Sotheby’s (BID) Raised to Overweight at Consumer Edge
Sotheby’s (NYSE:BID) was upgraded by equities researchers at Consumer Edge from a “neutral” rating to an “overweight” rating in a report issued on Wednesday.
BID has been the topic of several other research reports. Zacks Investment Research raised shares of Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a report on Thursday, July 20th. Sidoti reissued a “buy” rating and issued a $62.00 price target (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Finally, BidaskClub downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $60.33.
Shares of Sotheby’s (NYSE:BID) traded up 2.31% during trading on Wednesday, reaching $48.79. 452,740 shares of the company’s stock traded hands. Sotheby’s has a 52-week low of $33.85 and a 52-week high of $57.95. The company has a market cap of $2.58 billion, a price-to-earnings ratio of 38.42 and a beta of 1.85. The company’s 50-day moving average is $45.33 and its 200 day moving average is $49.30.
Sotheby’s (NYSE:BID) last announced its quarterly earnings data on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.51 by ($0.08). The business had revenue of $314.90 million during the quarter, compared to the consensus estimate of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The company’s revenue was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.51 earnings per share. Equities analysts forecast that Sotheby’s will post $1.94 EPS for the current year.
Sotheby’s announced that its Board of Directors has authorized a stock buyback plan on Tuesday, August 15th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the specialty retailer to buy up to 4.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
COPYRIGHT VIOLATION NOTICE: “Sotheby’s (BID) Raised to Overweight at Consumer Edge” was originally posted by American Banking News and is the sole property of of American Banking News. If you are viewing this news story on another website, it was illegally stolen and reposted in violation of US & international trademark & copyright law. The correct version of this news story can be accessed at https://www.americanbankingnews.com/2017/10/04/sothebys-bid-raised-to-overweight-at-consumer-edge.html.
A number of institutional investors have recently made changes to their positions in BID. BlackRock Inc. increased its position in shares of Sotheby’s by 18,784.1% in the first quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock valued at $220,225,000 after acquiring an additional 4,816,624 shares during the period. Vanguard Group Inc. raised its stake in shares of Sotheby’s by 9.9% during the second quarter. Vanguard Group Inc. now owns 3,974,106 shares of the specialty retailer’s stock valued at $213,290,000 after acquiring an additional 356,603 shares during the last quarter. Paradice Investment Management LLC raised its stake in shares of Sotheby’s by 6.3% during the second quarter. Paradice Investment Management LLC now owns 1,042,007 shares of the specialty retailer’s stock valued at $55,925,000 after acquiring an additional 61,500 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in shares of Sotheby’s by 6.7% during the second quarter. Conestoga Capital Advisors LLC now owns 720,668 shares of the specialty retailer’s stock worth $38,678,000 after purchasing an additional 45,475 shares during the period. Finally, Voya Investment Management LLC boosted its holdings in shares of Sotheby’s by 34.8% during the second quarter. Voya Investment Management LLC now owns 649,776 shares of the specialty retailer’s stock worth $34,874,000 after purchasing an additional 167,632 shares during the period. 89.63% of the stock is currently owned by institutional investors and hedge funds.
Sotheby’s Company Profile
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.
Receive News & Ratings for Sotheby's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sotheby's and related companies with MarketBeat.com's FREE daily email newsletter.