Renaissance Technologies LLC acquired a new stake in shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 71,558 shares of the retailer’s stock, valued at approximately $1,426,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Whittier Trust Co. raised its position in Bed Bath & Beyond by 611.5% during the second quarter. Whittier Trust Co. now owns 4,326 shares of the retailer’s stock valued at $248,000 after purchasing an additional 3,718 shares in the last quarter. Commonwealth Equity Services LLC purchased a new stake in Bed Bath & Beyond during the second quarter valued at about $205,000. Wedbush Securities Inc. purchased a new stake in Bed Bath & Beyond during the second quarter valued at about $233,000. Sei Investments Co. raised its position in Bed Bath & Beyond by 128.9% during the first quarter. Sei Investments Co. now owns 12,606 shares of the retailer’s stock valued at $264,000 after purchasing an additional 7,099 shares in the last quarter. Finally, Unison Advisors LLC purchased a new stake in Bed Bath & Beyond during the second quarter valued at about $299,000. Institutional investors and hedge funds own 94.42% of the company’s stock.
A number of equities research analysts have weighed in on the company. BidaskClub downgraded Bed Bath & Beyond from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 12th. Wedbush set a $18.00 price target on Bed Bath & Beyond and gave the company a “hold” rating in a research report on Thursday, September 13th. Deutsche Bank set a $14.00 price target on Bed Bath & Beyond and gave the company a “hold” rating in a research report on Thursday, September 27th. Loop Capital raised their price target on Bed Bath & Beyond to $15.00 and gave the company a “hold” rating in a research report on Thursday, September 27th. Finally, Telsey Advisory Group lowered their price target on Bed Bath & Beyond from $20.00 to $16.00 and set a “market perform” rating on the stock in a research report on Thursday, September 27th. Ten research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the stock. The stock has an average rating of “Hold” and an average price target of $17.07.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings data on Wednesday, September 26th. The retailer reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.13). The company had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.96 billion. Bed Bath & Beyond had a return on equity of 12.52% and a net margin of 2.81%. The firm’s quarterly revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.77 EPS. On average, analysts predict that Bed Bath & Beyond Inc. will post 2.01 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Friday, December 14th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.64 annualized dividend and a dividend yield of 4.68%. Bed Bath & Beyond’s dividend payout ratio is currently 20.51%.
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 various juvenile products.
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