Shares of Sotheby’s (NYSE:BID) have been given a consensus recommendation of “Buy” by the seven analysts that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $59.33.
BID has been the subject of several research analyst reports. Zacks Investment Research raised shares of Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Thursday, July 20th. Sidoti reaffirmed a “buy” rating and set a $62.00 target price (up previously 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. Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. Finally, Aegis initiated coverage on shares of Sotheby’s in a research note on Monday. They issued a “buy” rating and a $60.00 price objective for the company.
Sotheby’s (NYSE:BID) last announced its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by ($0.08). The company had revenue of $314.90 million for the quarter, compared to analysts’ expectations of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period last year, the business earned $1.51 EPS.
Sotheby’s declared that its Board of Directors has initiated a share repurchase program on Tuesday, August 15th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the specialty retailer to reacquire up to 4.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Institutional investors have recently modified their holdings of the stock. US Bancorp DE lifted its stake in Sotheby’s by 5.2% in the second quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock worth $140,000 after acquiring an additional 129 shares during the last quarter. Daiwa Securities Group Inc. purchased a new position in Sotheby’s in the second quarter worth approximately $172,000. Envestnet Asset Management Inc. lifted its stake in Sotheby’s by 20.7% in the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after acquiring an additional 582 shares during the last quarter. Riverhead Capital Management LLC lifted its stake in Sotheby’s by 72.9% in the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after acquiring an additional 1,530 shares during the last quarter. Finally, ARP Americas LLC purchased a new position in Sotheby’s in the second quarter worth approximately $209,000. Institutional investors own 89.50% of the company’s stock.
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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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