Wellington Management Group LLP Buys New Position in Macy's, Inc. $M

Key Points

• Wellington Management Group initiated a Macy’s position by purchasing 1.38 million shares worth approximately $32.6 million, representing about 0.53% of the company. Institutional investors collectively own 87.36% of Macy’s stock.
• Analysts maintain a consensus “Hold” rating, with an average price target of $22.78; targets in recent reports ranged from $10 to $25, while Weiss Ratings upgraded the stock to “buy.”
• Macy’s reported quarterly earnings of $0.13 per share, beating estimates, on revenue of $4.89 billion, up 1.8% year over year. The company also declared a quarterly dividend of $0.1915 per share, equal to a 3.3% annualized yield.

Wellington Management Group LLP purchased a new position in shares of Macy's, Inc. (NYSE:M - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,382,692 shares of the company's stock, valued at approximately $32,562,000. Wellington Management Group LLP owned approximately 0.53% of Macy's at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Bank of America Corp DE grew its position in Macy's by 23.4% in the 1st quarter. Bank of America Corp DE now owns 978,206 shares of the company's stock worth $17,696,000 after purchasing an additional 185,678 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in shares of Macy's during the 4th quarter worth approximately $3,524,000. Intech Investment Management LLC lifted its position in shares of Macy's by 540.1% during the 4th quarter. Intech Investment Management LLC now owns 125,154 shares of the company's stock worth $2,760,000 after buying an additional 105,601 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of Macy's by 149.3% in the 1st quarter. Royal Bank of Canada now owns 175,506 shares of the company's stock worth $3,175,000 after buying an additional 105,117 shares during the last quarter. Finally, Amundi grew its holdings in shares of Macy's by 375.7% in the first quarter. Amundi now owns 230,041 shares of the company's stock valued at $4,161,000 after acquiring an additional 181,684 shares in the last quarter. 87.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. UBS Group increased their price target on Macy's from $9.00 to $10.00 and gave the company a "sell" rating in a research report on Wednesday, August 26th. Citigroup upped their price objective on Macy's from $22.00 to $24.00 and gave the company a "neutral" rating in a research note on Tuesday, August 25th. TD Cowen raised their target price on Macy's from $20.00 to $25.00 and gave the company a "hold" rating in a research report on Monday, June 22nd. Telsey Advisory Group lifted their target price on Macy's from $20.00 to $23.00 and gave the stock a "market perform" rating in a research note on Thursday, June 4th. Finally, Weiss Ratings raised shares of Macy's from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $22.78.

Insiders Place Their Bets

In other news, EVP Thomas Edwards, Jr. sold 16,419 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $24.89, for a total transaction of $408,668.91. Following the completion of the transaction, the executive vice president owned 20,000 shares in the company, valued at approximately $497,800. This represents a 45.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Paul Griscom sold 10,077 shares of Macy's stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $25.63, for a total value of $258,273.51. Following the completion of the sale, the senior vice president directly owned 25,373 shares of the company's stock, valued at approximately $650,309.99. This trade represents a 28.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.05% of the stock is owned by corporate insiders.

Macy's Trading Up 2.6%

NYSE:M opened at $23.06 on Friday. The company has a current ratio of 1.48, a quick ratio of 0.44 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $6.07 billion, a PE ratio of 9.53 and a beta of 1.41. The firm's 50 day moving average is $23.63 and its 200 day moving average is $21.44. Macy's, Inc. has a 12 month low of $16.41 and a 12 month high of $26.58.

Macy's (NYSE:M - Get Free Report) last announced its quarterly earnings data on Wednesday, June 3rd. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. Macy's had a return on equity of 13.68% and a net margin of 2.94%.The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.61 billion. During the same period in the prior year, the company earned $0.16 earnings per share. Macy's's revenue was up 1.8% compared to the same quarter last year. Sell-side analysts expect that Macy's, Inc. will post 2.22 earnings per share for the current year.

Macy's Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.1915 per share. This represents a $0.77 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, September 15th. Macy's's dividend payout ratio is currently 31.82%.

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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