Macy’s (NYSE:M) Given New $13.00 Price Target at Citigroup

Posted by Defense World Staff on Aug 24th, 2023

Macy’s (NYSE:M – Free Report) had its price objective cut by Citigroup from $15.00 to $13.00 in a research note issued to investors on Wednesday, Marketbeat Ratings reports. They currently have a neutral rating on the stock.

Other equities research analysts have also issued research reports about the stock. UBS Group reduced their price target on shares of Macy’s from $12.75 to $12.00 in a research report on Wednesday, June 7th. Morgan Stanley reduced their target price on shares of Macy’s from $23.00 to $15.00 and set an equal weight rating for the company in a report on Monday, August 7th. StockNews.com began coverage on shares of Macy’s in a research note on Thursday, August 17th. They set a hold rating on the stock. Bank of America reduced their price objective on Macy’s from $21.00 to $13.00 in a research note on Friday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Macy’s from $20.00 to $18.00 in a research report on Friday, June 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $17.75.

Get Our Latest Research Report on Macy’s

Macy’s Stock Down 0.6 %

M opened at $12.59 on Wednesday. Macy’s has a twelve month low of $12.33 and a twelve month high of $25.12. The company has a quick ratio of 0.26, a current ratio of 1.22 and a debt-to-equity ratio of 0.72. The firm has a 50 day moving average price of $15.74 and a 200-day moving average price of $17.14. The stock has a market capitalization of $3.43 billion, a price-to-earnings ratio of 3.34, a PEG ratio of 0.42 and a beta of 1.84.

Macy’s (NYSE:M – Get Free Report) last released its quarterly earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.13. Macy’s had a return on equity of 28.86% and a net margin of 4.31%. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same period in the prior year, the firm earned $1.00 EPS. The company’s revenue was down 8.0% compared to the same quarter last year. Equities research analysts forecast that Macy’s will post 2.89 earnings per share for the current year.

Macy’s Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Thursday, June 15th were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 5.24%. The ex-dividend date of this dividend was Wednesday, June 14th. Macy’s’s payout ratio is currently 17.51%.

Insider Buying and Selling

In related news, SVP Paul Griscom sold 8,044 shares of the firm’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $15.90, for a total transaction of $127,899.60. Following the completion of the transaction, the senior vice president now directly owns 11,061 shares of the company’s stock, valued at $175,869.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Danielle L. Kirgan sold 24,202 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $15.97, for a total transaction of $386,505.94. Following the sale, the executive vice president now directly owns 303,272 shares of the company’s stock, valued at approximately $4,843,253.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Paul Griscom sold 8,044 shares of the stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $15.90, for a total value of $127,899.60. Following the transaction, the senior vice president now owns 11,061 shares of the company’s stock, valued at $175,869.90. The disclosure for this sale can be found here. Over the last quarter, insiders sold 51,610 shares of company stock worth $823,642. 1.52% of the stock is owned by insiders.

Hedge Funds Weigh In On Macy’s

Institutional investors have recently bought and sold shares of the business. Virginia Retirement Systems ET AL purchased a new position in Macy’s in the second quarter worth about $798,000. Osaic Holdings Inc. boosted its holdings in shares of Macy’s by 61.7% in the 2nd quarter. Osaic Holdings Inc. now owns 42,490 shares of the company’s stock worth $682,000 after purchasing an additional 16,218 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Macy’s by 10.2% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 47,836 shares of the company’s stock valued at $768,000 after purchasing an additional 4,442 shares during the last quarter. GTS Securities LLC purchased a new stake in Macy’s during the 2nd quarter valued at $659,000. Finally, Alliancebernstein L.P. raised its holdings in Macy’s by 0.6% during the 2nd quarter. Alliancebernstein L.P. now owns 409,796 shares of the company’s stock valued at $6,577,000 after buying an additional 2,524 shares during the period. Institutional investors own 81.29% of the company’s stock.

About Macy’s

(Get Free Report)

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.