Sotheby’s (BID) Stake Lowered by South Dakota Investment Council

South Dakota Investment Council trimmed its position in shares of Sotheby’s (NYSE:BID) by 23.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,100 shares of the specialty retailer’s stock after selling 10,100 shares during the period. South Dakota Investment Council owned 0.06% of Sotheby’s worth $1,776,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. Texas Permanent School Fund raised its position in shares of Sotheby’s by 0.3% during the 2nd quarter. Texas Permanent School Fund now owns 33,456 shares of the specialty retailer’s stock valued at $1,796,000 after purchasing an additional 87 shares during the period. Arizona State Retirement System raised its position in shares of Sotheby’s by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 19,300 shares of the specialty retailer’s stock valued at $1,036,000 after purchasing an additional 100 shares during the period. Meeder Asset Management Inc. raised its position in shares of Sotheby’s by 0.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 19,323 shares of the specialty retailer’s stock valued at $1,037,000 after purchasing an additional 110 shares during the period. US Bancorp DE raised its position in shares of Sotheby’s by 5.2% during the 2nd quarter. US Bancorp DE now owns 2,615 shares of the specialty retailer’s stock valued at $140,000 after purchasing an additional 129 shares during the period. Finally, Advantus Capital Management Inc raised its position in shares of Sotheby’s by 3.0% during the 1st quarter. Advantus Capital Management Inc now owns 5,901 shares of the specialty retailer’s stock valued at $268,000 after purchasing an additional 174 shares during the period. Hedge funds and other institutional investors own 89.49% of the company’s stock.

Shares of Sotheby’s (BID) opened at 43.44 on Tuesday. The company has a market capitalization of $2.29 billion, a P/E ratio of 31.16 and a beta of 1.84. The firm has a 50-day moving average of $48.94 and a 200-day moving average of $49.47. Sotheby’s has a one year low of $33.85 and a one year high of $57.95.

Sotheby’s (NYSE:BID) last announced its quarterly 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. The firm had revenue of $314.90 million for the quarter, compared to analysts’ expectations of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The business’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the company posted $1.51 earnings per share. Analysts forecast that Sotheby’s will post $1.96 earnings per share for the current year.

Sotheby’s declared that its board has authorized a share buyback program on Tuesday, August 15th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the specialty retailer to purchase up to 4.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

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Several brokerages have recently commented on BID. TheStreet upgraded shares of Sotheby’s from a “c” rating to a “b” rating in a research report on Monday, August 7th. Zacks Investment Research downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. BidaskClub downgraded shares of Sotheby’s from a “hold” rating to a “sell” rating in a research report on Wednesday, August 9th. Finally, Sidoti restated a “buy” rating and set a $62.00 price objective (up from $59.00) on shares of Sotheby’s in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.33.

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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Institutional Ownership by Quarter for Sotheby`s (NYSE:BID)

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