Will Schulze’s Return to Best Buy Bother These Top Institutional Shareholders?

Best Buy’s (NYSE:BBY) co-founder and former chairman Richard Schulze will return to the company as chairman emeritus. This follows Schulze’s consideration of making a buyout bid for the electronics retailer, but he never made a formal offer. Best Buy has been trying to turn around a sales slump fur yo tough competition from online retailers and discounters. The company hired turnaround expert Hubert Joly as its CEO in August, and since then, the company has cut jobs, invested in training employees, and begun to match online prices. Furthermore, Schulze is nominating two former Best Buy executives to the board: former CEO Brad Anderson and former Chief Operating Officer Al Lenzmeier.

These institutional firms indicated owning shares of Best Buy in Q4 2012. They reported owning a total of 254.276 million shares on 12/31/2012. The shares closed at $11.76 on 12/31/2012.

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Here are the ten largest positions in Best Buy at the end of December 31, 2012.

FMR LLC held 29,516,766 shares on 12/31/2012 worth $349,773,688. This brought the portfolio total to 0.06 percent.

Vanguard Group Inc held 16,139,639 shares on 12/31/2012 worth $191,254,728. This brought the portfolio total to 0.02 percent.

State Street Corp held 11,903,501 shares on 12/31/2012 worth $141,056,491. This brought the portfolio total to 0.02 percent.

Manufactureres Life Insurance Co held 10,633,614 shares on 12/31/2012 worth $126,008,330. This brought the portfolio total to 1.03 percent.

Vinik Asset Management LP held 7,759,000 shares on 12/31/2012 worth $91,944,153. This brought the portfolio total to 2.7 percent.

TIAA-CREF Investment Management LLC held 7,704,370 shares on 12/31/2012 worth $91,296,787. This brought the portfolio total to 0.08 percent.

Blackrock Institutional Trust Company N.A. held 7,430,598 shares on 12/31/2012 worth $88,052,589. This brought the portfolio total to 0.02 percent.

Evercore Trust Company N.A. held 5,674,630 shares on 12/31/2012 worth $67,244,368. This brought the portfolio total to 0.28 percent.

Tradewinds Global Investors LLC held 5,296,683 shares on 12/31/2012 worth $62,765,696. This brought the portfolio total to 1.33 percent.

Prudential Plc held 4,179,900 shares on 12/31/2012 worth $49,531,817. This brought the portfolio total to 0.31 percent.

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