Bank of Nova Scotia lowered its stake in shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 87.6% during the first quarter, Holdings Channel reports. The firm owned 30,946 shares of the retailer’s stock after selling 219,548 shares during the period. Bank of Nova Scotia’s holdings in Bed Bath & Beyond were worth $1,221,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the stock. Quantbot Technologies LP bought a new position in Bed Bath & Beyond during the first quarter valued at $106,000. Cutler Group LP raised its position in Bed Bath & Beyond by 157.6% in the first quarter. Cutler Group LP now owns 2,934 shares of the retailer’s stock valued at $115,000 after buying an additional 8,027 shares during the period. First Manhattan Co. raised its position in Bed Bath & Beyond by 20.3% in the first quarter. First Manhattan Co. now owns 2,966 shares of the retailer’s stock valued at $127,000 after buying an additional 500 shares during the period. Westside Investment Management Inc. raised its position in Bed Bath & Beyond by 15.0% in the first quarter. Westside Investment Management Inc. now owns 3,370 shares of the retailer’s stock valued at $127,000 after buying an additional 440 shares during the period. Finally, Ameritas Investment Partners Inc. bought a new position in Bed Bath & Beyond during the first quarter valued at $146,000. Institutional investors own 92.45% of the company’s stock.
Bed Bath & Beyond Inc. (BBBY) opened at 29.69 on Monday. The stock’s 50 day moving average is $34.41 and its 200-day moving average is $38.81. Bed Bath & Beyond Inc. has a 1-year low of $29.12 and a 1-year high of $48.83. The firm has a market capitalization of $4.18 billion, a P/E ratio of 6.83 and a beta of 1.13.
Bed Bath & Beyond (NASDAQ:BBBY) last issued its quarterly earnings data 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 analyst estimates of $2.79 billion. Bed Bath & Beyond had a net margin of 5.22% and a return on equity of 24.38%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.80 earnings per share. Analysts forecast that Bed Bath & Beyond Inc. will post $4.04 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.02%. The ex-dividend date is Thursday, September 14th. Bed Bath & Beyond’s dividend payout ratio is currently 13.86%.
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Several research firms have weighed in on BBBY. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Bed Bath & Beyond in a report on Tuesday, July 4th. Telsey Advisory Group cut their target price on Bed Bath & Beyond from $42.00 to $41.00 and set a “market perform” rating on the stock in a report on Tuesday, July 4th. Loop Capital restated a “sell” rating and set a $35.00 target price on shares of Bed Bath & Beyond in a report on Tuesday, July 4th. Morgan Stanley set a $30.00 target price on Bed Bath & Beyond and gave the company a “sell” rating in a report on Saturday, June 24th. Finally, Wedbush set a $30.00 target price on Bed Bath & Beyond and gave the company a “hold” rating in a report on Saturday, June 24th. Nine investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Bed Bath & Beyond has a consensus rating of “Hold” and an average price target of $35.94.
In other news, CEO Steven H. Temares sold 200,000 shares of Bed Bath & Beyond stock in a transaction dated Friday, April 21st. The shares were sold at an average price of $39.83, for a total transaction of $7,966,000.00. Following the completion of the transaction, the chief executive officer now directly owns 603,515 shares in the company, valued at $24,038,002.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steven H. Temares sold 96,109 shares of Bed Bath & Beyond stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $37.37, for a total transaction of $3,591,593.33. Following the transaction, the chief executive officer now owns 629,415 shares of the company’s stock, valued at $23,521,238.55. The disclosure for this sale can be found here. Insiders have sold 349,706 shares of company stock valued at $13,679,409 over the last quarter. Corporate insiders own 5.00% of the company’s stock.
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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