Bed Bath & Beyond shareholders: Who owns the most BBBY stock?
The past couple of months have been quite volatile for Bed Bath & Beyond (BBBY) stock – the company's share price plunged to a near 30-year low on 5 January 2023 after the company warned that it could file for bankruptcy.
Although Bed Bath & Beyond noted various alternatives that the company could take in order to revive its business, market experts believed that a BBBY bankruptcy was possible.
Live BBBY Stock Price Chart
Days after the firm warned of its potential bankruptcy, it reported a negative operating cash flow of $307.6m for Q3 2022 and ballooning net losses, according to figures cited by CNBC.
The company lost $393m during the period, it said on Tuesday, worse even than the $385.8m quarterly loss it projected just last week and 42% larger than the loss it reported in the year-ago quarter.
Bed Bath & Beyond’s market value has fallen to $130.19m. Despite the losses, BBBY shares were up about 25% at the $2 level during trading on 10 January.
Who are the top Bed Bath & Beyond shareholders? In this article, we provide details on the company’s ownership structure, and consider why that could be relevant for both current and prospective investors.
What is Bed Bath & Beyond (BBBY)?
Bed Bath & Beyond was founded in 1971 by two retail entrepreneurs. The company was initially named Bed ‘n Bath, but rebranded to the current name 16 years later.
Apart from its flagship BBB stores, the company owns and operates chains, including buybuy Baby, Harmon Health and Beauty and Decorist. By the end of February 2022, the firm had a total of 953 retail facilities spread across the US, Canada and Puerto Rico.
The company co-owns 11 stores in Mexico. Reportedly, it employs more than 55,000 people. CEO Sue E Gove was appointed head of the retailer in January 2022, replacing Mark Tritton.
In 2021, Bed Bath & Beyond sold $7.87bn in goods and generated losses of $559.62m.
Bed Bath & Beyond went public in 1992. The company’s shares are listed on the Nasdaq under the ticker symbol BBBY.
In the past 10 years, BBBY stock has delivered losses of 97.15%. During that same period, the US Tech 100 Index (US100), the S&P 500 Index (US500), and Dow Jones Industrial Average (US30) have generated gains of 150.82%, 88.8%, and 87.49%, respectively.
Who owns BBBY stocks?
According to Bed Bath & Beyond’s latest annual report filed with the US Securities and Exchange Commission (SEC), 1,600 stockholders of record held the company’s common stock, as of 26 March 2022. This excludes individuals and organisations that hold the stock through brokerage firms.
Who owns Bed Bath & Beyond? The five most prominent BBBY holders, according to data from Market Screener, are Davis Selected Advisers, Capital Research & Management Co., The Vanguard Group, Sands Capital Management and Legion Partners Asset Management.
Davis Selected Advisers reportedly owns 18.4% of the firm with 14.81 million shares. Next is Capital Group, which owns 11 million shares, resulting in a 13.7% stake.
All BBBY shares have voting rights, meaning that Bed Bath & Beyond shareholders have a say in the company’s affairs in proportion to the number of shares they own.
Individuals who buy BBBY stock via a stock broker appoint them as a proxy, meaning that the broker can vote on their behalf. However, they can also opt to cast a vote on the company’s key decisions at Bed Bath & Beyond shareholder meetings.
Institutional Bed Bath & Beyond shareholders
Who owns the most BBBY shares? The following is a list of the company’s major shareholders, according to data from MarketScreener, as of 10 January 2023.
Davis Selected Advisers – 18.4%
An investment management firm with more than 50 years of positive track record in the financial markets that offers a wide range of financial products, including annuities and mutual funds.
The company oversees more than $2bn in assets for its clients. It may opt to buy shares of companies such as Bed Bath & Beyond for its equity-focused portfolios such as the Opportunity Fund.
Capital Research & Management Co. – 13.7%
The parent company of Capital Research & Management was founded in 1931 by Jonathan Bell Lovelace. It has grown to become the fifth-largest asset management firm in the US, with assets under management exceeding $2trn.
