Sec Form 4 Filing - Joly Hubert @ BEST BUY CO INC - 2016-06-02

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Joly Hubert 2. Issuer Name and Ticker or Trading Symbol BEST BUY CO INC [ BBY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) Chairman & CEO (Last) (First) (Middle) 7601 PENN AVENUE S. 3. Date of Earliest Transaction (MM/DD/YY) 06/02/2016 (Street) RICHFIELD, MN55423 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 06/02/2016 S 398,000 D $ 32.2371 ( 1 ) 511,138.779 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Stock Option (Right to Buy) $ 40.85 03/12/2015( 2 ) 03/11/2025 Common Stock 158,445 158,445 D Stock Option (Right to Buy) $ 31.79 03/15/2016( 2 ) 03/14/2026 Common Stock 223,890 223,890 D Stock Option (Right to Buy) $ 23.66 04/16/2013( 2 ) 04/15/2023 Common Stock 250,358 250,358 D Stock Option (Right to Buy) $ 29.91 08/18/2014( 2 ) 08/17/2024 Common Stock 183,990 183,990 D Stock Option (Right to Buy) $ 18.02 09/04/2012( 2 ) 09/03/2022 Common Stock 350,468 350,468 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Joly Hubert 7601 PENN AVENUE S. RICHFIELD, MN55423 X Chairman & CEO Signatures /s/ Hannah G. Olson, Attorney-in-fact 06/03/2016 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $32.06 to $32.49, inclusive. The reporting person undertakes to provide to BBY, any security holder of BBY, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. ( 2 )The date indicated is the grant date and the options vest in three equal annual installments beginning one year from such date.

Remarks: The purpose of Mr. Joly's sale is diversification of his portfolio. He continues to exceed his officer stock ownership requirement with holdings of approximately $40 million in vested and unvested BBY shares, stock units and options.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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