Sotheby’s (BID) Rating Increased to Buy at Zacks Investment Research
Sotheby’s (NYSE:BID) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage currently has a $63.00 target price on the specialty retailer’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.43% from the company’s previous close.
According to Zacks, “Sotheby’s Holdings, Inc. is one of the world’s second largest auctioneers of fine arts, antiques and collectibles, offering property in collecting categories, among them paintings, jewelry, decorative arts, and books. Sotheby’s Holdings, Inc is the parent company of Sotheby’s worldwide auction businesses, art-related financing and private sales activities. The Company operates in countries, with principal salesrooms located in New York and London. The company also regularly conducts auctions in other salesrooms around the world, including Australia, Hong Kong, France, Italy, the Netherlands, Switzerland and Singapore. “
Separately, TheStreet downgraded shares of Sotheby’s from a “b-” rating to a “c” rating in a research note on Wednesday, May 10th.
Shares of Sotheby’s (NYSE BID) traded up 0.30% on Thursday, hitting $56.54. The stock had a trading volume of 383,054 shares. The company has a 50-day moving average of $53.53 and a 200-day moving average of $47.04. Sotheby’s has a 52-week low of $30.12 and a 52-week high of $57.26. The company has a market cap of $2.98 billion, a P/E ratio of 35.47 and a beta of 1.80.
Sotheby’s (NYSE:BID) last announced its quarterly earnings results on Wednesday, May 10th. The specialty retailer reported ($0.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.38) by $0.17. The firm had revenue of $187.50 million during the quarter, compared to analyst estimates of $111.66 million. Sotheby’s had a return on equity of 20.73% and a net margin of 10.00%. Sotheby’s’s quarterly revenue was up 76.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.35) earnings per share. On average, equities analysts anticipate that Sotheby’s will post $2.07 EPS for the current fiscal year.
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Institutional investors have recently modified their holdings of the company. Creative Planning boosted its position in Sotheby’s by 4.6% in the first quarter. Creative Planning now owns 2,282 shares of the specialty retailer’s stock worth $104,000 after buying an additional 100 shares in the last quarter. Strs Ohio boosted its position in Sotheby’s by 2,200.0% in the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock worth $104,000 after buying an additional 2,200 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Sotheby’s by 68.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 2,818 shares of the specialty retailer’s stock worth $112,000 after buying an additional 1,147 shares in the last quarter. US Bancorp DE boosted its position in Sotheby’s by 28.5% in the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock worth $113,000 after buying an additional 551 shares in the last quarter. Finally, TrimTabs Asset Management LLC boosted its position in Sotheby’s by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,841 shares of the specialty retailer’s stock worth $129,000 after buying an additional 1,336 shares in the last quarter. 91.91% of the stock is owned by institutional investors.
Sotheby’s is a global art business company. The Company is engaged in offering its clients opportunities to connect with and transact in a range of objects. The Company offers a range of art-related services, including the brokerage of private art sales, private jewelry sales through Sotheby’s Diamonds, private selling exhibitions at its galleries, art-related financing, and art advisory services, as well as retail wine locations in New York and Hong Kong.
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