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For the year-to-date, Best Buy Co. Inc.’s (NYSE:BBY) shares are down 22.89 percent. On Monday, the company’s new chief executive officer Hubert Joly said he plans to roll up his sleeves and work as a salesman at the chain’s sales floors in Minnesota, reported Reuters. He will learn the Best Buy way to work with customers, stock items, take returns and attend service calls with the Geek Squad.
Joly said on Monday, “The last time I worked in a store was in 1975. I want to not learn our businesses from the headquarters. I want to learn from the front line.”
In addition to learning about the company in the trenches, Joly has previously said he’ll cut non-salary expenses and for holiday shoppers, he take a three-pronged approach: offering competitive prices, stocking the right amount of hot products and improving customer service.
From Joly’s hands-on approach and interest in the customer, will Best Buy Co.’s largest shareholders increase their holdings? 602 institutional firms indicated owning shares of Best Buy Co. Inc. (NYSE:BBY) in Q2 2012. These firms reported owning a total of 280.834 million shares on 06/30/2012. The shares closed at $20.96 on 06/30/2012.
Here are the ten largest positions in Best Buy Co. Inc. at the end of June 30th, 2012.
FMR LLC held 36,421,016 shares on 06/30/2012 worth $763,384,462. This brought the portfolio total to 0.15%.
Putnam Investment Management LLC held 13,971,778 shares on 06/30/2012 worth $292,848,454. This brought the portfolio total to 0.84%.
Vanguard Group Inc held 11,824,451 shares on 06/30/2012 worth $247,840,482. This brought the portfolio total to 0.03%.
State Street Corp held 11,361,107 shares on 06/30/2012 worth $238,128,792. This brought the portfolio total to 0.04%.
NWQ Investment Management Co LLC held 9,610,088 shares on 06/30/2012 worth $201,427,436. This brought the portfolio total to 1.45%.
Blackrock Institutional Trust Company N.A. held 7,406,210 shares on 06/30/2012 worth $155,234,155. This brought the portfolio total to 0.04%.
Tradewinds Global Investors LLC held 6,311,477 shares on 06/30/2012 worth $132,288,552. This brought the portfolio total to 1.84%.
Thornburg Investment Management Inc held 6,001,572 shares on 06/30/2012 worth $125,792,944. This brought the portfolio total to 0.61%.
Invesco Ltd. held 5,716,398 shares on 06/30/2012 worth $119,815,697. This brought the portfolio total to 0.07%.
Manufactureres Life Insurance Co held 5,425,328 shares on 06/30/2012 worth $113,714,870. This brought the portfolio total to 1.13%.
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