BlackRock Inc. Raises Stake in Bed Bath & Beyond Inc. (BBBY)

BlackRock Inc. grew its holdings in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 28.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,909,818 shares of the retailer’s stock after purchasing an additional 3,478,265 shares during the period. BlackRock Inc. owned about 11.35% of Bed Bath & Beyond worth $317,003,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of BBBY. Whittier Trust Co. grew its stake in shares of Bed Bath & Beyond by 611.5% in the 2nd quarter. Whittier Trust Co. now owns 4,326 shares of the retailer’s stock valued at $248,000 after buying an additional 3,718 shares in the last quarter. Point72 Asia Hong Kong Ltd bought a new stake in shares of Bed Bath & Beyond in the 1st quarter valued at approximately $109,000. Trilogy Capital Inc. bought a new stake in shares of Bed Bath & Beyond in the 1st quarter valued at approximately $127,000. Asset Management One Co. Ltd. grew its stake in shares of Bed Bath & Beyond by 143.9% in the 1st quarter. Asset Management One Co. Ltd. now owns 8,440 shares of the retailer’s stock valued at $177,000 after buying an additional 4,980 shares in the last quarter. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Bed Bath & Beyond in the 2nd quarter valued at approximately $205,000. Institutional investors own 93.19% of the company’s stock.

BBBY has been the subject of several recent research reports. BidaskClub raised Bed Bath & Beyond from a “hold” rating to a “buy” rating in a research note on Tuesday, June 12th. Zacks Investment Research raised Bed Bath & Beyond from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 12th. Wells Fargo & Co reissued a “sell” rating and issued a $16.00 price target on shares of Bed Bath & Beyond in a research note on Wednesday, June 27th. Credit Suisse Group set a $20.00 price target on Bed Bath & Beyond and gave the company a “hold” rating in a research note on Friday, June 29th. Finally, Standpoint Research cut Bed Bath & Beyond from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Nine research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $20.00.

Shares of Bed Bath & Beyond stock opened at $18.07 on Friday. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 5.79 and a beta of 0.96. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.86 and a quick ratio of 0.62. Bed Bath & Beyond Inc. has a 12-month low of $16.52 and a 12-month high of $28.96.

Bed Bath & Beyond (NASDAQ:BBBY) last announced its earnings results on Wednesday, June 27th. The retailer reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The firm had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Bed Bath & Beyond had a return on equity of 14.73% and a net margin of 3.18%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.58 earnings per share. equities analysts predict that Bed Bath & Beyond Inc. will post 2.32 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 16th. Shareholders of record on Friday, September 14th will be given a dividend of $0.16 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.64 dividend on an annualized basis and a yield of 3.54%. Bed Bath & Beyond’s payout ratio is currently 20.51%.

In other Bed Bath & Beyond news, insider Eugene A. Castagna sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $20.81, for a total transaction of $520,250.00. Following the completion of the sale, the insider now owns 124,255 shares of the company’s stock, valued at $2,585,746.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.50% of the stock is owned by corporate insiders.

Bed Bath & Beyond Company Profile

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.

Read More: What is a Fiduciary?

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Institutional Ownership by Quarter for Bed Bath & Beyond (NASDAQ:BBBY)

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