Adams Diversified Equity Fund Inc. bought a new position in shares of Sotheby’s (NYSE:BID) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 20,600 shares of the specialty retailer’s stock, valued at approximately $950,000.
Other large investors also recently modified their holdings of the company. Hosking Partners LLP increased its position in shares of Sotheby’s by 1.6% during the second quarter. Hosking Partners LLP now owns 346,411 shares of the specialty retailer’s stock worth $18,592,000 after acquiring an additional 5,545 shares during the period. Vanguard Group Inc. increased its position in shares of Sotheby’s by 2.7% during the first quarter. Vanguard Group Inc. now owns 3,617,503 shares of the specialty retailer’s stock worth $164,524,000 after acquiring an additional 93,927 shares during the period. US Bancorp DE increased its position in shares of Sotheby’s by 5.2% during 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 period. JPMorgan Chase & Co. increased its position in shares of Sotheby’s by 236.2% during the second quarter. JPMorgan Chase & Co. now owns 48,421 shares of the specialty retailer’s stock worth $2,598,000 after acquiring an additional 34,017 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Sotheby’s by 8.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 304,106 shares of the specialty retailer’s stock worth $13,831,000 after acquiring an additional 23,680 shares during the period. 89.50% of the stock is currently owned by institutional investors and hedge funds.
Shares of Sotheby’s (NYSE:BID) traded down 0.60% during trading on Wednesday, reaching $51.51. 52,937 shares of the company traded hands. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 36.95 and a beta of 1.85. The firm’s 50 day moving average price is $48.25 and its 200-day moving average price is $49.94. Sotheby’s has a 52 week low of $33.85 and a 52 week high of $57.95.
Sotheby’s (NYSE:BID) last issued its quarterly earnings data on Thursday, August 3rd. The specialty retailer reported $1.43 EPS for the quarter, missing the consensus estimate of $1.51 by ($0.08). Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The company had revenue of $314.90 million during the quarter, compared to analyst estimates of $313.90 million. During the same quarter in the prior year, the company posted $1.51 earnings per share. The business’s revenue was up 5.4% compared to the same quarter last year. Equities analysts anticipate that Sotheby’s will post $1.93 EPS for the current fiscal year.
Sotheby’s declared that its Board of Directors has approved a stock repurchase program on Tuesday, August 15th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 4.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
A number of brokerages have recently commented on BID. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a research report on Monday, August 7th. Aegis began coverage on shares of Sotheby’s in a research report on Monday. They set a “buy” rating and a $60.00 target price on the stock. Zacks Investment Research lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. BidaskClub lowered shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $60.25.
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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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