Edge Wealth Management LLC Purchases Shares of 15,000 Macy’s Inc (M)
Edge Wealth Management LLC bought a new position in Macy’s Inc (NYSE:M) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 15,000 shares of the company’s stock, valued at approximately $447,000.
A number of other hedge funds have also added to or reduced their stakes in M. Princeton Capital Management LLC acquired a new stake in Macy’s in the third quarter worth about $104,000. First Hawaiian Bank acquired a new stake in shares of Macy’s during the third quarter worth about $147,000. Qube Research & Technologies Ltd acquired a new stake in shares of Macy’s during the second quarter worth about $150,000. Vectors Research Management LLC acquired a new stake in shares of Macy’s during the third quarter worth about $164,000. Finally, Harvest Fund Management Co. Ltd lifted its holdings in shares of Macy’s by 39.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock worth $196,000 after purchasing an additional 1,588 shares during the period. Institutional investors and hedge funds own 91.04% of the company’s stock.
M has been the subject of a number of analyst reports. Zacks Investment Research raised Macy’s from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Wednesday, October 3rd. Canaccord Genuity upgraded Macy’s from an “average” rating to a “buy” rating and set a $5.50 price objective for the company in a research report on Friday, November 16th. Deutsche Bank boosted their price objective on Macy’s from $35.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, November 15th. Bank of America set a $39.00 price objective on Macy’s and gave the company a “hold” rating in a research report on Thursday, November 15th. Finally, Gordon Haskett cut Macy’s from a “buy” rating to a “hold” rating in a research report on Thursday. Five investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $33.26.
Macy’s (NYSE:M) last announced its earnings results on Wednesday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.13. The company had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.40 billion. Macy’s had a net margin of 6.72% and a return on equity of 22.33%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.23 EPS. Sell-side analysts forecast that Macy’s Inc will post 4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th were issued a dividend of $0.3775 per share. This represents a $1.51 dividend on an annualized basis and a yield of 5.93%. The ex-dividend date was Thursday, December 13th. Macy’s’s dividend payout ratio (DPR) is 40.05%.
In other news, President Harry A. Lawton III sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $33.09, for a total transaction of $6,618,000.00. Following the completion of the sale, the president now owns 226,038 shares of the company’s stock, valued at $7,479,597.42. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William H. Lenehan acquired 3,154 shares of the company’s stock in a transaction dated Friday, November 16th. The shares were purchased at an average cost of $31.74 per share, with a total value of $100,107.96. Following the acquisition, the director now owns 11,214 shares of the company’s stock, valued at approximately $355,932.36. The disclosure for this purchase can be found here. 2.36% of the stock is owned by corporate insiders.
TRADEMARK VIOLATION NOTICE: This article was originally posted by Daily Political and is the sole property of of Daily Political. If you are accessing this article on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark laws. The legal version of this article can be accessed at https://www.dailypolitical.com/2019/01/11/edge-wealth-management-llc-purchases-shares-of-15000-macys-inc-m.html.
Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.
Featured Story: The Structure of a Futures Contract
Receive News & Ratings for Macy's Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Macy's and related companies with MarketBeat.com's FREE daily email newsletter.