Sotheby’s (BID) PT Set at $38.00 by Cowen and Company
Sotheby’s (NYSE:BID) has been assigned a $38.00 target price by equities research analysts at Cowen and Company in a research note issued on Monday. The brokerage presently has a a “hold” rating on the stock. Cowen and Company’s price target indicates a potential upside of 2.45% from the stock’s current price.
A number of other equities research analysts have also issued reports on the company. Zacks Investment Research raised Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 target price on the stock in a research note on Wednesday, August 24th. TheStreet raised Sotheby’s from a “hold” rating to a “buy” rating in a research note on Tuesday, August 9th. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $35.17.
Sotheby’s (NYSE:BID) opened at 37.09 on Monday. Sotheby’s has a 12 month low of $18.86 and a 12 month high of $41.23. The stock has a market cap of $2.04 billion, a P/E ratio of 71.60 and a beta of 2.25. The firm’s 50-day moving average price is $38.40 and its 200-day moving average price is $30.72.
Sotheby’s (NYSE:BID) last posted its earnings results on Monday, August 8th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.46. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. The firm had revenue of $298.67 million for the quarter, compared to analyst estimates of $291.22 million. During the same quarter in the prior year, the company earned $1.04 EPS. Sotheby’s’s revenue was down 10.0% on a year-over-year basis. On average, analysts predict that Sotheby’s will post $2.12 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Sotheby’s during the fourth quarter worth approximately $11,515,000. Virginia Retirement System purchased a new stake in Sotheby’s during the first quarter worth approximately $1,280,000. Shanda Payment Holdings Ltd. increased its stake in Sotheby’s by 95.5% in the first quarter. Shanda Payment Holdings Ltd. now owns 1,162,073 shares of the company’s stock worth $31,062,000 after buying an additional 567,529 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Sotheby’s by 4.9% in the first quarter. TIAA CREF Investment Management LLC now owns 239,568 shares of the company’s stock worth $6,404,000 after buying an additional 11,218 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake in Sotheby’s by 48.0% in the first quarter. Franklin Resources Inc. now owns 117,770 shares of the company’s stock worth $3,148,000 after buying an additional 38,184 shares during the last quarter. Institutional investors and hedge funds own 95.80% of the company’s stock.
Sotheby’s is a global art business company. The Company operates in two segments: Agency and Finance. The Agency segment earns commissions by matching buyers and sellers of authenticated fine art, decorative art, jewelry, wine and collectibles (collectively, art or works of art or artwork or property) through the auction or private sale process.
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