Macy’s, Inc. (NYSE:M – Get Rating) declared a quarterly dividend on Thursday, May 26th, Zacks reports. Stockholders of record on Wednesday, June 15th will be paid a dividend of 0.157 per share on Friday, July 1st. This represents a $0.63 annualized dividend and a dividend yield of 2.77%. The ex-dividend date of this dividend is Tuesday, June 14th.
Macy’s has decreased its dividend by an average of 41.7% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Macy’s has a dividend payout ratio of 14.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Macy’s to earn $4.32 per share next year, which means the company should continue to be able to cover its $0.63 annual dividend with an expected future payout ratio of 14.6%.
Macy’s stock opened at $22.68 on Friday. Macy’s has a 52 week low of $15.68 and a 52 week high of $37.95. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.44 and a current ratio of 1.25. The stock has a market capitalization of $6.46 billion, a P/E ratio of 4.98, a PEG ratio of 0.37 and a beta of 1.77. The stock has a 50-day simple moving average of $23.83 and a 200 day simple moving average of $25.72.
A number of research firms have recently weighed in on M. Credit Suisse Group dropped their price target on shares of Macy’s from $32.00 to $25.00 and set an “underperform” rating for the company in a research report on Wednesday, February 23rd. StockNews.com began coverage on shares of Macy’s in a research report on Thursday, March 31st. They issued a “buy” rating for the company. Zacks Investment Research downgraded shares of Macy’s from a “buy” rating to a “hold” rating and set a $28.00 price target for the company. in a research report on Thursday, February 17th. Jefferies Financial Group dropped their price target on shares of Macy’s from $45.00 to $40.00 and set a “buy” rating for the company in a research report on Wednesday, February 23rd. Finally, Citigroup lowered their price objective on shares of Macy’s from $25.00 to $23.00 and set a “neutral” rating for the company in a research report on Friday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Macy’s has an average rating of “Hold” and a consensus target price of $31.67.
Macy’s announced that its board has authorized a share repurchase plan on Tuesday, February 22nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to purchase up to 28.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
In other Macy’s news, CFO Adrian V. Mitchell sold 4,460 shares of Macy’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $113,284.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Danielle L. Kirgan sold 10,222 shares of the firm’s stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $26.35, for a total value of $269,349.70. The disclosure for this sale can be found here. Insiders sold 29,465 shares of company stock valued at $759,227 over the last quarter. Corporate insiders own 0.58% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Estabrook Capital Management increased its stake in shares of Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock worth $39,000 after purchasing an additional 700 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of Macy’s by 52.3% in the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock worth $48,000 after acquiring an additional 685 shares during the last quarter. Covestor Ltd increased its stake in shares of Macy’s by 263.5% in the first quarter. Covestor Ltd now owns 6,580 shares of the company’s stock worth $160,000 after buying an additional 4,770 shares during the period. Prelude Capital Management LLC purchased a new position in shares of Macy’s during the first quarter valued at about $230,000. Finally, Beacon Pointe Advisors LLC purchased a new stake in Macy’s in the first quarter worth about $233,000. 85.98% of the stock is currently owned by institutional investors.
About Macy’s (Get Rating)
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 January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.
- Get a free copy of the StockNews.com research report on Macy’s (M)
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