Insider Selling: Macy's CFO Sells $2,302,680 in Stock (M)
Macy's (NYSE:M) CFO Karen M. Hoguet unloaded 37,140 shares of the company’s stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $62.00, for a total transaction of $2,302,680.00. Following the completion of the sale, the chief financial officer now directly owns 188,556 shares of the company’s stock, valued at approximately $11,690,472. The transaction was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on M. Analysts at Stifel Nicolaus raised their price target on shares of Macy's from $64.00 to $70.00 in a research note on Friday, August 22nd. They now have a “buy” rating on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Macy's from $60.00 to $67.00 in a research note on Thursday, August 21st. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Macy's in a research note on Thursday, August 14th. They now have a $59.00 price target on the stock. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $63.79.
Shares of Macy's (NYSE:M) traded down 0.35% during mid-day trading on Thursday, hitting $62.36. The stock had a trading volume of 3,100,856 shares. Macy's has a 1-year low of $42.18 and a 1-year high of $63.10. The stock’s 50-day moving average is $58.63 and its 200-day moving average is $57.9. The company has a market cap of $22.044 billion and a P/E ratio of 15.53.
Macy's (NYSE:M) last issued its quarterly earnings data on Wednesday, August 13th. The company reported $0.80 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.86 by $0.06. The company had revenue of $6.27 billion for the quarter, compared to the consensus estimate of $6.30 billion. Analysts expect that Macy's will post $4.42 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, October 1st. Stockholders of record on Monday, September 15th will be paid a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a dividend yield of 2.00%. The ex-dividend date is Thursday, September 11th.
Macy’s, Inc (NYSE:M) is a retail organization operating stores and Internet Websites under two brands (Macy’s and Bloomingdale’s) that sell a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods in 45 states, the District of Columbia, Guam and Puerto Rico.
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