Macy’s (NYSE:M) PT Lowered to $23.00

Macy’s (NYSE:M – Get Rating) had its price objective lowered by analysts at Citigroup from $25.00 to $23.00 in a note issued to investors on Friday, The Fly reports. Citigroup’s price target points to a potential upside of 0.35% from the company’s current price.

Several other analysts have also commented on M. JPMorgan Chase & Co. lowered their price objective on shares of Macy’s from $33.00 to $30.00 in a report on Monday, May 16th. TheStreet upgraded Macy’s from a “c” rating to a “b-” rating in a research note on Tuesday, February 22nd. StockNews.com began coverage on Macy’s in a research note on Thursday, March 31st. They issued a “buy” rating on the stock. Credit Suisse Group lowered their price target on Macy’s from $32.00 to $25.00 and set an “underperform” rating for the company in a research report on Wednesday, February 23rd. Finally, Gordon Haskett increased their price objective on shares of Macy’s from $33.00 to $35.00 and gave the company a “buy” rating in a research report on Wednesday, February 23rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Macy’s has a consensus rating of “Hold” and a consensus price target of $31.50.

Shares of NYSE M opened at $22.92 on Friday. The stock’s 50-day moving average is $23.83 and its 200 day moving average is $25.72. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 4.98, a P/E/G ratio of 0.37 and a beta of 1.77. Macy’s has a 1-year low of $15.68 and a 1-year high of $37.95. The company has a current ratio of 1.25, a quick ratio of 0.44 and a debt-to-equity ratio of 0.91.

Macy’s (NYSE:M – Get Rating) last issued its earnings results on Thursday, May 26th. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.26. Macy’s had a net margin of 5.84% and a return on equity of 53.59%. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter last year, the company earned $0.39 EPS. The firm’s revenue was up 13.6% compared to the same quarter last year. On average, analysts forecast that Macy’s will post 4.32 EPS for the current fiscal year.

Macy’s declared that its board has approved a share buyback program on Tuesday, February 22nd that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In other news, CEO Antony Spring sold 6,407 shares of Macy’s stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $162,737.80. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Adrian V. Mitchell sold 4,460 shares of the business’s stock in a transaction dated Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $113,284.00. The disclosure for this sale can be found here. Insiders sold a total of 29,465 shares of company stock valued at $759,227 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Empirical Finance LLC bought a new position in shares of Macy’s during the 3rd quarter valued at approximately $581,000. Hsbc Holdings PLC lifted its position in Macy’s by 144.4% in the third quarter. Hsbc Holdings PLC now owns 398,748 shares of the company’s stock worth $9,024,000 after buying an additional 235,621 shares during the last quarter. Arizona State Retirement System boosted its stake in Macy’s by 0.6% during the third quarter. Arizona State Retirement System now owns 84,909 shares of the company’s stock worth $1,919,000 after buying an additional 507 shares during the period. C M Bidwell & Associates Ltd. bought a new position in Macy’s during the third quarter valued at $198,000. Finally, Renaissance Technologies LLC raised its stake in shares of Macy’s by 47.6% in the third quarter. Renaissance Technologies LLC now owns 5,933,464 shares of the company’s stock valued at $134,096,000 after acquiring an additional 1,914,700 shares during the period. Hedge funds and other institutional investors own 85.98% of the company’s stock.

Macy’s Company Profile (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.

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