Brokerages Set Sotheby’s (NYSE:BID) Price Target at $32.75
Sotheby’s (NYSE:BID) has earned an average recommendation of “Hold” from the eight brokerages that are currently covering the stock. Six investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $32.75.
Several research firms have recently commented on BID. Zacks Investment Research raised Sotheby’s from a “hold” rating to a “strong-buy” rating and set a $46.00 target price for the company 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. Finally, Cowen and Company set a $38.00 target price on Sotheby’s and gave the company a “hold” rating in a research note on Monday, September 19th.
Several large investors have recently added to or reduced their stakes in the stock. Invictus RG bought a new stake in shares of Sotheby’s during the first quarter worth approximately $125,000. Magnetar Financial LLC bought a new stake in shares of Sotheby’s during the first quarter worth approximately $399,000. Envestnet Asset Management Inc. boosted its stake in shares of Sotheby’s by 17.5% in the first quarter. Envestnet Asset Management Inc. now owns 4,017 shares of the company’s stock worth $107,000 after buying an additional 598 shares during the period. Legal & General Group Plc boosted its stake in shares of Sotheby’s by 17.0% in the first quarter. Legal & General Group Plc now owns 15,838 shares of the company’s stock worth $421,000 after buying an additional 2,297 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in shares of Sotheby’s by 9.8% in the first quarter. Nuveen Asset Management LLC now owns 32,735 shares of the company’s stock worth $875,000 after buying an additional 2,933 shares during the period. 95.80% of the stock is owned by institutional investors.
Shares of Sotheby’s (NYSE:BID) opened at 38.02 on Monday. The stock has a market cap of $2.10 billion, a PE ratio of 73.40 and a beta of 2.25. Sotheby’s has a 52-week low of $18.86 and a 52-week high of $41.23. The company’s 50-day moving average price is $38.96 and its 200-day moving average price is $31.32.
Sotheby’s (NYSE:BID) last released its quarterly earnings results on Monday, August 8th. The company reported $1.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.46. The firm earned $298.67 million during the quarter, compared to analysts’ expectations of $291.22 million. Sotheby’s had a return on equity of 18.52% and a net margin of 3.87%. The business’s revenue was down 10.0% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS. Analysts expect that Sotheby’s will post $2.12 earnings per share for the current year.
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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