Bed Bath & Beyond Inc. (BBBY) Upgraded by Zacks Investment Research to Buy
Bed Bath & Beyond Inc. (NASDAQ:BBBY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $33.00 price target on the retailer’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.35% from the company’s current price.
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 brokerages have also issued reports on BBBY. Goldman Sachs Group, Inc. (The) restated a “sell” rating and set a $38.00 target price on shares of Bed Bath & Beyond in a research report on Monday, June 19th. Wedbush set a $30.00 target price on shares of Bed Bath & Beyond and gave the stock a “hold” rating in a research report on Saturday, June 24th. UBS AG restated a “neutral” rating and set a $30.00 target price (down from $33.00) on shares of Bed Bath & Beyond in a research report on Thursday. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Bed Bath & Beyond in a research report on Tuesday, July 4th. Finally, ValuEngine upgraded shares of Bed Bath & Beyond from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Nine equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have given a buy rating to the stock. Bed Bath & Beyond presently has an average rating of “Hold” and a consensus price target of $34.94.
Bed Bath & Beyond (NASDAQ BBBY) traded down 2.17% during mid-day trading on Thursday, reaching $28.86. 3,556,537 shares of the company’s stock traded hands. The stock has a market capitalization of $4.06 billion, a PE ratio of 6.64 and a beta of 1.11. Bed Bath & Beyond has a 52 week low of $26.96 and a 52 week high of $48.83. The stock’s 50 day moving average is $28.60 and its 200-day moving average is $34.02.
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 analysts’ consensus estimates of $0.66 by ($0.08). The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Bed Bath & Beyond had a return on equity of 24.38% and a net margin of 5.22%. The business’s revenue was up .1% on a year-over-year basis. During the same quarter last year, the business posted $0.80 earnings per share. On average, equities analysts anticipate that Bed Bath & Beyond will post $4.02 EPS for the current year.
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Large investors have recently added to or reduced their stakes in the company. Smith Graham & Co. Investment Advisors LP raised its stake 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 last quarter. Quinn Opportunity Partners LLC raised its stake 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 last quarter. Advisors Asset Management Inc. raised its stake 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 last quarter. ARGI Investment Services LLC raised its stake 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 last quarter. Finally, Arvest Bank Trust Division raised its stake 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 last quarter. 93.35% of the stock is owned by institutional investors and hedge funds.
About Bed Bath & Beyond
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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