Macy’s Inc (M) Given a $21.00 Price Target by Royal Bank Of Canada Analysts
Macy’s Inc (NYSE:M) has been given a $21.00 target price by equities research analysts at Royal Bank Of Canada in a report released on Friday. The brokerage presently has a “hold” rating on the stock. Royal Bank Of Canada’s price target indicates a potential downside of 0.80% from the stock’s current price.
Several other equities analysts have also recently issued reports on the company. Susquehanna Bancshares Inc set a $38.00 price target on Macy’s and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research cut Macy’s from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. ValuEngine upgraded Macy’s from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Cowen and Company restated a “hold” rating and issued a $23.00 price target on shares of Macy’s in a research report on Thursday, September 28th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Macy’s in a research report on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $27.18.
Shares of Macy’s (NYSE M) opened at 21.17 on Friday. Macy’s has a 52 week low of $19.32 and a 52 week high of $45.41. The stock has a market cap of $6.45 billion, a P/E ratio of 9.62 and a beta of 0.87. The stock has a 50 day moving average price of $21.26 and a 200-day moving average price of $23.41.
Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, August 10th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.03. The firm had revenue of $5.55 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Macy’s had a return on equity of 21.38% and a net margin of 2.71%. The firm’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.51 EPS. Equities analysts predict that Macy’s will post $3.39 EPS for the current fiscal year.
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In related news, Director John A. Bryant bought 9,825 shares of Macy’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were purchased at an average price of $20.32 per share, with a total value of $199,644.00. Following the purchase, the director now owns 9,825 shares in the company, valued at $199,644. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Macy’s by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 30,612,902 shares of the company’s stock valued at $711,444,000 after buying an additional 618,535 shares in the last quarter. BlackRock Inc. lifted its stake in Macy’s by 3.9% in the 2nd quarter. BlackRock Inc. now owns 25,380,303 shares of the company’s stock valued at $589,839,000 after buying an additional 963,487 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Macy’s by 26.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 5,323,131 shares of the company’s stock valued at $123,703,000 after buying an additional 1,117,903 shares in the last quarter. LSV Asset Management lifted its stake in Macy’s by 0.8% in the 2nd quarter. LSV Asset Management now owns 3,638,054 shares of the company’s stock valued at $84,548,000 after buying an additional 28,530 shares in the last quarter. Finally, Discovery Capital Management LLC CT lifted its stake in Macy’s by 239.0% in the 2nd quarter. Discovery Capital Management LLC CT now owns 2,871,297 shares of the company’s stock valued at $66,729,000 after buying an additional 2,024,297 shares in the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.
Macy’s Company Profile
Macy’s, Inc is an omnichannel retail company operating stores, Websites and mobile applications under various brands, such as Macy’s, Bloomingdale’s and Bluemercury. The Company sells a range of merchandise, including apparel and accessories (men’s, women’s and children’s), cosmetics, home furnishings and other consumer goods.
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