TD Cowen Cuts Macy’s (NYSE:M) Price Target to $20.00
by Danessa Lincoln · The Markets DailyMacy’s (NYSE:M – Free Report) had its price target lowered by TD Cowen from $21.00 to $20.00 in a report published on Thursday,Benzinga reports. The firm currently has a hold rating on the stock.
M has been the topic of several other research reports. Guggenheim assumed coverage on Macy’s in a research note on Tuesday, December 9th. They issued a “neutral” rating on the stock. Jefferies Financial Group restated a “buy” rating and issued a $22.00 target price on shares of Macy’s in a research note on Wednesday. Wall Street Zen upgraded Macy’s from a “buy” rating to a “strong-buy” rating in a research note on Sunday, March 15th. Telsey Advisory Group reissued a “market perform” rating and issued a $20.00 price objective (down from $25.00) on shares of Macy’s in a report on Wednesday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Macy’s in a research note on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $18.90.
View Our Latest Research Report on Macy’s
Macy’s Stock Performance
Shares of M stock opened at $17.87 on Thursday. The firm has a market cap of $4.75 billion, a price-to-earnings ratio of 7.70 and a beta of 1.51. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.18 and a current ratio of 1.49. Macy’s has a 52 week low of $9.76 and a 52 week high of $24.41. The firm’s 50-day simple moving average is $20.25 and its two-hundred day simple moving average is $20.10.
Macy’s (NYSE:M – Get Free Report) last released its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.12. Macy’s had a net margin of 2.84% and a return on equity of 14.22%. The firm had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.48 billion. During the same period in the prior year, the firm earned $1.80 EPS. The company’s revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Macy’s will post 2.39 earnings per share for the current year.
Macy’s Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be issued a $0.1915 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is an increase from Macy’s’s previous quarterly dividend of $0.18. This represents a $0.77 dividend on an annualized basis and a dividend yield of 4.3%. Macy’s’s dividend payout ratio is 33.19%.
Institutional Trading of Macy’s
A number of hedge funds and other institutional investors have recently made changes to their positions in M. Strengthening Families & Communities LLC bought a new position in Macy’s in the 4th quarter worth about $28,000. V Square Quantitative Management LLC purchased a new position in Macy’s during the 4th quarter valued at about $29,000. Cullen Frost Bankers Inc. bought a new stake in shares of Macy’s during the third quarter valued at about $31,000. Smartleaf Asset Management LLC increased its position in shares of Macy’s by 51.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,543 shares of the company’s stock valued at $34,000 after buying an additional 526 shares during the period. Finally, Bessemer Group Inc. lifted its holdings in shares of Macy’s by 41.4% in the third quarter. Bessemer Group Inc. now owns 2,023 shares of the company’s stock worth $37,000 after buying an additional 592 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors.
Macy’s Company Profile
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.