TIAA CREF Investment Management LLC Has $5.55 Million Holdings in Sotheby’s (BID)

TIAA CREF Investment Management LLC lessened its stake in shares of Sotheby’s (NYSE:BID) by 23.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 103,406 shares of the specialty retailer’s stock after selling 32,382 shares during the period. TIAA CREF Investment Management LLC owned 0.20% of Sotheby’s worth $5,550,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in BID. US Bancorp DE grew 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 valued at $113,000 after purchasing an additional 551 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Sotheby’s by 25.6% during the first quarter. UBS Asset Management Americas Inc. now owns 25,259 shares of the specialty retailer’s stock valued at $1,149,000 after purchasing an additional 5,143 shares during the last quarter. Karp Capital Management Corp acquired a new position in Sotheby’s during the first quarter valued at approximately $459,000. Ameriprise Financial Inc. grew its holdings in Sotheby’s by 1.1% during the first quarter. Ameriprise Financial Inc. now owns 211,824 shares of the specialty retailer’s stock valued at $9,633,000 after purchasing an additional 2,404 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in Sotheby’s by 13.8% during the first quarter. Parametric Portfolio Associates LLC now owns 119,730 shares of the specialty retailer’s stock valued at $5,445,000 after purchasing an additional 14,498 shares during the last quarter. Institutional investors own 89.63% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “TIAA CREF Investment Management LLC Has $5.55 Million Holdings in Sotheby’s (BID)” was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this piece of content on another publication, it was illegally copied and reposted in violation of US & international copyright and trademark laws. The legal version of this piece of content can be viewed at https://ledgergazette.com/2017/10/16/tiaa-cref-investment-management-llc-has-5-55-million-holdings-in-sothebys-bid.html.

Several equities analysts have commented on BID shares. Zacks Investment Research downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Sidoti reiterated a “buy” rating and set a $62.00 price target (up previously from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Finally, Consumer Edge upgraded Sotheby’s from a “neutral” rating to an “overweight” rating in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Sotheby’s presently has an average rating of “Hold” and an average target price of $60.33.

Sotheby’s (NYSE:BID) opened at 50.00 on Monday. The firm’s 50-day moving average price is $46.10 and its 200 day moving average price is $49.49. Sotheby’s has a one year low of $33.85 and a one year high of $57.95. The firm has a market cap of $2.65 billion, a P/E ratio of 39.37 and a beta of 1.85.

Sotheby’s (NYSE:BID) last posted its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.08). The business had revenue of $314.90 million for the quarter, compared to analyst estimates of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 earnings per share. On average, equities research analysts forecast that Sotheby’s will post $1.94 EPS for the current year.

Sotheby’s declared that its board has

A number of other hedge funds also recently made changes to their positions in BID. US Bancorp DE grew 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 valued at $113,000 after purchasing an additional 551 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Sotheby’s by 25.6% during the first quarter. UBS Asset Management Americas Inc. now owns 25,259 shares of the specialty retailer’s stock valued at $1,149,000 after purchasing an additional 5,143 shares during the last quarter. Karp Capital Management Corp acquired a new position in Sotheby’s during the first quarter valued at approximately $459,000. Ameriprise Financial Inc. grew its holdings in Sotheby’s by 1.1% during the first quarter. Ameriprise Financial Inc. now owns 211,824 shares of the specialty retailer’s stock valued at $9,633,000 after purchasing an additional 2,404 shares during the last quarter. Finally, Parametric Portfolio Associates LLC grew its holdings in Sotheby’s by 13.8% during the first quarter. Parametric Portfolio Associates LLC now owns 119,730 shares of the specialty retailer’s stock valued at $5,445,000 after purchasing an additional 14,498 shares during the last quarter. Institutional investors own 89.63% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “TIAA CREF Investment Management LLC Has $5.55 Million Holdings in Sotheby’s (BID)” was first reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this piece of content on another publication, it was illegally copied and reposted in violation of US & international copyright and trademark laws. The legal version of this piece of content can be viewed at https://ledgergazette.com/2017/10/16/tiaa-cref-investment-management-llc-has-5-55-million-holdings-in-sothebys-bid.html.

Several equities analysts have commented on BID shares. Zacks Investment Research downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. BidaskClub downgraded Sotheby’s from a “hold” rating to a “sell” rating in a report on Wednesday, August 9th. TheStreet upgraded Sotheby’s from a “c” rating to a “b” rating in a report on Monday, August 7th. Sidoti reiterated a “buy” rating and set a $62.00 price target (up previously from $59.00) on shares of Sotheby’s in a report on Friday, July 21st. Finally, Consumer Edge upgraded Sotheby’s from a “neutral” rating to an “overweight” rating in a report on Wednesday, October 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Sotheby’s presently has an average rating of “Hold” and an average target price of $60.33.

Sotheby’s (NYSE:BID) opened at 50.00 on Monday. The firm’s 50-day moving average price is $46.10 and its 200 day moving average price is $49.49. Sotheby’s has a one year low of $33.85 and a one year high of $57.95. The firm has a market cap of $2.65 billion, a P/E ratio of 39.37 and a beta of 1.85.

Sotheby’s (NYSE:BID) last posted its earnings results on Thursday, August 3rd. The specialty retailer reported $1.43 earnings per share for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.08). The business had revenue of $314.90 million for the quarter, compared to analyst estimates of $313.90 million. Sotheby’s had a return on equity of 18.72% and a net margin of 8.49%. The firm’s revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 earnings per share. On average, equities research analysts forecast that Sotheby’s will post $1.94 EPS for the current year.

Sotheby’s declared that its board has authorized a share repurchase program on Tuesday, August 15th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 4.1% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

About Sotheby’s

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.

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

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