Bed Bath & Beyond Inc. (NASDAQ:BBBY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Bed Bath & Beyond is focused on strategic initiatives like e-Commerce enhancement and improvement of customer services, as also evident from its recent store realigment plan. Also, comps from customer-facing digital networks grew over 20% in the last reported quarter. Additionally, Bed Bath & Beyond’s capital initiatives and constant shareholder-friendly moves should draw investors’ attention. However, the company has lagged the broader industry in the past year owing to its unimpressive past performances. Well, Bed Bath & Beyond has been reeling under sluggish mall traffic that has been intensifying with increasing shift toward online shopping. Also, margins have been pressurized for four quarters now, owing to increased expenses. Additionally, the company's global presence keeps it exposed to currency woes. Unfortunately, management's dismal view for fiscal 2017 raises concerns about these obstacles to linger.”
Several other analysts also recently issued reports on the stock. ValuEngine downgraded shares of Bed Bath & Beyond from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BidaskClub downgraded shares of Bed Bath & Beyond from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 24th. Jefferies Group LLC reissued a “hold” rating and set a $34.00 target price on shares of Bed Bath & Beyond in a research note on Thursday, July 27th. Wedbush cut their target price on shares of Bed Bath & Beyond from $42.00 to $38.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 4th. Finally, Telsey Advisory Group cut their target price on shares of Bed Bath & Beyond from $42.00 to $41.00 and set a “market perform” rating on the stock in a research note on Tuesday, July 4th. Nine equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and one has issued a buy rating to the company’s stock. Bed Bath & Beyond presently has a consensus rating of “Hold” and an average target price of $35.00.
Shares of Bed Bath & Beyond (BBBY) opened at 29.01 on Wednesday. Bed Bath & Beyond has a 12-month low of $26.96 and a 12-month high of $48.83. The firm has a market cap of $4.08 billion, a PE ratio of 6.68 and a beta of 1.11. The stock’s 50 day moving average price is $28.55 and its 200 day moving average price is $34.18.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its earnings results on Thursday, June 22nd. The retailer reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.66 by ($0.08). Bed Bath & Beyond had a net margin of 5.22% and a return on equity of 24.38%. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the firm earned $0.80 earnings per share. Bed Bath & Beyond’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities research analysts predict that Bed Bath & Beyond will post $4.02 EPS for the current fiscal year.
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Large investors have recently modified their holdings of the stock. Quantbot Technologies LP bought a new stake in Bed Bath & Beyond in the first quarter worth $106,000. Westside Investment Management Inc. boosted its holdings in Bed Bath & Beyond by 15.0% during the first quarter. Westside Investment Management Inc. now owns 3,370 shares of the retailer’s stock valued at $127,000 after acquiring an additional 440 shares during the period. Ameritas Investment Partners Inc. bought a new stake in Bed Bath & Beyond during the first quarter valued at about $146,000. Bronfman E.L. Rothschild L.P. boosted its holdings in Bed Bath & Beyond by 928.4% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 3,836 shares of the retailer’s stock valued at $117,000 after acquiring an additional 3,463 shares during the period. Finally, First Quadrant L P CA bought a new stake in Bed Bath & Beyond during the second quarter valued at about $141,000. Hedge funds and other institutional investors own 93.35% of the company’s stock.
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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