Macy’s Inc. (M) Downgraded by Credit Suisse Group AG to Neutral
Credit Suisse Group AG downgraded shares of Macy’s Inc. (NYSE:M) from an outperform rating to a neutral rating in a research note released on Wednesday morning. Credit Suisse Group AG currently has $40.00 target price on the stock.
A number of other equities research analysts also recently commented on the company. Zacks Investment Research upgraded Macy’s from a sell rating to a hold rating and set a $40.00 target price on the stock in a research report on Tuesday, July 26th. Vetr downgraded Macy’s from a hold rating to a strong sell rating and set a $35.17 target price on the stock. in a research report on Monday, August 15th. Goldman Sachs Group Inc. boosted their target price on Macy’s from $34.00 to $39.00 and gave the stock a neutral rating in a research report on Friday, August 12th. Telsey Advisory Group boosted their target price on Macy’s from $36.00 to $42.00 and gave the stock a market perform rating in a research report on Friday, August 12th. Finally, RBC Capital Markets reiterated a sector perform rating and issued a $40.00 target price (up from $35.00) on shares of Macy’s in a research report on Saturday, August 13th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $43.78.
Macy’s (NYSE:M) traded up 0.80% during mid-day trading on Wednesday, hitting $36.39. The company’s stock had a trading volume of 710,739 shares. The company’s 50 day moving average is $37.38 and its 200-day moving average is $36.75. The stock has a market cap of $11.23 billion, a P/E ratio of 14.59 and a beta of 0.80. Macy’s has a 52-week low of $29.94 and a 52-week high of $52.48.
Macy’s (NYSE:M) last released its quarterly earnings data on Thursday, August 11th. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The firm earned $5.87 billion during the quarter, compared to analyst estimates of $5.73 billion. Macy’s had a return on equity of 27.68% and a net margin of 2.99%. The business’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 earnings per share. On average, equities analysts predict that Macy’s will post $3.36 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th will be given a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a dividend yield of 4.18%. The ex-dividend date of this dividend is Tuesday, September 13th. Macy’s’s payout ratio is presently 60.64%.
A number of hedge funds have recently made changes to their positions in the stock. Evercore Wealth Management LLC raised its stake in shares of Macy’s by 12.5% in the second quarter. Evercore Wealth Management LLC now owns 15,980 shares of the company’s stock worth $537,000 after buying an additional 1,781 shares during the last quarter. Macquarie Group Ltd. raised its stake in shares of Macy’s by 0.3% in the second quarter. Macquarie Group Ltd. now owns 118,248 shares of the company’s stock worth $3,974,000 after buying an additional 350 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in shares of Macy’s during the second quarter worth about $419,000. Kentucky Retirement Systems purchased a new stake in shares of Macy’s during the second quarter worth about $881,000. Finally, Mason Street Advisors LLC purchased a new stake in shares of Macy’s during the second quarter worth about $1,396,000. 83.27% of the stock is currently owned by institutional investors.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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