Bed Bath & Beyond Inc. (NASDAQ:BBBY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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.”
BBBY has been the topic of several other research reports. Morgan Stanley dropped their price target on Bed Bath & Beyond from $38.00 to $35.00 and set an “underweight” rating on the stock in a research note on Wednesday, June 21st. Telsey Advisory Group dropped their price target on Bed Bath & Beyond from $41.00 to $39.00 and set a “market perform” rating on the stock in a research note on Tuesday, June 20th. BidaskClub downgraded Bed Bath & Beyond from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. Robert W. Baird reissued a “neutral” rating and issued a $38.00 price target (down previously from $42.00) on shares of Bed Bath & Beyond in a research note on Monday, June 19th. Finally, Goldman Sachs Group, Inc. (The) reissued a “sell” rating and issued a $38.00 price target on shares of Bed Bath & Beyond in a research note on Monday, June 19th. Nine investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Bed Bath & Beyond presently has an average rating of “Hold” and a consensus target price of $34.94.
Shares of Bed Bath & Beyond (NASDAQ BBBY) opened at 28.86 on Wednesday. The stock’s 50 day moving average price is $28.60 and its 200 day moving average price is $34.02. Bed Bath & Beyond has a 1-year low of $26.96 and a 1-year high of $48.83. The company has a market cap of $4.06 billion, a P/E ratio of 6.64 and a beta of 1.11.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings results on Thursday, June 22nd. The retailer reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.08). Bed Bath & Beyond had a net margin of 5.22% and a return on equity of 24.38%. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the business earned $0.80 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. Equities research analysts forecast that Bed Bath & Beyond will post $4.02 earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC increased its position in Bed Bath & Beyond by 9.9% during the second quarter. FMR LLC now owns 14,748,756 shares of the retailer’s stock worth $448,363,000 after buying an additional 1,330,077 shares during the last quarter. Vanguard Group Inc. increased its position in Bed Bath & Beyond by 2.2% during the first quarter. Vanguard Group Inc. now owns 13,993,417 shares of the retailer’s stock worth $552,180,000 after buying an additional 298,107 shares during the last quarter. BlackRock Inc. increased its position in Bed Bath & Beyond by 2,768.5% during the first quarter. BlackRock Inc. now owns 12,120,048 shares of the retailer’s stock worth $478,258,000 after buying an additional 11,697,533 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in Bed Bath & Beyond by 3.9% during the second quarter. Hotchkis & Wiley Capital Management LLC now owns 8,455,769 shares of the retailer’s stock worth $257,055,000 after buying an additional 319,380 shares during the last quarter. Finally, State Street Corp increased its position in Bed Bath & Beyond by 3.2% during the first quarter. State Street Corp now owns 8,382,743 shares of the retailer’s stock worth $330,785,000 after buying an additional 261,732 shares during the last quarter. 93.35% of the stock is currently owned by hedge funds and other institutional investors.
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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