State of Wisconsin Investment Board lifted its position in Sotheby’s (NYSE:BID) by 1.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 113,450 shares of the specialty retailer’s stock after purchasing an additional 1,750 shares during the period. State of Wisconsin Investment Board owned 0.22% of Sotheby’s worth $5,231,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in BID. Teachers Advisors LLC boosted its holdings in shares of Sotheby’s by 3.1% in the first quarter. Teachers Advisors LLC now owns 86,273 shares of the specialty retailer’s stock valued at $3,924,000 after purchasing an additional 2,629 shares during the period. Thrivent Financial For Lutherans boosted its holdings in shares of Sotheby’s by 10.8% in the first quarter. Thrivent Financial For Lutherans now owns 8,710 shares of the specialty retailer’s stock valued at $396,000 after purchasing an additional 850 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Sotheby’s by 185.5% in the first quarter. Public Employees Retirement System of Ohio now owns 11,129 shares of the specialty retailer’s stock valued at $506,000 after purchasing an additional 7,231 shares during the period. Capstone Asset Management Co. boosted its holdings in shares of Sotheby’s by 3.6% in the second quarter. Capstone Asset Management Co. now owns 5,722 shares of the specialty retailer’s stock valued at $307,000 after purchasing an additional 200 shares during the period. Finally, Bank of Montreal Can boosted its holdings in shares of Sotheby’s by 74.7% in the second quarter. Bank of Montreal Can now owns 93,243 shares of the specialty retailer’s stock valued at $5,004,000 after purchasing an additional 39,875 shares during the period. Hedge funds and other institutional investors own 91.59% of the company’s stock.
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A number of analysts recently issued reports on the company. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Zacks Investment Research lowered Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Aegis initiated coverage on shares of Sotheby’s in a research note on Monday, October 30th. They issued a “buy” rating and a $60.00 price objective for the company. BidaskClub downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research note on Wednesday, August 9th. Finally, Consumer Edge raised shares of Sotheby’s from a “neutral” rating to an “overweight” rating in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $60.25.
Sotheby’s (NYSE:BID) last issued its quarterly earnings data on Friday, November 3rd. The specialty retailer reported ($0.45) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.23. The company had revenue of $171.39 million during the quarter, compared to the consensus estimate of $101.14 million. Sotheby’s had a net margin of 10.95% and a return on equity of 22.48%. Sotheby’s’s revenue for the quarter was up 87.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.78) earnings per share. analysts forecast that Sotheby’s will post 2.14 EPS for the current fiscal year.
Sotheby’s declared that its Board of Directors has approved a share repurchase program on Tuesday, August 15th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the specialty retailer to reacquire up to 4.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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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