Renaissance Technologies LLC Reduces Stock Position in Bed Bath & Beyond Inc. (NASDAQ:BBBY)
Renaissance Technologies LLC reduced its stake in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 14.9% in the second quarter, Holdings Channel.com reports. The fund owned 4,446,560 shares of the retailer’s stock after selling 776,300 shares during the period. Renaissance Technologies LLC’s holdings in Bed Bath & Beyond were worth $51,669,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of the company. Capital Fund Management S.A. grew its position in shares of Bed Bath & Beyond by 109.2% in the second quarter. Capital Fund Management S.A. now owns 186,593 shares of the retailer’s stock valued at $2,168,000 after purchasing an additional 97,400 shares in the last quarter. Quinn Opportunity Partners LLC purchased a new position in Bed Bath & Beyond during the 2nd quarter valued at about $709,000. Isthmus Partners LLC bought a new stake in shares of Bed Bath & Beyond during the second quarter valued at about $4,617,000. Charles Schwab Investment Management Inc. increased its position in shares of Bed Bath & Beyond by 5.3% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,615,415 shares of the retailer’s stock valued at $18,772,000 after buying an additional 81,921 shares during the period. Finally, BBT Capital Management LLC bought a new stake in shares of Bed Bath & Beyond during the second quarter valued at about $409,000.
A number of equities analysts have recently commented on the stock. Bank of America set a $25.00 price objective on shares of Bed Bath & Beyond and gave the company a “buy” rating in a research report on Tuesday, July 2nd. TheStreet lowered shares of Bed Bath & Beyond from a “c-” rating to a “d+” rating in a report on Monday, July 22nd. Jefferies Financial Group decreased their target price on shares of Bed Bath & Beyond from $17.00 to $13.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Telsey Advisory Group reiterated a “market perform” rating and issued a $14.00 target price (down from $20.00) on shares of Bed Bath & Beyond in a research note on Wednesday, July 3rd. Finally, Citigroup cut their price target on shares of Bed Bath & Beyond from $18.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, July 11th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $15.55.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its quarterly earnings results on Wednesday, July 10th. The retailer reported $0.12 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.08 by $0.04. The business had revenue of $2.57 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Bed Bath & Beyond had a negative net margin of 4.66% and a positive return on equity of 9.49%. The firm’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.32 EPS. Equities research analysts predict that Bed Bath & Beyond Inc. will post 1.89 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 6.22%. The ex-dividend date of this dividend is Thursday, September 12th. Bed Bath & Beyond’s payout ratio is 33.17%.
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.
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