Sotheby’s (BID) Getting Somewhat Favorable Press Coverage, Report Shows
Press coverage about Sotheby’s (NYSE:BID) has trended somewhat positive on Tuesday, according to Accern Sentiment Analysis. The research firm scores the sentiment of news coverage by monitoring more than twenty million blog and news sources. Accern ranks coverage of companies on a scale of -1 to 1, with scores nearest to one being the most favorable. Sotheby’s earned a media sentiment score of 0.11 on Accern’s scale. Accern also assigned media coverage about the specialty retailer an impact score of 46.1859859531641 out of 100, meaning that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the near future.
These are some of the headlines that may have impacted Accern Sentiment Analysis’s scoring:
- Art market showing signs of strength: Sotheby's CEO (finance.yahoo.com)
- Sotheby’s to Auction World’s Largest Pink Diamond for $30 Million (investingnews.com)
- Sotheby’s (BID) Lifted to “Hold” at Zacks Investment Research (americanbankingnews.com)
- Killing the estate tax could help art sales, Sotheby’s CEO says (cnbc.com)
- London Auctions Are on the Rise, but a Big Failure Casts a Shadow (nytimes.com)
Shares of Sotheby’s (NYSE:BID) opened at 50.65 on Tuesday. The stock has a market capitalization of $2.68 billion, a PE ratio of 39.88 and a beta of 1.85. Sotheby’s has a 52 week low of $33.85 and a 52 week high of $57.95. The stock’s 50 day moving average is $46.10 and its 200 day moving average is $49.49.
Sotheby’s (NYSE:BID) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $313.90 million. Sotheby’s had a net margin of 8.49% and a return on equity of 18.72%. The firm’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.51 EPS. Analysts anticipate that Sotheby’s will post $1.94 EPS for the current fiscal year.
Sotheby’s declared that its board has authorized a stock buyback plan on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to buy up to 4.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several brokerages have recently issued reports on BID. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a research note on Monday, August 7th. Zacks Investment Research raised shares of Sotheby’s from a “sell” rating to a “hold” rating in a research note on Monday. Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. BidaskClub cut shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Sidoti reissued a “buy” rating and set a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $60.33.
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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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