Bed Bath & Beyond Inc. (BBBY) Receives Underperform Rating from Bank of America Corporation

Bed Bath & Beyond Inc. (NASDAQ:BBBY)‘s stock had its “underperform” rating restated by investment analysts at Bank of America Corporation in a report released on Wednesday. They presently have a $22.00 price objective on the retailer’s stock, down from their prior price objective of $27.00. Bank of America Corporation’s target price would indicate a potential downside of 3.25% from the company’s previous close.

Several other equities analysts have also commented on BBBY. UBS AG reiterated a “neutral” rating and issued a $33.00 target price (down from $37.00) on shares of Bed Bath & Beyond in a research note on Monday, June 26th. Barclays PLC reiterated an “equal weight” rating and issued a $30.00 target price (down from $40.00) on shares of Bed Bath & Beyond in a research note on Wednesday. Wedbush set a $30.00 target price on Bed Bath & Beyond and gave the company a “hold” rating in a research note on Saturday, June 24th. Morgan Stanley set a $30.00 target price on Bed Bath & Beyond and gave the company a “sell” rating in a research note on Saturday, June 24th. Finally, Loop Capital reiterated a “hold” rating and issued a $23.00 target price (down from $35.00) on shares of Bed Bath & Beyond in a research note on Wednesday. Eight equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $30.39.

Shares of Bed Bath & Beyond (NASDAQ:BBBY) traded down 15.87% during mid-day trading on Wednesday, hitting $22.74. The company had a trading volume of 24,995,756 shares. The company has a market cap of $3.20 billion, a PE ratio of 5.23 and a beta of 1.11. The firm has a 50-day moving average of $28.41 and a 200-day moving average of $33.64. Bed Bath & Beyond has a 12 month low of $22.41 and a 12 month high of $48.83.

Bed Bath & Beyond (NASDAQ:BBBY) last released its earnings results on Tuesday, September 19th. The retailer reported $0.75 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.95 by ($0.20). The business had revenue of $2.94 billion during the quarter, compared to analyst estimates of $3.01 billion. Bed Bath & Beyond had a net margin of 5.22% and a return on equity of 24.38%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.11 earnings per share. On average, analysts expect that Bed Bath & Beyond will post $4.01 EPS for the current year.

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A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC boosted its holdings in Bed Bath & Beyond by 9.9% in the second quarter. FMR LLC now owns 14,748,756 shares of the retailer’s stock valued at $448,363,000 after purchasing an additional 1,330,077 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Bed Bath & Beyond by 2.2% during the 1st 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. lifted its holdings in Bed Bath & Beyond by 2,768.5% during the 1st 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 lifted its holdings in Bed Bath & Beyond by 3.9% during the 2nd 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 lifted its holdings in Bed Bath & Beyond by 3.2% during the 1st 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. 93.30% of the stock is owned by hedge funds and other institutional investors.

Bed Bath & Beyond Company Profile

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).

Analyst Recommendations for Bed Bath & Beyond (NASDAQ:BBBY)

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