Profund Advisors LLC Makes New $210,000 Investment in Macy’s, Inc. (NYSE:M)

Posted by on Apr 27th, 2023

Profund Advisors LLC purchased a new position in shares of Macy’s, Inc. (NYSE:M – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 10,167 shares of the company’s stock, valued at approximately $210,000.

Several other large investors have also recently made changes to their positions in M. Raymond James Financial Services Advisors Inc. raised its stake in shares of Macy’s by 7.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 44,210 shares of the company’s stock worth $1,077,000 after acquiring an additional 2,981 shares in the last quarter. US Bancorp DE increased its stake in shares of Macy’s by 7.2% in the first quarter. US Bancorp DE now owns 18,576 shares of the company’s stock worth $452,000 after buying an additional 1,244 shares during the period. Natixis Advisors L.P. increased its stake in shares of Macy’s by 34.4% in the first quarter. Natixis Advisors L.P. now owns 28,563 shares of the company’s stock worth $696,000 after buying an additional 7,317 shares during the period. APG Asset Management N.V. purchased a new position in shares of Macy’s in the first quarter worth $1,482,000. Finally, Great West Life Assurance Co. Can increased its stake in shares of Macy’s by 13.9% in the first quarter. Great West Life Assurance Co. Can now owns 219,731 shares of the company’s stock worth $5,550,000 after buying an additional 26,827 shares during the period. 80.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Gordon Haskett downgraded shares of Macy’s from an “accumulate” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Wednesday, March 29th. The Goldman Sachs Group assumed coverage on shares of Macy’s in a research note on Monday, January 30th. They issued a “buy” rating and a $28.00 target price on the stock. Morgan Stanley boosted their price objective on shares of Macy’s from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Friday, March 3rd. Credit Suisse Group boosted their price objective on shares of Macy’s from $19.00 to $20.00 and gave the company an “underperform” rating in a research report on Friday, March 3rd. Finally, StockNews.com assumed coverage on shares of Macy’s in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Macy’s presently has a consensus rating of “Hold” and a consensus target price of $23.83.

Macy’s Stock Performance

Shares of M stock opened at $16.25 on Thursday. Macy’s, Inc. has a 12 month low of $15.10 and a 12 month high of $25.82. The stock has a market cap of $4.43 billion, a PE ratio of 3.88, a price-to-earnings-growth ratio of 0.37 and a beta of 1.81. The company has a current ratio of 1.20, a quick ratio of 0.33 and a debt-to-equity ratio of 0.73. The company’s fifty day moving average price is $19.00 and its 200-day moving average price is $20.60.

Macy’s (NYSE:M – Get Rating) last announced its earnings results on Thursday, March 2nd. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.31. Macy’s had a net margin of 4.82% and a return on equity of 35.06%. The firm had revenue of $8.26 billion for the quarter, compared to analysts’ expectations of $8.27 billion. During the same quarter in the previous year, the business posted $2.45 EPS. The company’s quarterly revenue was down 4.6% on a year-over-year basis. On average, equities analysts expect that Macy’s, Inc. will post 3.79 EPS for the current fiscal year.

Macy’s Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 3rd. Investors of record on Wednesday, March 15th were paid a $0.1654 dividend. This is a boost from Macy’s’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $0.66 dividend on an annualized basis and a yield of 4.07%. Macy’s’s payout ratio is presently 15.75%.

Macy’s Profile

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Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

Further Reading

Institutional Ownership by Quarter for Macy's (NYSE:M)

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