Credit Suisse Group AG cut shares of Macy’s Inc. (NYSE:M) from an outperform rating to a neutral rating in a report released on Wednesday morning. Credit Suisse Group AG currently has $40.00 target price on the stock.
M has been the subject of several other reports. Zacks Investment Research raised shares of Macy’s from a sell rating to a hold rating and set a $40.00 price objective for the company in a report on Tuesday, July 26th. Vetr lowered shares of Macy’s from a hold rating to a strong sell rating and set a $35.17 price objective for the company. in a report on Monday, August 15th. Goldman Sachs Group Inc. raised their price objective on shares of Macy’s from $34.00 to $39.00 and gave the stock a neutral rating in a report on Friday, August 12th. Telsey Advisory Group raised their price objective on shares of Macy’s from $36.00 to $42.00 and gave the stock a market perform rating in a report on Friday, August 12th. Finally, RBC Capital Markets reissued a sector perform rating and set a $40.00 price objective (up from $35.00) on shares of Macy’s in a report on Saturday, August 13th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $43.98.
Shares of Macy’s (NYSE:M) opened at 36.28 on Wednesday. Macy’s has a 12 month low of $29.94 and a 12 month high of $52.48. The company has a market capitalization of $11.19 billion, a price-to-earnings ratio of 14.55 and a beta of 0.89. The stock has a 50 day moving average price of $37.25 and a 200-day moving average price of $36.55.
Macy’s (NYSE:M) last released its quarterly earnings results on Thursday, August 11th. The company reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.09. Macy’s had a net margin of 2.99% and a return on equity of 27.68%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. Analysts expect that Macy’s will post $3.36 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were issued a dividend of $0.3775 per share. The ex-dividend date was Tuesday, September 13th. This represents a $1.51 dividend on an annualized basis and a dividend yield of 4.16%. Macy’s’s dividend payout ratio is currently 60.64%.
Several large investors have recently added to or reduced their stakes in M. Vanguard Group Inc. raised its stake in Macy’s by 25.1% in the second quarter. Vanguard Group Inc. now owns 23,202,656 shares of the company’s stock worth $779,840,000 after buying an additional 4,647,970 shares in the last quarter. State Street Corp increased its position in shares of Macy’s by 0.3% in the second quarter. State Street Corp now owns 13,812,762 shares of the company’s stock worth $464,242,000 after buying an additional 46,264 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Macy’s by 1.8% in the second quarter. Bank of New York Mellon Corp now owns 13,078,674 shares of the company’s stock worth $439,572,000 after buying an additional 232,280 shares during the last quarter. FMR LLC increased its position in shares of Macy’s by 11.3% in the second quarter. FMR LLC now owns 5,960,934 shares of the company’s stock worth $200,347,000 after buying an additional 603,525 shares during the last quarter. Finally, BlackRock Fund Advisors increased its position in shares of Macy’s by 1.8% in the second quarter. BlackRock Fund Advisors now owns 4,858,055 shares of the company’s stock worth $163,279,000 after buying an additional 86,167 shares during the last quarter. Institutional investors and hedge funds own 83.27% of the company’s stock.
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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