The PNC Financial Services Group Inc. Lowers Holdings in Bed Bath & Beyond Inc. (NASDAQ:BBBY)

The PNC Financial Services Group Inc. trimmed its position in Bed Bath & Beyond Inc. (NASDAQ:BBBY) by 18.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,425 shares of the retailer’s stock after selling 1,889 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in Bed Bath & Beyond were worth $246,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Bank of Nova Scotia purchased a new stake in shares of Bed Bath & Beyond in the 1st quarter worth $2,722,000. Edgestream Partners L.P. lifted its holdings in shares of Bed Bath & Beyond by 309.8% in the 1st quarter. Edgestream Partners L.P. now owns 510,626 shares of the retailer’s stock worth $14,885,000 after buying an additional 386,034 shares during the period. Institute for Wealth Management LLC. purchased a new stake in shares of Bed Bath & Beyond in the 1st quarter worth $219,000. Virginia Retirement Systems ET AL lifted its holdings in shares of Bed Bath & Beyond by 36.6% in the 1st quarter. Virginia Retirement Systems ET AL now owns 19,400 shares of the retailer’s stock worth $566,000 after buying an additional 5,200 shares during the period. Finally, WASHINGTON TRUST Co bought a new position in shares of Bed Bath & Beyond in the 1st quarter worth $44,000. Institutional investors and hedge funds own 95.57% of the company’s stock.

In related news, Director Joshua Schechter bought 3,000 shares of the stock in a transaction dated Friday, April 16th. The shares were purchased at an average price of $25.02 per share, for a total transaction of $75,060.00. Following the completion of the purchase, the director now directly owns 24,016 shares of the company’s stock, valued at $600,880.32. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Gustavo Arnal bought 20,000 shares of the stock in a transaction dated Friday, April 16th. The stock was bought at an average price of $25.45 per share, for a total transaction of $509,000.00. Following the purchase, the chief financial officer now directly owns 300,769 shares of the company’s stock, valued at $7,654,571.05. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 23,500 shares of company stock worth $596,835. Company insiders own 1.00% of the company’s stock.

Bed Bath & Beyond stock opened at $31.53 on Friday. The company has a current ratio of 1.58, a quick ratio of 0.85 and a debt-to-equity ratio of 0.93. The company’s 50-day moving average price is $27.28. The stock has a market cap of $3.36 billion, a P/E ratio of -25.84 and a beta of 1.83. Bed Bath & Beyond Inc. has a fifty-two week low of $7.30 and a fifty-two week high of $53.90.

Bed Bath & Beyond (NASDAQ:BBBY) last posted its quarterly earnings results on Wednesday, April 14th. The retailer reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.09. The business had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.65 billion. Bed Bath & Beyond had a negative return on equity of 8.44% and a negative net margin of 1.63%. The company’s quarterly revenue was down 15.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 EPS. Analysts expect that Bed Bath & Beyond Inc. will post 1.5 EPS for the current fiscal year.

BBBY has been the subject of several recent research reports. Wedbush reduced their price target on Bed Bath & Beyond from $33.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, April 15th. Loop Capital reduced their price target on Bed Bath & Beyond from $30.00 to $24.00 and set a “hold” rating for the company in a research report on Friday, April 16th. Morgan Stanley boosted their price target on Bed Bath & Beyond from $24.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Friday, April 23rd. Telsey Advisory Group reduced their price target on Bed Bath & Beyond from $40.00 to $30.00 and set a “market perform” rating for the company in a research report on Thursday, April 15th. Finally, KeyCorp reduced their price target on Bed Bath & Beyond from $24.00 to $22.00 and set an “underweight” rating for the company in a research report on Thursday, April 15th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $26.00.

About Bed Bath & Beyond

Bed Bath & Beyond Inc, together with its subsidiaries, operates a chain of retail stores. It operates through two segments, North American Retail and Institutional Sales. The company 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.

Featured Article: What is a capital gains distribution?

Want to see what other hedge funds are holding BBBY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bed Bath & Beyond Inc. (NASDAQ:BBBY).

Institutional Ownership by Quarter for Bed Bath & Beyond (NASDAQ:BBBY)

Receive News & Ratings for Bed Bath & Beyond Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bed Bath & Beyond and related companies with MarketBeat.com's FREE daily email newsletter.