Bed Bath & Beyond Inc. (BBBY) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) from a buy rating to a hold rating in a research report sent to investors on Wednesday.
According to Zacks, “Bed Bath & Beyond is focused on strategic initiatives like e-Commerce enhancement and improvement of customer services, as also evident from its recent store realigment plan. Also, comps from customer-facing digital networks grew over 20% in the last reported quarter. Additionally, Bed Bath & Beyond’s capital initiatives and constant shareholder-friendly moves should draw investors’ attention. However, the company has lagged the broader industry in the past year owing to its unimpressive past performances. Well, Bed Bath & Beyond has been reeling under sluggish mall traffic that has been intensifying with increasing shift toward online shopping. Also, margins have been pressurized for four quarters now, owing to increased expenses. Additionally, the company's global presence keeps it exposed to currency woes. Unfortunately, management's dismal view for fiscal 2017 raises concerns about these obstacles to linger.”
Other equities research analysts have also recently issued reports about the company. Argus restated a buy rating and set a $40.00 target price (down from $48.00) on shares of Bed Bath & Beyond in a report on Wednesday, June 28th. ValuEngine upgraded Bed Bath & Beyond from a hold rating to a buy rating in a report on Thursday, July 6th. Barclays PLC dropped their price objective on Bed Bath & Beyond from $45.00 to $40.00 and set an equal weight rating for the company in a report on Friday, June 23rd. Loop Capital upgraded Bed Bath & Beyond from a sell rating to a hold rating and dropped their price objective for the stock from $37.00 to $35.00 in a report on Friday, May 12th. Finally, Jefferies Group LLC dropped their price objective on Bed Bath & Beyond from $41.00 to $34.00 and set a hold rating for the company in a report on Friday, June 23rd. Nine equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $35.00.
Bed Bath & Beyond (BBBY) traded down 0.54% during mid-day trading on Wednesday, reaching $27.74. The company had a trading volume of 605,895 shares. Bed Bath & Beyond has a one year low of $26.96 and a one year high of $48.83. The firm’s 50-day moving average is $28.68 and its 200-day moving average is $34.46. The firm has a market capitalization of $3.90 billion, a P/E ratio of 6.38 and a beta of 1.11.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its quarterly earnings data on Thursday, June 22nd. The retailer reported $0.58 EPS for the quarter, missing the consensus estimate of $0.66 by $0.08. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.79 billion. Bed Bath & Beyond had a net margin of 5.22% and a return on equity of 24.38%. Bed Bath & Beyond’s revenue for the quarter was up .1% compared to the same quarter last year. During the same quarter last year, the company posted $0.80 earnings per share. On average, equities research analysts anticipate that Bed Bath & Beyond will post $4.02 earnings per share for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 17th. Shareholders of record on Friday, September 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Thursday, September 14th. Bed Bath & Beyond’s payout ratio is 13.86%.
Several institutional investors have recently bought and sold shares of BBBY. Nationwide Fund Advisors grew its holdings in shares of Bed Bath & Beyond by 3.0% in the first quarter. Nationwide Fund Advisors now owns 157,832 shares of the retailer’s stock worth $6,228,000 after acquiring an additional 4,600 shares during the period. First Manhattan Co. grew its holdings in shares of Bed Bath & Beyond by 20.3% in the first quarter. First Manhattan Co. now owns 2,966 shares of the retailer’s stock worth $127,000 after acquiring an additional 500 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Bed Bath & Beyond by 59.8% in the first quarter. Janney Montgomery Scott LLC now owns 11,270 shares of the retailer’s stock worth $445,000 after acquiring an additional 4,218 shares during the period. Sumitomo Mitsui Asset Management Company LTD grew its holdings in shares of Bed Bath & Beyond by 15.4% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 12,930 shares of the retailer’s stock worth $510,000 after acquiring an additional 1,727 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Bed Bath & Beyond by 3.0% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 24,423 shares of the retailer’s stock worth $964,000 after acquiring an additional 701 shares during the period. 93.35% of the stock is owned by institutional investors and hedge funds.
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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