Commonwealth Equity Services LLC lessened its holdings in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 51.4% in the 1st quarter, Holdings Channel reports. The firm owned 10,966 shares of the retailer’s stock after selling 11,583 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Bed Bath & Beyond were worth $319,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in shares of Bed Bath & Beyond by 20.1% in the 4th quarter. BlackRock Inc. now owns 23,181,494 shares of the retailer’s stock valued at $411,702,000 after purchasing an additional 3,887,565 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Bed Bath & Beyond by 3.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,072,104 shares of the retailer’s stock worth $72,326,000 after acquiring an additional 153,137 shares during the period. Renaissance Technologies LLC bought a new position in Bed Bath & Beyond in the 4th quarter worth $53,087,000. Voloridge Investment Management LLC bought a new position in Bed Bath & Beyond in the 4th quarter worth $42,493,000. Finally, Principal Financial Group Inc. raised its holdings in Bed Bath & Beyond by 111.5% in the 4th quarter. Principal Financial Group Inc. now owns 1,970,983 shares of the retailer’s stock worth $35,005,000 after acquiring an additional 1,039,105 shares during the period. 95.57% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Bed Bath & Beyond from $24.00 to $25.00 and gave the stock an “equal weight” rating in a report on Friday, April 23rd. Zacks Investment Research upgraded shares of Bed Bath & Beyond from a “sell” rating to a “hold” rating and set a $31.00 target price on the stock in a report on Thursday, February 11th. Loop Capital dropped their target price on shares of Bed Bath & Beyond from $30.00 to $24.00 and set a “hold” rating on the stock in a report on Friday, April 16th. Wedbush dropped their target price on shares of Bed Bath & Beyond from $33.00 to $27.00 and set a “neutral” rating on the stock in a report on Thursday, April 15th. Finally, Telsey Advisory Group dropped their price objective on shares of Bed Bath & Beyond from $40.00 to $30.00 and set a “market perform” rating on the stock in a report on Thursday, April 15th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $26.00.
Shares of Bed Bath & Beyond stock opened at $31.53 on Friday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 1.58. The company’s 50-day simple moving average is $27.28. Bed Bath & Beyond Inc. has a twelve month low of $7.30 and a twelve month high of $53.90. The firm has a market cap of $3.36 billion, a price-to-earnings ratio of -25.84 and a beta of 1.83.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its earnings results on Wednesday, April 14th. The retailer reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.09. Bed Bath & Beyond had a negative net margin of 1.63% and a negative return on equity of 8.44%. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.65 billion. During the same period in the previous year, the business earned $0.38 EPS. The firm’s revenue was down 15.7% on a year-over-year basis. Sell-side analysts predict that Bed Bath & Beyond Inc. will post 1.5 earnings per share for the current year.
About Bed Bath & Beyond
Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It operates through two segments, North American Retail and Institutional Sales. The company 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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