Cadence Capital Management LLC Boosts Position in Bed Bath & Beyond Inc. (BBBY)
Cadence Capital Management LLC increased its holdings in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 20.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,079 shares of the retailer’s stock after buying an additional 4,339 shares during the quarter. Cadence Capital Management LLC’s holdings in Bed Bath & Beyond were worth $500,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asia Hong Kong Ltd purchased a new position in Bed Bath & Beyond during the first quarter valued at approximately $109,000. Trilogy Capital Inc. purchased a new position in Bed Bath & Beyond during the first quarter valued at approximately $127,000. Asset Management One Co. Ltd. lifted its holdings in Bed Bath & Beyond by 143.9% during the first quarter. Asset Management One Co. Ltd. now owns 8,440 shares of the retailer’s stock valued at $177,000 after purchasing an additional 4,980 shares in the last quarter. Psagot Investment House Ltd. purchased a new position in shares of Bed Bath & Beyond during the 1st quarter valued at $194,000. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Bed Bath & Beyond during the 2nd quarter valued at $205,000. 93.39% of the stock is currently owned by institutional investors.
In other Bed Bath & Beyond news, insider Eugene A. Castagna sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $20.81, for a total transaction of $520,250.00. Following the completion of the transaction, the insider now owns 124,255 shares in the company, valued at approximately $2,585,746.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.50% of the company’s stock.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its quarterly earnings data on Wednesday, June 27th. The retailer reported $0.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.02. The firm had revenue of $2.75 billion during the quarter, compared to analyst estimates of $2.75 billion. Bed Bath & Beyond had a return on equity of 14.73% and a net margin of 3.18%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 earnings per share. research analysts predict that Bed Bath & Beyond Inc. will post 2.33 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 16th. Stockholders of record on Friday, September 14th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.62%. Bed Bath & Beyond’s payout ratio is 20.51%.
BBBY has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Bed Bath & Beyond from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 12th. Wells Fargo & Co restated a “sell” rating and issued a $16.00 price objective on shares of Bed Bath & Beyond in a research report on Wednesday, June 27th. BidaskClub upgraded Bed Bath & Beyond from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 28th. Credit Suisse Group set a $20.00 price objective on Bed Bath & Beyond and gave the company a “hold” rating in a research report on Friday, June 29th. Finally, Standpoint Research downgraded Bed Bath & Beyond from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Ten research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $20.00.
About Bed Bath & Beyond
Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products.
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