Sotheby’s (BID) Shares Bought by Voya Investment Management LLC
Voya Investment Management LLC grew its stake in shares of Sotheby’s (NYSE:BID) by 34.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 649,776 shares of the specialty retailer’s stock after purchasing an additional 167,632 shares during the quarter. Voya Investment Management LLC owned approximately 1.23% of Sotheby’s worth $34,874,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in BID. Strs Ohio raised its holdings in Sotheby’s by 2,200.0% during the first quarter. Strs Ohio now owns 2,300 shares of the specialty retailer’s stock worth $104,000 after purchasing an additional 2,200 shares in the last quarter. US Bancorp DE raised its holdings in Sotheby’s by 28.5% during the first quarter. US Bancorp DE now owns 2,486 shares of the specialty retailer’s stock worth $113,000 after purchasing an additional 551 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Sotheby’s by 20.7% during the first quarter. Envestnet Asset Management Inc. now owns 3,400 shares of the specialty retailer’s stock worth $154,000 after purchasing an additional 582 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in Sotheby’s during the second quarter worth approximately $172,000. Finally, Riverhead Capital Management LLC raised its holdings in Sotheby’s by 72.9% during the second quarter. Riverhead Capital Management LLC now owns 3,630 shares of the specialty retailer’s stock worth $195,000 after purchasing an additional 1,530 shares in the last quarter. 89.49% of the stock is currently owned by institutional investors.
A number of analysts have weighed in on BID shares. Zacks Investment Research raised shares of Sotheby’s from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a report on Thursday, July 20th. Sidoti reaffirmed a “buy” rating and issued a $62.00 target price (up from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. TheStreet raised shares of Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Finally, BidaskClub cut shares of Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. Sotheby’s currently has an average rating of “Hold” and a consensus price target of $60.33.
Sotheby’s (NYSE:BID) opened at 46.11 on Friday. The company has a 50-day moving average of $46.67 and a 200-day moving average of $49.37. Sotheby’s has a 52-week low of $33.85 and a 52-week high of $57.95. The stock has a market capitalization of $2.44 billion, a price-to-earnings ratio of 36.31 and a beta of 1.84.
Sotheby’s (NYSE:BID) last posted its quarterly earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.51 by ($0.08). The firm had revenue of $314.90 million for 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 business’s revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 earnings per share. Equities research analysts expect that Sotheby’s will post $1.94 EPS for the current year.
Sotheby’s announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are 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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