Zacks Downgrades Sotheby’s to Neutral (BID)
Sotheby’s (NYSE:BID) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Wednesday, American Banking News.com reports. They currently have a $56.30 target price on the stock. Zacks‘ target price points to a potential upside of 15.18% from the stock’s previous close.
Shares of Sotheby’s (NYSE:BID) traded down 0.04% on Wednesday, hitting $48.86. 2,241,580 shares of the company’s stock traded hands. Sotheby’s has a one year low of $32.95 and a one year high of $54.00. The stock has a 50-day moving average of $51.46 and a 200-day moving average of $49.01. The company has a market cap of $3.357 billion and a price-to-earnings ratio of 32.03.
Sotheby’s (NYSE:BID) last issued its quarterly earnings data on Monday, November 11th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.47) by $0.03. The company had revenue of $107.86 million for the quarter, compared to the consensus estimate of $68.46 million. During the same quarter last year, the company posted ($0.48) earnings per share. Sotheby’s's revenue was up 57.4% compared to the same quarter last year. Analysts expect that Sotheby’s will post $1.97 EPS for the current fiscal year.
The company also recently declared a special dividend, which is scheduled for Monday, March 17th. Investors of record on Wednesday, February 12th will be given a dividend of 4.34 per share.
A number of other analysts have also recently weighed in on BID. Analysts at Wedbush raised their price target on shares of Sotheby’s from $58.00 to $60.00 in a research note to investors on Friday, December 20th. Separately, analysts at Williams Capital raised their price target on shares of Sotheby’s from $32.00 to $37.00 in a research note to investors on Wednesday, December 11th. They now have an “underperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $51.88.
Sotheby’s is a global auctioneer of authenticated fine art, decorative art, and jewelry. The Company operates in three segments: Auction, Finance, and Dealer.
To view Zacks’ full report, visit www.zacks.com
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