Bed Bath & Beyond (NASDAQ:BBBY) Lifted to Buy at Bank of America

Bank of America upgraded shares of Bed Bath & Beyond (NASDAQ:BBBY) from a neutral rating to a buy rating in a research report report published on Thursday morning, The Fly reports. They currently have $38.00 price objective on the retailer’s stock.

Several other equities research analysts also recently commented on BBBY. Wedbush dropped their target price on Bed Bath & Beyond from $33.00 to $27.00 and set a neutral rating on the stock in a report on Thursday, April 15th. Loop Capital lowered their price target on Bed Bath & Beyond from $30.00 to $24.00 and set a hold rating on the stock in a report on Friday, April 16th. Zacks Investment Research raised Bed Bath & Beyond from a hold rating to a buy rating and set a $29.00 price target on the stock in a report on Tuesday. JPMorgan Chase & Co. upped their price target on Bed Bath & Beyond from $23.00 to $29.00 and gave the company a neutral rating in a report on Monday, April 19th. Finally, KeyCorp reaffirmed a sell rating and set a $22.00 price target on shares of Bed Bath & Beyond in a report on Friday, June 11th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus target price of $25.85.

Bed Bath & Beyond stock opened at $30.25 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.85 and a current ratio of 1.58. The business has a fifty day moving average of $27.53. Bed Bath & Beyond has a 12 month low of $7.39 and a 12 month high of $53.90.

Bed Bath & Beyond (NASDAQ:BBBY) last released its earnings results on Wednesday, April 14th. The retailer reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.09. Bed Bath & Beyond had a negative return on equity of 8.44% and a negative net margin of 1.63%. The business had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. On average, research analysts predict that Bed Bath & Beyond will post 1.51 EPS for the current year.

In related news, CFO Gustavo Arnal purchased 20,000 shares of Bed Bath & Beyond stock in a transaction on Friday, April 16th. The stock was acquired at an average price of $25.45 per share, for a total transaction of $509,000.00. Following the completion of the transaction, the chief financial officer now directly owns 300,769 shares in the company, valued at approximately $7,654,571.05. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joshua Schechter purchased 3,000 shares of Bed Bath & Beyond stock in a transaction on Friday, April 16th. The stock was bought at an average price of $25.02 per share, with a total value of $75,060.00. Following the transaction, the director now owns 24,016 shares of the company’s stock, valued at $600,880.32. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 23,500 shares of company stock valued at $596,835. 1.00% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Hanseatic Management Services Inc. increased its position in Bed Bath & Beyond by 2.9% in the first quarter. Hanseatic Management Services Inc. now owns 14,833 shares of the retailer’s stock worth $432,000 after buying an additional 419 shares in the last quarter. Koshinski Asset Management Inc. purchased a new stake in shares of Bed Bath & Beyond during the fourth quarter worth about $284,000. Teachers Retirement System of The State of Kentucky grew its position in shares of Bed Bath & Beyond by 2.5% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 36,820 shares of the retailer’s stock worth $1,073,000 after purchasing an additional 900 shares in the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Bed Bath & Beyond by 1.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 51,904 shares of the retailer’s stock worth $1,513,000 after purchasing an additional 972 shares in the last quarter. Finally, Logan Capital Management Inc. purchased a new stake in shares of Bed Bath & Beyond during the first quarter worth about $29,000. Institutional investors and hedge funds own 95.57% of the company’s stock.

About Bed Bath & Beyond

Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It operates through two segments, North American Retail and Institutional Sales. The company 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 various juvenile products.

Further Reading: Depreciation

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