Macy’s Inc (NYSE:M) declared a quarterly dividend on Friday, May 17th, RTT News reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.3775 per share on Monday, July 1st. This represents a $1.51 annualized dividend and a dividend yield of 6.87%.
Macy’s has increased its dividend payment by an average of 3.9% per year over the last three years. Macy’s has a dividend payout ratio of 38.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Macy’s to earn $2.94 per share next year, which means the company should continue to be able to cover its $1.51 annual dividend with an expected future payout ratio of 51.4%.
Shares of Macy’s stock traded up $0.48 during trading on Friday, hitting $21.99. 8,244,880 shares of the stock were exchanged, compared to its average volume of 8,955,288. The firm has a market capitalization of $6.67 billion, a P/E ratio of 5.26, a P/E/G ratio of 0.82 and a beta of 0.41. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.42 and a current ratio of 1.42. Macy’s has a 12 month low of $21.08 and a 12 month high of $41.99.
Macy’s (NYSE:M) last released its quarterly earnings results on Wednesday, May 15th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.33 by $0.11. The business had revenue of $5.50 billion during the quarter, compared to analyst estimates of $5.52 billion. Macy’s had a net margin of 4.43% and a return on equity of 20.66%. The company’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.48 earnings per share. As a group, sell-side analysts forecast that Macy’s will post 3.1 earnings per share for the current year.
In other Macy’s news, Director Deirdre P. Connelly sold 6,250 shares of the company’s stock in a transaction dated Thursday, April 4th. The shares were sold at an average price of $25.76, for a total value of $161,000.00. Following the completion of the sale, the director now directly owns 17,092 shares of the company’s stock, valued at approximately $440,289.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joyce M. Roche sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $24.30, for a total transaction of $243,000.00. Following the completion of the sale, the director now directly owns 13,647 shares of the company’s stock, valued at $331,622.10. The disclosure for this sale can be found here. Insiders sold a total of 16,921 shares of company stock valued at $421,238 over the last three months. 0.55% of the stock is owned by corporate insiders.
A number of brokerages recently issued reports on M. Zacks Investment Research upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research report on Thursday. Deutsche Bank increased their target price on shares of Macy’s from $27.00 to $28.00 and gave the company a “hold” rating in a research report on Thursday. Goldman Sachs Group upgraded shares of Macy’s from a “sell” rating to a “neutral” rating and decreased their target price for the company from $23.00 to $21.00 in a research report on Thursday. Desjardins reiterated an “average” rating and issued a $5.25 target price on shares of Macy’s in a research report on Friday, March 22nd. Finally, ValuEngine upgraded shares of Macy’s from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $28.93.
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Macy's, Inc, an omnichannel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, including apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 1, 2019, it operated approximately 680 department stores under the Macy's and Bloomingdale's names; and 190 specialty stores, such as Bloomingdale's The Outlet, Bluemercury, Macy's Backstage, and STORY in 43 states, the District of Columbia, Guam, and Puerto Rico.
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