Macy’s (NYSE:M) Price Target Cut to $26.00 by Analysts at JPMorgan Chase & Co.

Posted by Defense World Staff on Jan 24th, 2023

Macy’s (NYSE:M – Get Rating) had its price objective lowered by JPMorgan Chase & Co. from $28.00 to $26.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

M has been the subject of several other reports. Credit Suisse Group increased their price target on shares of Macy’s to $19.00 in a research report on Monday, November 21st. StockNews.com downgraded shares of Macy’s from a buy rating to a hold rating in a report on Friday, December 30th. Citigroup upped their price objective on shares of Macy’s from $21.00 to $25.00 and gave the company a neutral rating in a report on Friday, November 18th. OTR Global upgraded shares of Macy’s from a mixed rating to a positive rating in a report on Wednesday, November 9th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on shares of Macy’s from $23.00 to $22.00 in a report on Tuesday, January 10th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $24.64.

Macy’s Stock Performance

M stock opened at $23.40 on Monday. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 4.88, a PEG ratio of 0.45 and a beta of 1.72. The firm has a 50-day simple moving average of $21.91 and a two-hundred day simple moving average of $19.47. Macy’s has a one year low of $15.10 and a one year high of $28.21. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.14 and a current ratio of 1.09.

Macy’s (NYSE:M – Get Rating) last released its quarterly earnings results on Thursday, November 17th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.19 by $0.33. The business had revenue of $5.23 billion during the quarter, compared to analyst estimates of $5.20 billion. Macy’s had a net margin of 5.68% and a return on equity of 42.58%. The company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.23 earnings per share. On average, equities analysts forecast that Macy’s will post 4.18 EPS for the current fiscal year.

Macy’s Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th were given a $0.1575 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $0.63 annualized dividend and a yield of 2.69%. Macy’s’s dividend payout ratio is presently 13.13%.

Institutional Investors Weigh In On Macy’s

Hedge funds have recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. boosted its position in Macy’s by 26.3% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 117,821 shares of the company’s stock worth $1,846,000 after purchasing an additional 24,570 shares in the last quarter. M&T Bank Corp purchased a new stake in Macy’s in the 2nd quarter worth approximately $286,000. Hussman Strategic Advisors Inc. boosted its position in Macy’s by 60.0% in the 2nd quarter. Hussman Strategic Advisors Inc. now owns 208,000 shares of the company’s stock worth $3,811,000 after purchasing an additional 78,000 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Macy’s in the 2nd quarter worth approximately $1,298,000. Finally, Carolina Wealth Advisors LLC lifted its position in shares of Macy’s by 20.1% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 14,929 shares of the company’s stock valued at $273,000 after buying an additional 2,498 shares in the last quarter. Hedge funds and other institutional investors own 80.19% of the company’s stock.

Macy’s Company 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.