Bed Bath & Beyond Inc. (BBBY) Rating Lowered to Hold at Zacks Investment Research
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.”
A number of other research firms also recently weighed in on BBBY. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating and set a $38.00 price target on shares of Bed Bath & Beyond in a research note on Monday, June 19th. Wedbush set a $30.00 price objective on Bed Bath & Beyond and gave the company a “hold” rating in a report on Saturday, June 24th. UBS AG reissued a “neutral” rating and set a $33.00 price objective (down from $37.00) on shares of Bed Bath & Beyond in a report on Monday, June 26th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Bed Bath & Beyond in a report on Tuesday, July 4th. Finally, Loop Capital raised Bed Bath & Beyond from a “sell” rating to a “hold” rating and cut their price objective for the company from $37.00 to $35.00 in a report on Friday, May 12th. Nine equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. Bed Bath & Beyond currently has a consensus rating of “Hold” and an average target price of $35.00.
Bed Bath & Beyond (NASDAQ BBBY) traded up 2.37% during mid-day trading on Wednesday, hitting $28.30. 3,257,388 shares of the company were exchanged. The stock’s 50 day moving average is $28.60 and its 200-day moving average is $34.37. Bed Bath & Beyond has a 12-month low of $26.96 and a 12-month high of $48.83. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 6.51 and a beta of 1.11.
Bed Bath & Beyond (NASDAQ:BBBY) last posted its quarterly earnings results on Thursday, June 22nd. The retailer reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.66 by $0.08. Bed Bath & Beyond had a return on equity of 24.38% and a net margin of 5.22%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the prior year, the firm earned $0.80 EPS. The firm’s quarterly revenue was up .1% on a year-over-year basis. Equities research analysts predict that Bed Bath & Beyond will post $4.02 EPS for the current year.
Institutional investors have recently bought and sold shares of the company. Smith Graham & Co. Investment Advisors LP grew its position in shares of Bed Bath & Beyond by 25.8% during the 2nd quarter. Smith Graham & Co. Investment Advisors LP now owns 112,990 shares of the retailer’s stock worth $3,435,000 after buying an additional 23,170 shares during the period. Advisors Asset Management Inc. grew its position in shares of Bed Bath & Beyond by 26.2% during the 1st quarter. Advisors Asset Management Inc. now owns 10,474 shares of the retailer’s stock worth $413,000 after buying an additional 2,176 shares during the period. ARGI Investment Services LLC grew its position in shares of Bed Bath & Beyond by 1.1% during the 1st quarter. ARGI Investment Services LLC now owns 27,289 shares of the retailer’s stock worth $1,076,000 after buying an additional 284 shares during the period. Arvest Bank Trust Division grew its position in shares of Bed Bath & Beyond by 1.2% during the 2nd quarter. Arvest Bank Trust Division now owns 301,636 shares of the retailer’s stock worth $9,170,000 after buying an additional 3,652 shares during the period. Finally, Quinn Opportunity Partners LLC grew its position in shares of Bed Bath & Beyond by 15.3% during the 2nd quarter. Quinn Opportunity Partners LLC now owns 75,500 shares of the retailer’s stock worth $2,295,000 after buying an additional 10,000 shares during the period. 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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