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.

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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.

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