Russell Investments Group Ltd. Lowers Position in Bed Bath & Beyond Inc. (BBBY)
Russell Investments Group Ltd. trimmed its holdings in shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 43.1% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 221,129 shares of the retailer’s stock after selling 167,467 shares during the quarter. Russell Investments Group Ltd. owned 0.16% of Bed Bath & Beyond worth $4,401,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Asia Hong Kong Ltd bought a new stake in Bed Bath & Beyond during the 1st quarter worth approximately $109,000. Trilogy Capital Inc. bought a new stake in Bed Bath & Beyond during the 1st quarter worth approximately $127,000. Asset Management One Co. Ltd. grew its stake in shares of Bed Bath & Beyond by 143.9% during the 1st quarter. Asset Management One Co. Ltd. now owns 8,440 shares of the retailer’s stock worth $177,000 after acquiring an additional 4,980 shares in the last quarter. Commonwealth Equity Services LLC bought a new position in shares of Bed Bath & Beyond during the 2nd quarter worth approximately $205,000. Finally, Wedbush Securities Inc. bought a new position in shares of Bed Bath & Beyond during the 2nd quarter worth approximately $233,000. 93.19% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently weighed in on BBBY shares. BidaskClub raised shares of Bed Bath & Beyond from a “hold” rating to a “buy” rating in a research note on Tuesday, June 12th. Zacks Investment Research raised shares of Bed Bath & Beyond from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 12th. Wells Fargo & Co reaffirmed a “sell” rating and set 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 shares of Bed Bath & Beyond and gave the stock a “hold” rating in a research note on Friday, June 29th. Finally, Standpoint Research cut shares of Bed Bath & Beyond from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Nine investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.00.
Bed Bath & Beyond (NASDAQ:BBBY) last released its quarterly earnings data on Wednesday, June 27th. The retailer reported $0.33 EPS for the quarter, beating the consensus estimate of $0.31 by $0.02. The company had revenue of $2.75 billion during the quarter, compared to the consensus estimate of $2.75 billion. Bed Bath & Beyond had a return on equity of 14.73% and a net margin of 3.18%. The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.58 EPS. sell-side analysts forecast that Bed Bath & Beyond Inc. will post 2.32 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 16th. Stockholders of record on Friday, September 14th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Thursday, September 13th. Bed Bath & Beyond’s payout ratio is presently 20.51%.
In other news, insider Eugene A. Castagna sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 5th. The stock was sold at an average price of $20.81, for a total value of $520,250.00. Following the completion of the sale, the insider now owns 124,255 shares of the company’s stock, valued at approximately $2,585,746.55. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.50% of the company’s stock.
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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