Macy's, Inc. $M Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its stake in Macy's by 2.0%, selling 515,582 shares and now holding 25,855,518 shares (about 9.72% of the company, valued at $570.1M); institutional investors own 87.36% of Macy's.
• Macy's beat quarterly estimates with EPS of $1.67 (vs. $1.55) and revenue of $7.92B, though revenue was down 1.7% year-over-year, and the company raised its quarterly dividend to $0.1915 (annualized $0.77) for a 4.0% yield.
• Analysts' consensus rating is Reduce with a $18.90 price target (1 Buy, 11 Hold, 2 Sell); the stock trades near $19.13 with a $5.04B market cap and a 52-week range of $10.54–$24.41.

Vanguard Group Inc. decreased its holdings in Macy's, Inc. (NYSE:M - Free Report) by 2.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,855,518 shares of the company's stock after selling 515,582 shares during the quarter. Vanguard Group Inc. owned about 9.72% of Macy's worth $570,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in Macy's during the 4th quarter worth about $29,000. Cullen Frost Bankers Inc. acquired a new stake in Macy's during the 3rd quarter worth about $31,000. Bessemer Group Inc. lifted its position in Macy's by 41.4% during 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. lifted its position in Macy's by 101.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 2,311 shares of the company's stock worth $41,000 after acquiring an additional 1,162 shares during the period. Finally, CoreCap Advisors LLC lifted its position in Macy's by 7,265.6% during the 4th quarter. CoreCap Advisors LLC now owns 2,357 shares of the company's stock worth $52,000 after acquiring an additional 2,325 shares during the period. Institutional investors and hedge funds own 87.36% of the company's stock.

Macy's Stock Performance

Shares of M stock opened at $19.13 on Tuesday. The stock has a market cap of $5.04 billion, a PE ratio of 8.24 and a beta of 1.47. The business has a 50-day simple moving average of $18.85 and a 200-day simple moving average of $20.41. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. Macy's, Inc. has a 52-week low of $10.54 and a 52-week high of $24.41.

Macy's (NYSE:M - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $7.92 billion during the quarter, compared to analysts' expectations of $7.48 billion. Macy's had a return on equity of 14.22% and a net margin of 2.84%.The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.80 EPS. On average, equities analysts expect that Macy's, Inc. will post 2.09 EPS for the current year.

Macy's Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 13th were issued a $0.1915 dividend. This is a boost from Macy's's previous quarterly dividend of $0.18. The ex-dividend date of this dividend was Friday, March 13th. This represents a $0.77 annualized dividend and a dividend yield of 4.0%. Macy's's payout ratio is presently 32.76%.

Insiders Place Their Bets

In related news, EVP Danielle L. Kirgan sold 10,010 shares of Macy's stock in a transaction dated Monday, April 6th. The stock was sold at an average price of $17.92, for a total value of $179,379.20. Following the completion of the transaction, the executive vice president owned 108,008 shares in the company, valued at $1,935,503.36. The trade was a 8.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Tracy M. Preston sold 5,271 shares of Macy's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $17.92, for a total value of $94,456.32. Following the completion of the transaction, the executive vice president owned 28,773 shares of the company's stock, valued at approximately $515,612.16. This represents a 15.48% 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. Insiders have sold 94,967 shares of company stock worth $1,705,276 in the last 90 days. 1.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

M has been the subject of a number of research reports. TD Cowen lowered their price target on Macy's from $21.00 to $20.00 and set a "hold" rating for the company in a research report on Thursday, March 19th. Jefferies Financial Group reaffirmed a "buy" rating and set a $22.00 price target on shares of Macy's in a research report on Wednesday, March 18th. UBS Group lifted their price target on Macy's from $8.00 to $9.00 and gave the stock a "sell" rating in a research report on Monday, March 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Macy's in a research report on Friday, March 27th. Finally, Telsey Advisory Group reaffirmed a "market perform" rating and set a $20.00 price target on shares of Macy's in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and a consensus price target of $18.90.

About Macy's

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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