Municipal Employees Retirement System of Michigan acquired a new position in shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 33,680 shares of the retailer’s stock, valued at approximately $381,000.
A number of other hedge funds have also recently made changes to their positions in the stock. Benjamin F. Edwards & Company Inc. increased its position in Bed Bath & Beyond by 29.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 3,276 shares of the retailer’s stock valued at $37,000 after acquiring an additional 737 shares in the last quarter. Parallel Advisors LLC lifted its position in Bed Bath & Beyond by 1,508.4% during the 4th quarter. Parallel Advisors LLC now owns 4,793 shares of the retailer’s stock worth $54,000 after acquiring an additional 4,495 shares during the period. Acadian Asset Management LLC lifted its position in Bed Bath & Beyond by 413.9% during the 4th quarter. Acadian Asset Management LLC now owns 6,490 shares of the retailer’s stock worth $73,000 after acquiring an additional 5,227 shares during the period. Quantamental Technologies LLC acquired a new stake in Bed Bath & Beyond during the 4th quarter worth about $103,000. Finally, NuWave Investment Management LLC lifted its position in Bed Bath & Beyond by 11,588.4% during the 4th quarter. NuWave Investment Management LLC now owns 10,052 shares of the retailer’s stock worth $114,000 after acquiring an additional 9,966 shares during the period. 97.48% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently weighed in on BBBY shares. Raymond James raised Bed Bath & Beyond from an “outperform” rating to a “strong-buy” rating and set a $20.00 price target for the company in a report on Tuesday, March 26th. Zacks Investment Research upgraded shares of Bed Bath & Beyond from a “sell” rating to a “hold” rating in a research report on Thursday, March 28th. Loop Capital boosted their price objective on shares of Bed Bath & Beyond to $16.00 and gave the company an “average” rating in a research note on Friday, March 29th. Morgan Stanley upgraded shares of Bed Bath & Beyond from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $13.00 to $20.00 in a research note on Friday, April 5th. Finally, UBS Group boosted their price objective on shares of Bed Bath & Beyond from $13.00 to $18.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $17.61.
Shares of BBBY stock traded up $0.09 during trading on Wednesday, reaching $17.38. The company’s stock had a trading volume of 629,252 shares, compared to its average volume of 11,736,031. The company has a quick ratio of 0.63, a current ratio of 1.86 and a debt-to-equity ratio of 0.58. The firm has a market cap of $2.39 billion, a PE ratio of 8.48, a P/E/G ratio of 8.54 and a beta of 1.16. Bed Bath & Beyond Inc. has a one year low of $10.46 and a one year high of $21.44.
Bed Bath & Beyond (NASDAQ:BBBY) last announced its quarterly earnings data on Wednesday, April 10th. The retailer reported $1.20 EPS for the quarter, topping the consensus estimate of $1.11 by $0.09. Bed Bath & Beyond had a negative net margin of 1.14% and a positive return on equity of 9.77%. The company had revenue of $3.31 billion during the quarter, compared to the consensus estimate of $3.33 billion. During the same quarter last year, the firm posted $1.48 EPS. On average, equities analysts predict that Bed Bath & Beyond Inc. will post 1.98 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 16th. Shareholders of record on Friday, June 14th will be given a dividend of $0.17 per share. The ex-dividend date is Thursday, June 13th. This represents a $0.68 dividend on an annualized basis and a yield of 3.91%. This is a boost from Bed Bath & Beyond’s previous quarterly dividend of $0.16. Bed Bath & Beyond’s payout ratio is currently 31.22%.
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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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