Cowen Cuts Macy’s (NYSE:M) Price Target to $30.00

Macy’s (NYSE:MGet Rating) had its price target lowered by Cowen to $30.00 in a research report sent to investors on Friday, Stock Target Advisor reports.

M has been the topic of several other research reports. JPMorgan Chase & Co. dropped their target price on shares of Macy’s from $33.00 to $30.00 in a report on Monday, May 16th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Macy’s from $34.00 to $29.00 in a research note on Friday. Gordon Haskett lifted their target price on shares of Macy’s from $33.00 to $35.00 and gave the company a buy rating in a research note on Wednesday, February 23rd. OTR Global downgraded shares of Macy’s to a positive rating in a report on Wednesday, May 11th. Finally, TheStreet upgraded shares of Macy’s from a c rating to a b- rating in a report on Tuesday, February 22nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Macy’s currently has an average rating of Hold and a consensus price target of $31.54.

Macy’s stock opened at $23.40 on Friday. Macy’s has a 1-year low of $15.68 and a 1-year high of $37.95. The firm has a market cap of $6.67 billion, a P/E ratio of 5.09, a P/E/G ratio of 0.37 and a beta of 1.77. The firm has a 50-day moving average of $23.74 and a 200-day moving average of $25.67. 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:MGet Rating) last announced its quarterly earnings results on Thursday, May 26th. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $5.33 billion. During the same quarter last year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 13.6% compared to the same quarter last year. Research analysts forecast that Macy’s will post 4.32 earnings per share for the current fiscal year.

Macy’s announced that its board has authorized a share repurchase 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 stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be issued a $0.157 dividend. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $0.63 dividend on an annualized basis and a dividend yield of 2.68%. Macy’s’s dividend payout ratio (DPR) is presently 13.70%.

In other Macy’s news, EVP Danielle L. Kirgan sold 10,222 shares of the business’s stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $26.35, for a total value of $269,349.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Paul Griscom sold 1,039 shares of the company’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 transaction of $26,390.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,465 shares of company stock worth $759,227. Insiders own 0.58% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Counterpoint Mutual Funds LLC bought a new position in shares of Macy’s during the 4th quarter worth approximately $25,000. Lindbrook Capital LLC raised its stake in shares of Macy’s by 175.9% during the 1st quarter. Lindbrook Capital LLC now owns 1,029 shares of the company’s stock worth $25,000 after acquiring an additional 656 shares in the last quarter. Confluence Wealth Services Inc. bought a new position in shares of Macy’s during the 4th quarter worth approximately $31,000. Quadrant Capital Group LLC raised its stake in shares of Macy’s by 64.8% during the 1st quarter. Quadrant Capital Group LLC now owns 1,233 shares of the company’s stock worth $30,000 after acquiring an additional 485 shares in the last quarter. Finally, Sageworth Trust Co of South Dakota bought a new position in shares of Macy’s during the 4th quarter worth approximately $34,000. 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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Analyst Recommendations for Macy's (NYSE:M)

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