Confluence Investment Management LLC increased its stake in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 14.5% during the second quarter, Holdings Channel reports. The fund owned 661,652 shares of the retailer’s stock after buying an additional 83,956 shares during the period. Confluence Investment Management LLC’s holdings in Bed Bath & Beyond were worth $28,597,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BBBY. Norges Bank bought a new position in Bed Bath & Beyond during the fourth quarter valued at approximately $88,509,000. Bank of Montreal Can acquired a new position in shares of Bed Bath & Beyond during the second quarter valued at $57,209,000. Kovitz Investment Group Partners LLC acquired a new position in shares of Bed Bath & Beyond during the first quarter valued at $43,119,000. PGGM Investments increased its position in shares of Bed Bath & Beyond by 87.4% in the second quarter. PGGM Investments now owns 759,706 shares of the retailer’s stock valued at $32,834,000 after buying an additional 354,220 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its position in shares of Bed Bath & Beyond by 55.4% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 794,261 shares of the retailer’s stock valued at $34,327,000 after buying an additional 283,315 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.
Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) traded up 0.16% on Friday, reaching $43.50. The company had a trading volume of 2,790,364 shares. Bed Bath & Beyond Inc. has a 1-year low of $41.15 and a 1-year high of $61.90. The firm has a 50-day moving average price of $44.90 and a 200 day moving average price of $45.67. The firm has a market capitalization of $6.51 billion, a price-to-earnings ratio of 8.82 and a beta of 0.72.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its quarterly earnings data on Wednesday, September 21st. The retailer reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.16 by $0.05. Bed Bath & Beyond had a net margin of 6.38% and a return on equity of 29.86%. The business earned $2.99 billion during the quarter. During the same quarter in the previous year, the company earned $1.21 earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts predict that Bed Bath & Beyond Inc. will post $4.75 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 17th. Shareholders of record on Friday, December 16th will be issued a $0.125 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.15%. Bed Bath & Beyond’s dividend payout ratio is presently 10.18%.
BBBY has been the topic of several research analyst reports. Vetr upgraded Bed Bath & Beyond from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 25th. Wedbush restated a “neutral” rating and set a $42.00 target price on shares of Bed Bath & Beyond in a research note on Tuesday, August 2nd. BTIG Research restated a “neutral” rating on shares of Bed Bath & Beyond in a research note on Saturday, June 25th. Robert W. Baird set a $45.00 target price on Bed Bath & Beyond and gave the stock a “hold” rating in a research note on Monday. Finally, Zacks Investment Research downgraded Bed Bath & Beyond from a “hold” rating to a “sell” rating in a research note on Tuesday, June 7th. Eight research analysts have rated the stock with a sell rating, nineteen have issued a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $49.80.
In other Bed Bath & Beyond news, COO Eugene A. Castagna sold 17,866 shares of Bed Bath & Beyond stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $45.86, for a total value of $819,334.76. Following the sale, the chief operating officer now owns 140,630 shares of the company’s stock, valued at approximately $6,449,291.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.70% of the stock is owned by company insiders.
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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