California State Teachers Retirement System Has $3.62 Million Holdings in Sotheby’s (BID)
California State Teachers Retirement System decreased its holdings in Sotheby’s (NYSE:BID) by 30.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,522 shares of the specialty retailer’s stock after selling 29,503 shares during the quarter. California State Teachers Retirement System owned 0.13% of Sotheby’s worth $3,624,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of BID. BlackRock Inc. raised its stake in Sotheby’s by 18,784.1% in the 1st quarter. BlackRock Inc. now owns 4,842,266 shares of the specialty retailer’s stock worth $220,225,000 after purchasing an additional 4,816,624 shares in the last quarter. Discovery Capital Management LLC CT acquired a new stake in Sotheby’s in the 2nd quarter worth about $29,357,000. Vanguard Group Inc. raised its stake in Sotheby’s by 9.9% in the 2nd quarter. Vanguard Group Inc. now owns 3,974,106 shares of the specialty retailer’s stock worth $213,290,000 after purchasing an additional 356,603 shares in the last quarter. Prudential Financial Inc. raised its stake in Sotheby’s by 802.2% in the 2nd quarter. Prudential Financial Inc. now owns 373,218 shares of the specialty retailer’s stock worth $20,031,000 after purchasing an additional 331,849 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in Sotheby’s by 307.5% in the 2nd quarter. Teachers Advisors LLC now owns 351,540 shares of the specialty retailer’s stock worth $18,867,000 after purchasing an additional 265,267 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.
BID has been the subject of several analyst reports. Zacks Investment Research cut shares of Sotheby’s from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Sidoti reiterated a “buy” rating and issued a $62.00 price objective (up previously from $59.00) on shares of Sotheby’s in a research note on Friday, July 21st. Consumer Edge upgraded 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, 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. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $60.25.
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Sotheby’s (NYSE:BID) opened at $49.42 on Monday. The company has a current ratio of 1.49, a quick ratio of 1.37 and a debt-to-equity ratio of 2.02. The firm has a market cap of $2,602.95, a P/E ratio of 23.31 and a beta of 1.89.
Sotheby’s (NYSE:BID) last released its earnings results on Friday, November 3rd. The specialty retailer reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.68) by $0.23. Sotheby’s had a net margin of 10.95% and a return on equity of 22.56%. The firm had revenue of $171.39 million for the quarter, compared to analyst estimates of $101.14 million. During the same period last year, the firm earned ($0.78) EPS. The business’s quarterly revenue was up 87.3% compared to the same quarter last year. equities analysts anticipate that Sotheby’s will post 1.92 EPS for the current year.
Sotheby’s declared that its board has approved a stock repurchase plan on Tuesday, August 15th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to purchase up to 4.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership 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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