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 OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MOHAN RAJENDRA M
2. Issuer Name and Ticker or Trading Symbol

BEST BUY CO INC [ BBY ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Merchandising Officer
(Last)          (First)          (Middle)

7601 PENN AVENUE S.
3. Date of Earliest Transaction (MM/DD/YYYY)

8/31/2016
(Street)

RICHFIELD, MN 55423
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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   8/31/2016     M    55300.0000   A $20.0800   187349.2930   D    
Common Stock   8/31/2016     M    47687.0000   A $23.6600   235036.2930   D    
Common Stock   8/31/2016     M    25156.0000   A $25.7400   260192.2930   D    
Common Stock   8/31/2016     M    18333.0000   A $26.8800   278525.2930   D    
Common Stock   8/31/2016     M    5100.0000   A $25.7400   283625.2930   D    
Common Stock   8/31/2016     M    5000.0000   A $29.7500   288625.2930   D    
Common Stock   8/31/2016     M    5000.0000   A $24.1800   293625.2930   D    
Common Stock   8/31/2016     M    5000.0000   A $24.1200   298625.2930   D    
Common Stock   8/31/2016     M    1330.0000   A $17.9400   299955.2930   D    
Common Stock   8/31/2016     M    1330.0000   A $14.6700   301285.2930   D    
Common Stock   8/31/2016     S    219236.0000   D $38.5615   (1) 82049.2930   D    
Common Stock   8/31/2016     S    2098.9220   (2) D $38.4800   0.0000   I   401(k)  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 7. Title and Amount of Securities Underlying Derivative Security
(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)   $14.6700   8/31/2016     M         1330.0000    1/16/2013   1/15/2023   Common Stock   1330.0000   $14.6700   0.0000   D    
Stock Option (Right to Buy)   $24.1800   8/31/2016     M         5000.0000    2/1/2012   1/31/2022   Common Stock   5000.0000   $24.1800   0.0000   D    
Stock Option (Right to Buy)   $20.0800   8/31/2016     M         55300.0000    3/11/2013   3/10/2023   Common Stock   55300.0000   $20.0800   0.0000   D    
Stock Option (Right to Buy)   $25.7400   8/31/2016     M         5100.0000    3/12/2014   3/11/2024   Common Stock   5100.0000   $25.7400   40285.0000   D    
Stock Option (Right to Buy)   $25.7400   8/31/2016     M         25156.0000    3/12/2014   3/11/2024   Common Stock   25156.0000   $25.7900   15129.0000   D    
Stock Option (Right to Buy)   $29.7500   8/31/2016     M         5000.0000    4/6/2011   4/5/2021   Common Stock   5000.0000   $29.7500   0.0000   D    
Stock Option (Right to Buy)   $23.6600   8/31/2016     M         47687.0000    4/16/2013   4/15/2023   Common Stock   47687.0000   $23.6600   0.0000   D    
Stock Option (Right to Buy)   $17.9400   8/31/2016     M         1330.0000    9/19/2012   9/18/2022   Common Stock   1330.0000   $17.9400   0.0000   D    
Stock Option (Right to Buy)   $24.1200   8/31/2016     M         5000.0000    9/21/2011   9/20/2021   Common Stock   5000.0000   $24.1200   0.0000   D    
Stock Option (Right to Buy)   $26.8800   8/31/2016     M         18333.0000    10/31/2008   10/30/2018   Common Stock   18333.0000   $26.8800   0.0000   D    

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 $38.25 to $39.05, 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)  Amount sold represents the adjusted balance of the BBY stock fund in Mr. Mohan's 401(k) as of August 31, 2016, the transaction date.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MOHAN RAJENDRA M
7601 PENN AVENUE S.
RICHFIELD, MN 55423


Chief Merchandising Officer

Signatures
/s/ Hannah G. Olson, Attorney-in-fact 9/2/2016
** Signature of Reporting Person Date


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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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