth Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The Mairs & Power Growth Fund beat the S&P 500 TR Index in 2023 and produced solid results. The fund returned 27.70% in 2023 compared to a 26.29% return for the index. Additionally, the Growth Fund beat its peer group according to the Morningstar Core Index, which increased by 22.13%. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Mairs & Power Growth Fund featured stocks such as Best Buy Co., Inc. (NYSE:BBY) in the fourth quarter 2023 investor letter. Headquartered in Richfield, Minnesota, Best Buy Co., Inc. (NYSE:BBY) is a retailer of technology products. On February 13, 2024, Best Buy Co., Inc. (NYSE:BBY) stock closed at $72.90 per share. One-month return of Best Buy Co., Inc. (NYSE:BBY) was 1.45%, and its shares lost 17.45% of their value over the last 52 weeks. Best Buy Co., Inc. (NYSE:BBY) has a market capitalization of $15.702 billion.

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.”

A busy retail store showcasing a wide range of consumer electronics.

Best Buy Co., Inc. (NYSE:BBY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Best Buy Co., Inc. (NYSE:BBY) at the end of third quarter which was 31 in the previous quarter.

We discussed Best Buy Co., Inc. (NYSE:BBY) in another article and shared the list of best dividend growth stocks to buy and hold in 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.