Dupree Financial Group LLC Sells 486,867 Shares of Macy's, Inc. $M

Key Points

• Dupree Financial Group cut its Macy's stake by 60.1%, selling 486,867 shares and leaving it with 323,606 shares (about $7.14M), making Macy's roughly 2.6% of its portfolio.
• Invesco sharply increased its position—up 160.5% to 4,283,107 shares (≈$49.94M)—as institutional investors now own about 87.36% of Macy's stock.
• Company insiders have sold roughly 94,967 shares in the last 90 days (including CEO Antony Spring's 50,044-share sale to cover taxes), while Macy's recently beat quarterly EPS/revenue estimates and raised its quarterly dividend to $0.1915 (annualized yield ~3.8%).

Dupree Financial Group LLC lowered its position in Macy's, Inc. (NYSE:M - Free Report) by 60.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 323,606 shares of the company's stock after selling 486,867 shares during the quarter. Macy's makes up about 2.6% of Dupree Financial Group LLC's portfolio, making the stock its 14th biggest position. Dupree Financial Group LLC owned approximately 0.12% of Macy's worth $7,136,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of M. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Macy's by 38.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company's stock worth $2,047,000 after purchasing an additional 45,149 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Macy's by 5.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company's stock worth $14,019,000 after purchasing an additional 55,821 shares in the last quarter. Focus Partners Wealth grew its stake in Macy's by 33.1% in the first quarter. Focus Partners Wealth now owns 58,197 shares of the company's stock worth $731,000 after purchasing an additional 14,489 shares in the last quarter. Cetera Investment Advisers grew its stake in Macy's by 49.6% in the second quarter. Cetera Investment Advisers now owns 24,300 shares of the company's stock worth $283,000 after purchasing an additional 8,053 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Macy's by 160.5% in the second quarter. Invesco Ltd. now owns 4,283,107 shares of the company's stock worth $49,941,000 after purchasing an additional 2,639,132 shares in the last quarter. Institutional investors own 87.36% of the company's stock.

Insiders Place Their Bets

In other news, CEO Antony Spring sold 50,044 shares of the stock in a transaction on Monday, April 6th. The stock was sold at an average price of $17.92, for a total transaction of $896,788.48. Following the completion of the sale, the chief executive officer owned 485,791 shares in the company, valued at approximately $8,705,374.72. This represents a 9.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Danielle L. Kirgan sold 10,010 shares of the stock in a transaction on Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $179,379.20. Following the sale, the executive vice president owned 108,008 shares of the company's stock, valued at approximately $1,935,503.36. This represents a 8.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 94,967 shares of company stock worth $1,705,276. 1.05% of the stock is currently owned by company insiders.

Macy's Stock Down 0.4%

Shares of NYSE M opened at $20.10 on Friday. The company has a current ratio of 1.49, a quick ratio of 0.50 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $5.30 billion, a PE ratio of 8.66 and a beta of 1.51. The stock's fifty day simple moving average is $19.05 and its two-hundred day simple moving average is $20.31. Macy's, Inc. has a 12-month low of $10.54 and a 12-month high of $24.41.

Macy's (NYSE:M - Get Free Report) last announced its earnings results on Wednesday, March 18th. The company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.12. Macy's had a return on equity of 14.22% and a net margin of 2.84%.The business had revenue of $7.92 billion for the quarter, compared to analysts' expectations of $7.48 billion. During the same quarter last year, the firm earned $1.80 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, analysts expect that Macy's, Inc. will post 2.09 EPS for the current fiscal year.

Macy's Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a dividend of $0.1915 per share. The ex-dividend date was Friday, March 13th. This represents a $0.77 annualized dividend and a dividend yield of 3.8%. This is a boost from Macy's's previous quarterly dividend of $0.18. Macy's's dividend payout ratio (DPR) is currently 33.19%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on M. Zacks Research raised Macy's from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. UBS Group increased their target price on Macy's from $8.00 to $9.00 and gave the company a "sell" rating in a research report on Monday, March 9th. TD Cowen dropped their target price on Macy's from $21.00 to $20.00 and set a "hold" rating on the stock in a research report on Thursday, March 19th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Macy's in a research report on Friday, March 27th. Finally, Citigroup dropped their target price on Macy's from $24.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, March 19th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Macy's currently has an average rating of "Reduce" and a consensus price target of $18.90.

Macy's Profile

Macy's, Inc is a leading American omnichannel retailer operating under the Macy's brand, as well as specialty divisions Bloomingdale's and Bluemercury. The company's retail portfolio encompasses full-line department stores, fashion-focused specialty outlets and a high-end beauty chain, offering consumers a wide array of apparel, footwear, accessories, cosmetics and home furnishings. Through its integrated network of physical stores and digital platforms, Macy's seeks to deliver a seamless shopping experience that blends in-store service with online convenience.

The company's product assortment spans men's, women's and children's clothing, beauty and personal care products, housewares and home décor.

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