Sotheby’s (NYSE:BID) Position Boosted by Prudential Financial Inc.
Prudential Financial Inc. boosted its stake in Sotheby’s (NYSE:BID) by 40.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,369 shares of the specialty retailer’s stock after buying an additional 11,907 shares during the period. Prudential Financial Inc. owned approximately 0.08% of Sotheby’s worth $1,882,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of BID. Van Berkom & Associates Inc. boosted its stake in shares of Sotheby’s by 9.7% in the first quarter. Van Berkom & Associates Inc. now owns 1,448,429 shares of the specialty retailer’s stock worth $65,875,000 after buying an additional 127,560 shares during the period. Clal Insurance Enterprises Holdings Ltd boosted its stake in shares of Sotheby’s by 30.8% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 850,000 shares of the specialty retailer’s stock worth $38,658,000 after buying an additional 200,000 shares during the period. Norges Bank bought a new stake in shares of Sotheby’s during the fourth quarter worth $28,745,000. Conestoga Capital Advisors LLC boosted its stake in shares of Sotheby’s by 8.1% in the first quarter. Conestoga Capital Advisors LLC now owns 675,193 shares of the specialty retailer’s stock worth $30,708,000 after buying an additional 50,488 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Sotheby’s by 4.1% in the first quarter. Bank of New York Mellon Corp now owns 542,261 shares of the specialty retailer’s stock worth $24,662,000 after buying an additional 21,210 shares during the period. Institutional investors and hedge funds own 91.90% of the company’s stock.
Shares of Sotheby’s (BID) traded down 0.48% on Tuesday, hitting $49.98. The stock had a trading volume of 641,818 shares. The stock has a 50 day moving average price of $54.64 and a 200-day moving average price of $48.26. Sotheby’s has a 12-month low of $33.85 and a 12-month high of $57.95. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 31.36 and a beta of 1.81.
Sotheby’s (NYSE:BID) last issued its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $314.90 million during the quarter, compared to the consensus estimate of $313.90 million. During the same period in the prior year, the business earned $1.51 EPS. The business’s revenue was up 5.4% on a year-over-year basis. On average, equities analysts expect that Sotheby’s will post $2.03 earnings per share for the current year.
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BID has been the subject of a number of analyst reports. Zacks Investment Research upgraded Sotheby’s from a “sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. TheStreet cut Sotheby’s from a “b-” rating to a “c” rating in a research note on Wednesday, May 10th. Finally, Sidoti reiterated a “buy” rating and issued a $62.00 price target (up from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st.
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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