Macy's (NYSE:M) Price Target Raised to $16.00

Key Points

• JPMorgan Chase & Co. has increased its price target for Macy's (NYSE:M) from $12.00 to $16.00, suggesting a potential upside of 22.28% based on the stock's previous closing price.
• Macy's received mixed ratings from analysts, with a majority holding a "neutral" rating while Morgan Stanley has assigned a "negative" rating.
• In its latest earnings report, Macy's posted an earnings per share (EPS) of $0.16, slightly exceeding analysts' expectations, but experienced a year-over-year revenue decline of 5.1%.

Macy's (NYSE:M - Free Report) had its price target lifted by JPMorgan Chase & Co. from $12.00 to $16.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Citigroup reaffirmed a "neutral" rating and issued a $12.00 price target (up from $11.00) on shares of Macy's in a research note on Thursday, May 29th. Telsey Advisory Group reduced their price target on Macy's from $15.00 to $14.00 and set a "market perform" rating on the stock in a research note on Thursday, May 29th. Morgan Stanley reissued a "negative" rating on shares of Macy's in a research note on Tuesday, May 6th. Barclays initiated coverage on Macy's in a research note on Monday, April 28th. They issued a "cautious" rating and a $12.00 target price on the stock. Finally, The Goldman Sachs Group cut Macy's from a "buy" rating to a "neutral" rating and cut their target price for the stock from $17.00 to $12.00 in a research note on Tuesday, April 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $13.22.

Macy's Stock Performance

NYSE:M traded down $0.47 during trading on Monday, reaching $12.56. The company's stock had a trading volume of 4,181,586 shares, compared to its average volume of 7,217,947. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.37 and a current ratio of 1.43. The firm has a market cap of $3.41 billion, a price-to-earnings ratio of 6.38 and a beta of 1.71. Macy's has a 12 month low of $9.76 and a 12 month high of $18.13. The firm has a 50 day moving average of $12.03 and a 200-day moving average of $12.78.

Macy's (NYSE:M - Get Free Report) last issued its earnings results on Wednesday, May 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.15 by $0.01. The business had revenue of $4.60 billion during the quarter, compared to the consensus estimate of $4.38 billion. Macy's had a return on equity of 16.34% and a net margin of 2.45%. The firm's revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. Research analysts expect that Macy's will post 2.39 EPS for the current fiscal year.

Macy's Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were given a dividend of $0.1824 per share. The ex-dividend date was Friday, June 13th. This represents a $0.73 annualized dividend and a dividend yield of 5.8%. Macy's's dividend payout ratio (DPR) is currently 37.06%.

Institutional Trading of Macy's

Institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC boosted its stake in Macy's by 106.0% during the first quarter. Summit Securities Group LLC now owns 2,200 shares of the company's stock valued at $28,000 after buying an additional 38,800 shares during the last quarter. Headlands Technologies LLC bought a new position in Macy's during the first quarter valued at approximately $29,000. UMB Bank n.a. boosted its stake in Macy's by 523.0% during the second quarter. UMB Bank n.a. now owns 3,171 shares of the company's stock valued at $37,000 after buying an additional 2,662 shares during the last quarter. Fifth Third Bancorp boosted its stake in Macy's by 28.7% during the second quarter. Fifth Third Bancorp now owns 4,876 shares of the company's stock valued at $57,000 after buying an additional 1,087 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in Macy's by 495.5% during the fourth quarter. Bessemer Group Inc. now owns 3,412 shares of the company's stock valued at $58,000 after buying an additional 2,839 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company's stock.

Macy's Company Profile

Macy's, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm's brands include Macy's, Bloomingdale's, and Bluemercury. It offers men's, women's, and children's apparel, women's accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.