Bed Bath & Beyond Inc. (BBBY) Raised to Hold at Zacks Investment Research
According to Zacks, “Bed Bath & Beyond's results continue to be impacted by sluggish mall traffic and high promotional costs. Further, owing to its exposure to global markets, the company faces various risks associated with international operations, like currency fluctuations. Hence, persistence of the currency headwinds remains a threat to the company. Also, the company's lowered comps view, and expectations of SG&A expense and gross margin deleverage for fiscal 2016 raises concerns. However, the company remains focused on strategic initiatives like store expansion, eCommerce enhancement and improvement of customer services, which remain growth catalysts. The latest buyout of One Kings Lane, which highlights its focus on acquisitions, is likely to enable Bed Bath & Beyond to fight competition from e-commerce giants and boost results. Estimates have also been stable lately, ahead of the company's second quarter earnings release.”
Other equities research analysts have also issued research reports about the stock. Barclays PLC restated an equal weight rating and issued a $50.00 target price on shares of Bed Bath & Beyond in a research note on Wednesday, June 15th. Credit Suisse Group AG started coverage on shares of Bed Bath & Beyond in a research note on Wednesday, June 15th. They issued a hold rating on the stock. Robert W. Baird restated a hold rating on shares of Bed Bath & Beyond in a research note on Monday, May 16th. Jefferies Group restated a hold rating and issued a $45.00 target price (down previously from $52.00) on shares of Bed Bath & Beyond in a research note on Thursday, June 23rd. Finally, Deutsche Bank AG restated a hold rating and issued a $42.00 target price (down previously from $45.00) on shares of Bed Bath & Beyond in a research note on Thursday, June 23rd. Seven research analysts have rated the stock with a sell rating, twenty have given a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. Bed Bath & Beyond has an average rating of Hold and an average price target of $50.20.
Shares of Bed Bath & Beyond (NASDAQ:BBBY) opened at 43.20 on Tuesday. Bed Bath & Beyond has a one year low of $41.15 and a one year high of $62.78. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 8.62 and a beta of 0.72. The firm has a 50-day moving average price of $45.16 and a 200-day moving average price of $45.99.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its earnings results on Wednesday, June 22nd. The retailer reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by $0.06. The company earned $2.74 billion during the quarter. Bed Bath & Beyond had a net margin of 6.66% and a return on equity of 31.15%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 EPS. Analysts anticipate that Bed Bath & Beyond will post $4.83 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 18th. Stockholders of record on Friday, September 16th will be issued a dividend of $0.125 per share. The ex-dividend date is Wednesday, September 14th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.16%. Bed Bath & Beyond’s dividend payout ratio is currently 9.98%.
In other news, COO Eugene A. Castagna sold 17,866 shares of the firm’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $45.86, for a total transaction of $819,334.76. Following the transaction, the chief operating officer now owns 140,630 shares in the company, valued at approximately $6,449,291.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.70% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BBBY. Sequoia Financial Advisors LLC acquired a new position in Bed Bath & Beyond during the fourth quarter worth $1,300,000. Norges Bank acquired a new position in Bed Bath & Beyond during the fourth quarter worth $88,509,000. Chevy Chase Trust Holdings Inc. increased its position in Bed Bath & Beyond by 2.6% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 139,269 shares of the retailer’s stock worth $6,913,000 after buying an additional 3,488 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Bed Bath & Beyond by 11.1% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 38,540 shares of the retailer’s stock worth $1,913,000 after buying an additional 3,856 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its position in Bed Bath & Beyond by 6.5% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 39,829 shares of the retailer’s stock worth $1,977,000 after buying an additional 2,422 shares during the last quarter. Institutional investors and hedge funds own 95.23% of the company’s stock.
About Bed Bath & Beyond
Bed Bath & Beyond Inc is a retailer, which operates under the names Bed Bath & Beyond (BBB), Christmas Tree Shops, Christmas Tree Shops andThat! or andThat! (collectively, CTS), Harmon or Harmon Face Values (collectively, Harmon), buybuy BABY (Baby) and World Market, Cost Plus World Market or Cost Plus (collectively, Cost Plus World Market).
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