Macy’s Inc. (M) Upgraded to “Buy” at Citigroup Inc.
Citigroup Inc. upgraded shares of Macy’s Inc. (NYSE:M) from a neutral rating to a buy rating in a report published on Wednesday. They currently have $44.00 price objective on the stock, up from their prior price objective of $35.42.
Several other equities analysts have also issued reports on M. Vetr upgraded Macy’s from a sell rating to a hold rating and set a $35.76 price target on the stock in a research note on Wednesday, July 13th. Macquarie lowered Macy’s from an outperform rating to a neutral rating in a research report on Friday, August 12th. Royal Bank Of Canada boosted their price objective on Macy’s from $35.00 to $40.00 and gave the stock a sector perform rating in a research report on Friday, August 12th. Deutsche Bank AG boosted their price objective on Macy’s from $37.00 to $40.00 and gave the stock a hold rating in a research report on Friday, August 12th. Finally, Standpoint Research started coverage on Macy’s in a research report on Thursday, August 25th. They set a buy rating and a $72.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $44.22.
Shares of Macy’s (NYSE:M) opened at 35.22 on Wednesday. The stock’s 50 day moving average price is $36.95 and its 200 day moving average price is $37.12. The firm has a market capitalization of $10.86 billion, a price-to-earnings ratio of 14.12 and a beta of 0.80. Macy’s has a one year low of $29.94 and a one year high of $53.99.
Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, August 11th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.09. Macy’s had a return on equity of 27.68% and a net margin of 2.99%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the company posted $0.64 EPS. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. Analysts expect that Macy’s will post $3.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.3775 per share. This represents a $1.51 annualized dividend and a yield of 4.29%. The ex-dividend date is Tuesday, September 13th. Macy’s’s dividend payout ratio (DPR) is 60.64%.
A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Macy’s by 25.1% in the second quarter. Vanguard Group Inc. now owns 23,202,656 shares of the company’s stock valued at $779,840,000 after buying an additional 4,647,970 shares during the period. Norges Bank purchased a new position in shares of Macy’s during the fourth quarter valued at $112,377,000. Sasco Capital Inc. CT purchased a new position in shares of Macy’s during the second quarter valued at $82,299,000. Scopia Capital Management LP purchased a new position in shares of Macy’s during the first quarter valued at $106,608,000. Finally, Carlson Capital L P raised its position in shares of Macy’s by 547.0% in the second quarter. Carlson Capital L P now owns 2,080,600 shares of the company’s stock valued at $69,929,000 after buying an additional 1,759,017 shares during the period. 83.30% of the stock is owned by institutional investors and hedge funds.
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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