Bed Bath & Beyond (NASDAQ:BBBY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Bed Bath & Beyond lagged the industry in last three months. Though the company reported top and bottom-line beat in third-quarter fiscal 2017, earnings declined year over year. Sales gained from opportunistic marketing spend and increased promotional offerings as planned for the quarter. However, this led to higher advertising costs and lower margins, which hurt the bottom line. Further, comps declined due to lower average transactions in stores, somewhat mitigated by greater average transaction amount. Additionally, the six-quarter long trend of strained margins due to higher shipping and coupon expenses as well as rise in SG&A, are likely to continue in fiscal 2017. The company also provided a bleak comps and earnings outlook for fiscal 2017. Nonetheless, the company’s transformation plan is on track to deliver a seamless customer experience. Its capital initiatives and constant shareholder-friendly moves also bode well.”
A number of other equities analysts have also issued reports on the stock. UBS Group reiterated a “neutral” rating and issued a $30.00 target price (down previously from $33.00) on shares of Bed Bath & Beyond in a research report on Thursday, September 14th. Telsey Advisory Group decreased their target price on shares of Bed Bath & Beyond from $32.00 to $21.00 and set a “market perform” rating for the company in a research report on Wednesday, September 20th. Credit Suisse Group set a $25.00 target price on shares of Bed Bath & Beyond and gave the company a “hold” rating in a research report on Thursday. BidaskClub lowered shares of Bed Bath & Beyond from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 24th. Finally, Jefferies Group reiterated a “hold” rating and issued a $25.00 target price (down previously from $34.00) on shares of Bed Bath & Beyond in a research report on Thursday, September 21st. Seven 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 has an average rating of “Hold” and an average target price of $26.24.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its earnings results on Wednesday, December 20th. The retailer reported $0.44 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.07. The company had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.90 billion. Bed Bath & Beyond had a net margin of 2.07% and a return on equity of 8.99%. The firm’s revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 earnings per share. sell-side analysts anticipate that Bed Bath & Beyond will post 3 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of BBBY. Schwab Charles Investment Management Inc. lifted its position in shares of Bed Bath & Beyond by 8.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 910,413 shares of the retailer’s stock worth $27,677,000 after purchasing an additional 73,791 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Bed Bath & Beyond by 13.6% in the second quarter. Advisors Asset Management Inc. now owns 11,895 shares of the retailer’s stock worth $362,000 after buying an additional 1,421 shares during the last quarter. State of Wisconsin Investment Board increased its holdings in Bed Bath & Beyond by 30.4% in the second quarter. State of Wisconsin Investment Board now owns 135,330 shares of the retailer’s stock worth $4,114,000 after buying an additional 31,580 shares during the last quarter. Legal & General Group Plc increased its holdings in Bed Bath & Beyond by 10.7% in the second quarter. Legal & General Group Plc now owns 969,011 shares of the retailer’s stock worth $29,457,000 after buying an additional 93,719 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its holdings in Bed Bath & Beyond by 0.7% in the second quarter. BNP Paribas Arbitrage SA now owns 179,391 shares of the retailer’s stock worth $5,453,000 after buying an additional 1,260 shares during the last quarter. 91.72% of the stock is owned by institutional investors.
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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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