Shares of Bed Bath & Beyond (NASDAQ:BBBY) were down 0.8% during trading on Friday after Bank of America lowered their price target on the stock from $19.00 to $16.00. Bank of America currently has an underperform rating on the stock. Bed Bath & Beyond traded as low as $17.19 and last traded at $17.34. Approximately 5,563,448 shares changed hands during mid-day trading, an increase of 38% from the average daily volume of 4,022,815 shares. The stock had previously closed at $17.21.
Other analysts have also recently issued research reports about the company. ValuEngine cut Bed Bath & Beyond from a “strong-buy” rating to a “buy” rating in a report on Sunday, December 31st. Zacks Investment Research upgraded Bed Bath & Beyond from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a report on Tuesday, February 20th. TheStreet lowered Bed Bath & Beyond from a “c” rating to a “d+” rating in a research note on Wednesday, December 20th. Barclays reduced their price objective on Bed Bath & Beyond from $30.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 21st. Finally, Wedbush set a $23.00 price objective on Bed Bath & Beyond and gave the company a “hold” rating in a research note on Wednesday, December 27th. Eleven analysts have rated the stock with a sell rating, eleven have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $23.00.
Institutional investors have recently added to or reduced their stakes in the stock. Cerebellum GP LLC acquired a new position in Bed Bath & Beyond during the 4th quarter worth approximately $121,000. Captrust Financial Advisors acquired a new position in Bed Bath & Beyond during the 4th quarter worth approximately $151,000. Cornerstone Capital Management Holdings LLC. acquired a new position in Bed Bath & Beyond during the 4th quarter worth approximately $149,000. State of Alaska Department of Revenue acquired a new position in Bed Bath & Beyond during the 4th quarter worth approximately $180,000. Finally, Alps Advisors Inc. acquired a new position in Bed Bath & Beyond during the 4th quarter worth approximately $223,000. 91.37% of the stock is currently owned by hedge funds and other institutional investors.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings results on Wednesday, April 11th. The retailer reported $1.48 EPS for the quarter, topping the consensus estimate of $1.41 by $0.07. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.68 billion. Bed Bath & Beyond had a return on equity of 16.45% and a net margin of 3.44%. Bed Bath & Beyond’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.84 EPS. research analysts anticipate that Bed Bath & Beyond will post 2.35 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 17th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, June 14th. This is an increase from Bed Bath & Beyond’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.70%. Bed Bath & Beyond’s payout ratio is currently 19.23%.
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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 juvenile products.
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