The company provides guided investing solutions and financial advice to individuals and institutions in many corners of the world. Some of the vehicles offered by the Capital Group likely invest in Bed Bath & Beyond stock.
The Vanguard Group – 10%
This US-based asset management firm oversees over $8trn in assets for its clients.
Many individual and corporate investors may own BBBY stock through one of the investment vehicles Vanguard offers such as an exchange-traded fund (ETF) or mutual fund. In addition, they may have purchased the shares through Vanguard’s self-directed trading service and, therefore, the broker is listed as the owner despite being only the stock’s custodian.
Sands Capital Management – 7.3%
Founded in 1992, this US-based investment fund oversees over $40bn in assets for its clients. The firm follows a six-point investment criterion that seeks to identify innovative, fast-growing businesses that possess strong competitive advantages and are trading at reasonable prices.
Legion Partners Asset Management – 7.13%
Established in 2012, Legion Partners Asset Management is a California-based investment management company. It provides asset management, equities, fundamental research, investment strategies, financial planning and advisory services. Christopher Kiper and Ted White are the company’s co-founders.
Bed Bath & Beyond stock owners among insiders
The following individuals are considered the largest shareholders of Bed Bath & Beyond among the company’s insiders, according to data from GuruFocus. This list includes the firm’s top executives and members of the board of directors.
Harriet Edelman – 126,034 shares
Sue Gove – 115,179 shares
Jeffrey Kirwan – 85,496 shares
Data from GuruFocus points to insiders owning around 7.14% of all outstanding common shares of Bed Bath & Beyond. These shares are typically granted to insiders by the company via stock options as part of their compensation package.
Harriet Edelman
Harriet Edelman is an independent chair of Bed Bath and Beyond’s board. As stated on the company’s website:
“Ms Edelman is an accomplished senior executive with over 30 years of global operating experience in consumer goods and financial services. Since 2010, she has served as the vice chair of Emigrant Bank, a private financial institution, after serving as special adviser to the chairman from June 2008 to October 2010. Prior to that, she spent more than 25 years with Avon Products, Inc. holding various senior global leadership positions in sales, marketing, supply chain, information technology and product development. She has served on large public company boards for nearly 20 years in the US and Europe and in multiple Board leadership positions.”
Sue Gove
Sue Gove has served as the interim CEO of Bed Bath and Beyond since June 2022. Ms. Gove has spent more than 30 years within the retail industry serving a variety of senior financial, operating and strategic roles that included president and CEO of Golfsmith International Holdings and chief operating officer of Zale Corporation.
Jeffrey Kirwan
Bed Bath & Beyond’s director has had a long career in multinational retail. He was formerly global president and CEO of Gap, and led the American fashion brand’s China operation from 2011 to 2014. He is also chairman of women’s value aparrel retailer Maurices Incorporated.
Keep in mind that who has ownership of a stock shouldn’t be the sole reason for making any investment or trading decisions. Your decisions should depend on your goals, risk tolerance and portfolio size. It’s important to carry out your own research before trading. And never trade money that you can’t afford to lose.
FAQs
How many shares does Bed Bath & Beyond have?
By 28 May 2022, Bed Bath & Beyond reported weighted average shares outstanding of 79.61 million on a fully diluted basis. As of 10 January 2023, data from Market Screener indicated there were close to 86 million shares in circulation.
Who is the largest shareholder of Bed Bath & Beyond?
The largest shareholder of Bed Bath & Beyond is Davis Selected Advisers LP, according to MarketScreener. This investment company reportedly owns 14.81 million shares in the retailer, resulting in an 18.4% stake.
Why did Bed Bath & Beyond stock drop?
BBBY has been experiencing financial distress – the company’s share price plunged to a near 30-year low on 5 January 2023 after the company warned that it could file for bankruptcy.
Days after the firm warned of its potential bankruptcy, it reported a negative operating cash flow of $307.6m for Q3 2022 and ballooning net losses, according to figures cited by CNBC.
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