Bed Bath & Beyond Inc. (BBBY) Shares Down 15.9% After Earnings Miss

Bed Bath & Beyond Inc. (NASDAQ:BBBY)’s share price fell 15.9% during trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $22.41 and last traded at $22.74. 24,994,946 shares traded hands during mid-day trading, an increase of 527% from the average session volume of 3,989,240 shares. The stock had previously closed at $27.03.

The retailer reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.95 by ($0.28). The business had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $3.01 billion. Bed Bath & Beyond had a return on equity of 24.38% and a net margin of 5.22%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.11 earnings per share.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 16th. Investors of record on Friday, December 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Thursday, December 14th. Bed Bath & Beyond’s payout ratio is 13.86%.

BBBY has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Bed Bath & Beyond from a “strong sell” rating to a “hold” rating and set a $31.00 target price for the company in a report on Tuesday, August 22nd. Goldman Sachs Group, Inc. (The) restated a “sell” rating and set a $38.00 target price on shares of Bed Bath & Beyond in a report on Monday, June 19th. Wedbush set a $30.00 target price on shares of Bed Bath & Beyond and gave the stock a “hold” rating in a report on Saturday, June 24th. KeyCorp restated an “underweight” rating and set a $21.00 target price (down from $27.00) on shares of Bed Bath & Beyond in a report on Wednesday. Finally, UBS AG restated a “neutral” rating and set a $30.00 target price (down from $33.00) on shares of Bed Bath & Beyond in a report on Thursday, September 14th. Eight investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $29.56.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank increased its stake in shares of Bed Bath & Beyond by 0.3% during the 1st quarter. Amalgamated Bank now owns 10,575 shares of the retailer’s stock worth $417,000 after purchasing an additional 32 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Bed Bath & Beyond by 1.7% during the 1st quarter. Nordea Investment Management AB now owns 7,704 shares of the retailer’s stock worth $304,000 after purchasing an additional 129 shares during the last quarter. Blair William & Co. IL increased its stake in shares of Bed Bath & Beyond by 1.5% during the 1st quarter. Blair William & Co. IL now owns 14,012 shares of the retailer’s stock worth $566,000 after purchasing an additional 213 shares during the last quarter. ARGI Investment Services LLC increased its stake in shares of Bed Bath & Beyond by 1.1% during the 1st quarter. ARGI Investment Services LLC now owns 27,289 shares of the retailer’s stock worth $1,076,000 after purchasing an additional 284 shares during the last quarter. Finally, Fairbanks Capital Management Inc. increased its stake in shares of Bed Bath & Beyond by 1.7% during the 2nd quarter. Fairbanks Capital Management Inc. now owns 16,861 shares of the retailer’s stock worth $512,000 after purchasing an additional 285 shares during the last quarter. Institutional investors own 93.30% of the company’s stock.

The company has a 50-day moving average of $28.41 and a 200 day moving average of $33.64. The firm has a market cap of $3.20 billion, a P/E ratio of 5.23 and a beta of 1.11.

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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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