Credit Suisse Group Cuts Macy’s (M) Price Target to $26.00

Macy’s (NYSE:M) had its price target cut by Credit Suisse Group from $34.00 to $26.00 in a research report released on Friday, The Fly reports. They currently have a neutral rating on the stock.

M has been the subject of a number of other research reports. ValuEngine upgraded Macy’s from a strong sell rating to a sell rating in a research report on Wednesday, January 2nd. Deutsche Bank boosted their target price on Macy’s from $35.00 to $38.00 and gave the stock a hold rating in a research report on Thursday, November 15th. Zacks Investment Research downgraded Macy’s from a buy rating to a hold rating in a research report on Monday, October 15th. Bank of America downgraded Macy’s from a neutral rating to an underperform rating in a research report on Thursday. Finally, Canaccord Genuity upgraded Macy’s from an average rating to a buy rating and set a $5.50 target price for the company in a research report on Friday, November 16th. Five analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Macy’s currently has an average rating of Hold and a consensus target price of $33.26.

Shares of NYSE M opened at $25.42 on Friday. Macy’s has a 12 month low of $22.47 and a 12 month high of $41.99. The company has a quick ratio of 0.24, a current ratio of 1.35 and a debt-to-equity ratio of 0.97. The stock has a market cap of $9.75 billion, a PE ratio of 6.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.67.

Macy’s (NYSE:M) last issued its quarterly earnings data on Wednesday, November 14th. The company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.13. Macy’s had a return on equity of 22.33% and a net margin of 6.72%. The company had revenue of $5.40 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the previous year, the firm earned $0.23 earnings per share. Macy’s’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts anticipate that Macy’s will post 4.09 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th were given a $0.3775 dividend. The ex-dividend date was Thursday, December 13th. This represents a $1.51 annualized dividend and a yield of 5.94%. Macy’s’s payout ratio is currently 40.05%.

In other Macy’s news, Director William H. Lenehan bought 3,154 shares of the firm’s stock in a transaction that occurred on Friday, November 16th. The stock was bought at an average price of $31.74 per share, for a total transaction of $100,107.96. Following the completion of the acquisition, the director now directly owns 11,214 shares in the company, valued at $355,932.36. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Harry A. Lawton III sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, November 16th. The shares were sold at an average price of $33.09, for a total value of $6,618,000.00. Following the transaction, the president now owns 226,038 shares of the company’s stock, valued at approximately $7,479,597.42. The disclosure for this sale can be found here. Insiders own 2.36% of the company’s stock.

Several institutional investors have recently made changes to their positions in M. Princeton Capital Management LLC bought a new position in shares of Macy’s during the third quarter valued at approximately $104,000. First Hawaiian Bank bought a new position in shares of Macy’s during the third quarter valued at approximately $147,000. Qube Research & Technologies Ltd bought a new position in shares of Macy’s during the second quarter valued at approximately $150,000. Vectors Research Management LLC bought a new position in shares of Macy’s during the third quarter valued at approximately $164,000. Finally, Harvest Fund Management Co. Ltd raised its holdings in shares of Macy’s by 39.0% during the third quarter. Harvest Fund Management Co. Ltd now owns 5,655 shares of the company’s stock valued at $196,000 after acquiring an additional 1,588 shares in the last quarter. Institutional investors own 91.04% of the company’s stock.

About Macy’s

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 April 4, 2018, it operated approximately 690 department stores under the Macy's and Bloomingdale's brands; 160 specialty stores under the Bloomingdale's The Outlet, Bluemercury, and Macy's Backstage brands in the District of Columbia, Guam, and Puerto Rico; and Websites, including macys.com, bloomingdales.com, and bluemercury.com.

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