Sotheby’s Stock Rating Lowered by TheStreet (BID)
Sotheby’s (NYSE:BID) was downgraded by equities research analysts at TheStreet from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, AR Network reports.
The analysts wrote, “Sothebys (BID) has been downgraded by TheStreet Ratings from buy to hold. The company’s strengths can be seen in multiple areas, such as its robust revenue growth, increase in stock price during the past year and impressive record of earnings per share growth. However, as a counter to these strengths, we find that we feel that the company’s cash flow from its operations has been weak overall.”
In other Sotheby’s news, CAO Kevin M. Delaney sold 1,601 shares of Sotheby’s stock on the open market in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $41.21, for a total transaction of $65,977.21. The sale was disclosed in a document filed with the SEC, which is available at this link.
A number of other analysts have also recently weighed in on BID. Analysts at Ned Davis Research upgraded shares of Sotheby’s from a “neutral” rating to a “buy” rating in a research note on Monday. Separately, analysts at Zacks upgraded shares of Sotheby’s from an “underperform” rating to a “neutral” rating in a research note on Monday, April 28th. They now have a $43.20 price target on the stock. Finally, analysts at Zacks downgraded shares of Sotheby’s from a “neutral” rating to an “underperform” rating in a research note on Tuesday, March 4th. They now have a $44.70 price target on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $49.70.
Sotheby’s (NYSE:BID) traded down 0.31% during mid-day trading on Wednesday, hitting $40.375. 499,216 shares of the company’s stock traded hands. Sotheby’s has a one year low of $35.43 and a one year high of $54.00. The stock has a 50-day moving average of $41. and a 200-day moving average of $47.82. The company has a market cap of $2.783 billion and a price-to-earnings ratio of 19.23.
Sotheby’s (NYSE:BID) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.08. The company had revenue of $156.81 million for the quarter, compared to the consensus estimate of $129.39 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. The company’s revenue for the quarter was up 54.1% on a year-over-year basis. On average, analysts predict that Sotheby’s will post $2.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Investors of record on Monday, June 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 0.99%. The ex-dividend date is Thursday, May 29th.
Sotheby’s is a global auctioneer of authenticated fine art, decorative art, and jewelry. The Company operates in three segments: Auction, Finance, and Dealer.
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