Royal Bank of Canada Reiterates “$26.00” Price Target for Macy's (M)

Royal Bank of Canada set a $26.00 price objective on Macy's (NYSE:M) in a report issued on Friday. The firm currently has a hold rating on the stock.

Several other research analysts have also weighed in on M. Cowen reiterated a hold rating and set a $23.00 target price on shares of Macy's in a report on Thursday, September 28th. ValuEngine upgraded Macy's from a hold rating to a buy rating in a report on Monday, October 2nd. Zacks Investment Research lowered Macy's from a hold rating to a sell rating in a report on Wednesday, October 11th. Susquehanna Bancshares set a $38.00 target price on Macy's and gave the stock a buy rating in a report on Friday, October 20th. Finally, Citigroup lowered Macy's from a neutral rating to a sell rating and reduced their target price for the stock from $21.00 to $16.00 in a report on Monday, October 30th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Macy's currently has a consensus rating of Hold and an average target price of $26.27.

Macy's (NYSE:M) traded up $0.41 during trading hours on Friday, hitting $27.01. The stock had a trading volume of 5,615,214 shares, compared to its average volume of 12,550,000. Macy's has a 1-year low of $17.41 and a 1-year high of $34.37. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.29 and a quick ratio of 0.19. The company has a market cap of $8,230.00, a price-to-earnings ratio of 11.90, a P/E/G ratio of 0.86 and a beta of 0.97.

Macy's (NYSE:M) last posted its quarterly earnings results on Thursday, November 9th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.04. Macy's had a return on equity of 21.20% and a net margin of 2.83%. The business had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.31 billion. During the same period last year, the company earned $0.17 EPS. The firm’s revenue was down 6.1% on a year-over-year basis. sell-side analysts predict that Macy's will post 3.63 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th were paid a $0.3775 dividend. This represents a $1.51 annualized dividend and a dividend yield of 5.59%. The ex-dividend date of this dividend was Thursday, December 14th. Macy's’s dividend payout ratio is 66.52%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Voya Investment Management LLC increased its position in shares of Macy's by 163.1% in the second quarter. Voya Investment Management LLC now owns 451,225 shares of the company’s stock valued at $10,487,000 after acquiring an additional 279,720 shares during the last quarter. Douglas Lane & Associates LLC increased its position in shares of Macy's by 57.8% in the third quarter. Douglas Lane & Associates LLC now owns 2,243,096 shares of the company’s stock valued at $48,944,000 after acquiring an additional 821,366 shares during the last quarter. Prudential Financial Inc. increased its position in shares of Macy's by 75.3% in the third quarter. Prudential Financial Inc. now owns 5,013,391 shares of the company’s stock valued at $109,392,000 after acquiring an additional 2,153,110 shares during the last quarter. Benchmark Capital Advisors acquired a new stake in shares of Macy's in the third quarter valued at about $1,335,000. Finally, Empirical Finance LLC acquired a new stake in shares of Macy's in the third quarter valued at about $1,221,000. 82.07% of the stock is currently owned by hedge funds and other institutional investors.

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About Macy's

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.

Analyst Recommendations for Macy's (NYSE:M)

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