Macy’s (NYSE:M) Upgraded by Wall Street Zen to “Buy” Rating

Wall Street Zen upgraded shares of Macy’s (NYSE:M) from a hold rating to a buy rating in a report published on Saturday morning.

M has been the topic of several other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Macy’s in a research note on Friday, March 27th. Telsey Advisory Group reissued a “market perform” rating and issued a $20.00 target price on shares of Macy’s in a research report on Wednesday, April 1st. Citigroup cut their target price on shares of Macy’s from $24.00 to $18.00 and set a “neutral” rating on the stock in a research note on Thursday, March 19th. JPMorgan Chase & Co. reduced their price target on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 18th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $22.00 price target on shares of Macy’s in a research note on Wednesday, March 18th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average price target of $18.90.

Macy’s Price Performance

Shares of NYSE M opened at $19.53 on Friday. Macy’s has a fifty-two week low of $10.54 and a fifty-two week high of $24.41. The business has a 50 day moving average price of $19.19 and a two-hundred day moving average price of $20.26. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. The firm has a market cap of $5.15 billion, a PE ratio of 8.42 and a beta of 1.51.

Macy’s (NYSE:M) last announced its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.55 by $0.12. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.The company had revenue of $7.92 billion for the quarter, compared to analyst estimates of $7.48 billion. During the same period in the prior year, the company posted $1.80 EPS. Macy’s’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts expect that Macy’s will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th were issued a dividend of $0.1915 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 3.9%. This is a positive change from Macy’s’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, March 13th. Macy’s’s dividend payout ratio is currently 33.19%.

Insider Buying and Selling at Macy’s

In related news, EVP Tracy M. Preston sold 5,271 shares of the business’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total transaction of $94,456.32. Following the completion of the sale, the executive vice president owned 28,773 shares of the company’s stock, valued at $515,612.16. This represents a 15.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Olivier Bron sold 7,228 shares of the stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $129,525.76. Following the sale, the chief executive officer owned 21,590 shares in the company, valued at approximately $386,892.80. This trade represents a 25.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 94,967 shares of company stock valued at $1,705,276. Corporate insiders own 1.05% of the company’s stock.

Hedge Funds Weigh In On Macy’s

Several institutional investors have recently made changes to their positions in M. Norges Bank bought a new stake in shares of Macy’s in the 4th quarter worth approximately $85,020,000. Marshall Wace LLP bought a new position in Macy’s during the 4th quarter worth $69,562,000. SG Americas Securities LLC grew its stake in Macy’s by 1,344.4% during the 1st quarter. SG Americas Securities LLC now owns 3,059,374 shares of the company’s stock worth $55,344,000 after buying an additional 2,847,561 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Macy’s by 67.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 6,823,034 shares of the company’s stock worth $150,448,000 after buying an additional 2,750,115 shares during the period. Finally, Invesco Ltd. increased its position in Macy’s by 160.5% in the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company’s stock worth $49,941,000 after buying an additional 2,639,132 shares during the period. 87.36% of the stock is owned by institutional investors.

About Macy’s

Macy’s, Inc is a leading American omnichannel retailer operating under the Macy’s brand, as well as specialty divisions Bloomingdale’s and Bluemercury. The company’s retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy’s seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company’s product assortment spans men’s, women’s and children’s clothing, beauty and personal care products, housewares and home décor.