Macy’s Inc. (M) Raised 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 research note issued to investors on Wednesday morning. Citigroup Inc. currently has $44.00 price objective on the stock, up from their previous price objective of $35.42.
Several other research firms also recently weighed in on M. Zacks Investment Research raised Macy’s from a hold rating to a buy rating and set a $45.00 target price for the company in a report on Tuesday, August 16th. Morgan Stanley restated an equal weight rating and issued a $35.00 price target (down previously from $37.00) on shares of Macy’s in a research report on Saturday, August 13th. RBC Capital Markets restated a sector perform rating and issued a $40.00 price target (up previously from $35.00) on shares of Macy’s in a research report on Saturday, August 13th. Vetr cut Macy’s from a hold rating to a strong sell rating and set a $35.17 price target on the stock. in a research report on Monday, August 15th. Finally, Goldman Sachs Group Inc. boosted their price target on Macy’s from $34.00 to $39.00 and gave the company a neutral rating in a research report on Friday, August 12th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $44.22.
Macy’s (NYSE:M) opened at 35.54 on Wednesday. The stock has a market cap of $10.96 billion, a P/E ratio of 14.25 and a beta of 0.80. The stock has a 50 day moving average price of $37.03 and a 200 day moving average price of $37.36. Macy’s has a 52-week low of $29.94 and a 52-week high of $57.60.
Macy’s (NYSE:M) last posted its earnings results on Thursday, August 11th. The company reported $0.54 earnings per share 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 business earned $5.87 billion during the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the business earned $0.64 EPS. The business’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts forecast that Macy’s will post $3.36 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be paid a $0.3775 dividend. This represents a $1.51 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date is Tuesday, September 13th. Macy’s’s payout ratio is currently 60.64%.
A number of large investors have recently bought and sold shares of 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 during the last quarter. State Street Corp raised its stake in 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 raised its stake in 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 raised its stake in 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 raised its stake in 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. 83.30% of the stock is currently owned by hedge funds and other institutional investors.
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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