Bed Bath & Beyond Inc. (NASDAQ:BBBY) dropped 12.5% during trading on Thursday after TheStreet downgraded the stock from a c rating to a d+ rating. The company traded as low as $21.13 and last traded at $21.50. Approximately 21,799,028 shares were traded during trading, an increase of 518% from the average daily volume of 3,524,511 shares. The stock had previously closed at $24.57.
A number of other research firms have also recently commented on BBBY. Zacks Investment Research upgraded shares of Bed Bath & Beyond from a “strong sell” rating to a “hold” rating and set a $31.00 price target on the stock in a report on Tuesday, August 22nd. KeyCorp reiterated an “underweight” rating and set a $21.00 price target (down previously from $27.00) on shares of Bed Bath & Beyond in a report on Wednesday, September 20th. Moffett Nathanson initiated coverage on shares of Bed Bath & Beyond in a report on Monday, December 4th. They set a “neutral” rating on the stock. UBS reiterated a “neutral” rating and set a $30.00 price target (down previously from $33.00) on shares of Bed Bath & Beyond in a report on Thursday, September 14th. Finally, Morgan Stanley set a $22.00 price objective on shares of Bed Bath & Beyond and gave the company a “sell” rating in a research report on Thursday. Seven investment 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’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $26.24.
Institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new position in Bed Bath & Beyond in the second quarter worth approximately $68,548,000. Dimensional Fund Advisors LP raised its position in Bed Bath & Beyond by 64.0% in the third quarter. Dimensional Fund Advisors LP now owns 3,424,108 shares of the retailer’s stock worth $80,364,000 after acquiring an additional 1,336,053 shares during the period. FMR LLC raised its position in Bed Bath & Beyond by 9.9% in the second quarter. FMR LLC now owns 14,748,756 shares of the retailer’s stock worth $448,363,000 after acquiring an additional 1,330,077 shares during the period. Contrarius Investment Management Ltd bought a new position in Bed Bath & Beyond in the third quarter worth approximately $18,776,000. Finally, Bridgewater Associates LP raised its position in Bed Bath & Beyond by 154.3% in the second quarter. Bridgewater Associates LP now owns 1,041,747 shares of the retailer’s stock worth $31,669,000 after acquiring an additional 632,119 shares during the period. Institutional investors own 91.72% of the company’s stock.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings results on Wednesday, December 20th. The retailer reported $0.44 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.07. Bed Bath & Beyond had a net margin of 4.11% and a return on equity of 19.15%. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.90 billion. During the same period last year, the firm earned $0.85 earnings per share. The company’s quarterly revenue was down 1.4% on a year-over-year basis. equities analysts forecast that Bed Bath & Beyond Inc. will post 2.98 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 17th. Shareholders of record on Friday, March 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $0.60 annualized dividend and a yield of 2.67%. Bed Bath & Beyond’s payout ratio is presently 17.24%.
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).
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