Macy’s (NYSE:M) Given New $13.00 Price Target at Bank of America

Posted by Defense World Staff on Jun 3rd, 2023

Macy’s (NYSE:M – Get Rating) had its price objective lowered by Bank of America from $21.00 to $13.00 in a report issued on Friday morning, The Fly reports.

A number of other analysts have also commented on the company. Gordon Haskett upgraded Macy’s from a hold rating to a buy rating and set a $18.00 price target on the stock in a report on Thursday. JPMorgan Chase & Co. dropped their price target on Macy’s from $26.00 to $23.00 in a report on Friday. Citigroup decreased their target price on Macy’s from $16.00 to $15.00 in a research report on Friday. Credit Suisse Group raised their target price on Macy’s from $19.00 to $20.00 and gave the stock an underperform rating in a research report on Friday, March 3rd. Finally, StockNews.com began coverage on Macy’s in a research report on Thursday, May 18th. They issued a hold rating for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Hold and a consensus price target of $21.45.

Macy’s Stock Up 12.1 %

Shares of NYSE:M opened at $15.42 on Friday. The business’s 50 day simple moving average is $16.24 and its two-hundred day simple moving average is $19.76. The firm has a market cap of $4.20 billion, a P/E ratio of 3.68, a PEG ratio of 0.30 and a beta of 1.81. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.33 and a current ratio of 1.20. Macy’s has a 52-week low of $12.80 and a 52-week high of $25.12.

Macy’s (NYSE:M – Get Rating) last posted its earnings results on Thursday, June 1st. The company reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.11. Macy’s had a return on equity of 35.06% and a net margin of 4.82%. The company had revenue of $4.98 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same quarter last year, the company earned $1.08 earnings per share. The company’s revenue for the quarter was down 6.8% on a year-over-year basis. As a group, research analysts forecast that Macy’s will post 3.73 EPS for the current fiscal year.

Macy’s Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Wednesday, June 14th. Macy’s’s dividend payout ratio (DPR) is currently 15.75%.

Institutional Investors Weigh In On Macy’s

A number of hedge funds and other institutional investors have recently modified their holdings of M. FinTrust Capital Advisors LLC bought a new stake in shares of Macy’s in the 4th quarter valued at about $26,000. Quadrant Capital Group LLC lifted its stake in shares of Macy’s by 57.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 1,815 shares of the company’s stock valued at $28,000 after acquiring an additional 664 shares during the last quarter. Armstrong Advisory Group Inc. bought a new stake in shares of Macy’s in the 4th quarter valued at about $31,000. Quarry LP bought a new stake in shares of Macy’s in the 1st quarter valued at about $33,000. Finally, Belpointe Asset Management LLC lifted its stake in shares of Macy’s by 267.1% in the 1st quarter. Belpointe Asset Management LLC now owns 1,964 shares of the company’s stock valued at $34,000 after acquiring an additional 1,429 shares during the last quarter. Institutional investors own 80.19% of the company’s stock.

About Macy’s

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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.

Analyst Recommendations for Macy's (NYSE:M)

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