Macy's, Inc. $M Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management cut its Macy's stake by 65.2% in Q3, selling 1,222,766 shares and leaving 652,459 shares valued at about $11.7 million (≈0.24% of the company).
• Analysts hold a consensus Reduce rating with an average price target of $20, though firms like Goldman Sachs and Evercore recently raised their targets to $22 and $21 respectively and ratings remain mixed.
• Macy's raised its quarterly dividend to $0.1915 (annualized $0.77), implying a ~4.5% yield; the ex-dividend date is March 13 and the dividend will be paid April 1.

Invenomic Capital Management LP decreased its holdings in Macy's, Inc. (NYSE:M - Free Report) by 65.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 652,459 shares of the company's stock after selling 1,222,766 shares during the quarter. Invenomic Capital Management LP owned about 0.24% of Macy's worth $11,699,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of M. Cullen Frost Bankers Inc. acquired a new position in Macy's in the 3rd quarter valued at $31,000. Bessemer Group Inc. lifted its stake in shares of Macy's by 41.4% in the 3rd quarter. Bessemer Group Inc. now owns 2,023 shares of the company's stock worth $37,000 after acquiring an additional 592 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of Macy's by 101.1% in the third quarter. Hantz Financial Services Inc. now owns 2,311 shares of the company's stock valued at $41,000 after acquiring an additional 1,162 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Macy's in the third quarter valued at about $107,000. Finally, Jones Financial Companies Lllp increased its stake in shares of Macy's by 71.7% during the third quarter. Jones Financial Companies Lllp now owns 6,362 shares of the company's stock worth $115,000 after acquiring an additional 2,656 shares during the period. 87.36% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

M has been the subject of a number of analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Macy's in a research note on Monday, December 29th. The Goldman Sachs Group increased their price objective on Macy's from $16.50 to $22.00 and gave the stock a "neutral" rating in a research report on Friday, December 5th. Zacks Research lowered shares of Macy's from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 2nd. Wall Street Zen upgraded shares of Macy's from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, Evercore boosted their price objective on shares of Macy's from $14.00 to $21.00 and gave the stock a "cautious" rating in a report on Friday, December 5th. One investment analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Reduce" and an average price target of $20.00.

Macy's Price Performance

Macy's stock opened at $17.04 on Monday. The firm has a market capitalization of $4.53 billion, a PE ratio of 10.08 and a beta of 1.51. Macy's, Inc. has a 52 week low of $9.76 and a 52 week high of $24.41. The firm's 50-day simple moving average is $20.80 and its 200 day simple moving average is $20.00. The company has a quick ratio of 0.18, a current ratio of 1.25 and a debt-to-equity ratio of 0.56.

Macy's Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th will be given a $0.1915 dividend. This is a boost from Macy's's previous quarterly dividend of $0.18. This represents a $0.77 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, March 13th. Macy's's dividend payout ratio (DPR) is currently 45.56%.

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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