TD Cowen Has Lowered Expectations for Macy’s (NYSE:M) Stock Price

Macy’s (NYSE:M) had its price objective lowered by equities researchers at TD Cowen from $21.00 to $20.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “hold” rating on the stock. TD Cowen’s target price would indicate a potential upside of 11.91% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Telsey Advisory Group restated a “market perform” rating and issued a $20.00 price target (down from $25.00) on shares of Macy’s in a research report on Wednesday. Zacks Research lowered shares of Macy’s from a “hold” rating to a “strong sell” rating in a research report on Friday, March 13th. The Goldman Sachs Group increased their price objective on shares of Macy’s from $16.50 to $22.00 and gave the company a “neutral” rating in a research note on Friday, December 5th. JPMorgan Chase & Co. dropped their target price on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, UBS Group lifted their target price on shares of Macy’s from $8.00 to $9.00 and gave the stock a “sell” rating in a research report on Monday, March 9th. One investment analyst has rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $18.90.

Macy’s Price Performance

Shares of NYSE:M opened at $17.87 on Thursday. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of 7.70 and a beta of 1.51. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.49 and a quick ratio of 0.18. The business’s 50 day simple moving average is $20.25 and its 200-day simple moving average is $20.05. Macy’s has a 12 month low of $9.76 and a 12 month high of $24.41.

Macy’s (NYSE:M) last released its quarterly earnings data on Wednesday, March 18th. The company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.55 by $0.12. The firm had revenue of $7.92 billion during the quarter, compared to the consensus estimate of $7.48 billion. Macy’s had a return on equity of 14.22% and a net margin of 2.84%.Macy’s’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business posted $1.80 EPS. As a group, equities analysts forecast that Macy’s will post 2.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Macy’s

Hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Macy’s by 38.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,989 shares of the company’s stock worth $2,047,000 after buying an additional 45,149 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Macy’s by 5.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,116,170 shares of the company’s stock valued at $14,019,000 after buying an additional 55,821 shares during the period. Focus Partners Wealth increased its stake in shares of Macy’s by 33.1% during the 1st quarter. Focus Partners Wealth now owns 58,197 shares of the company’s stock valued at $731,000 after acquiring an additional 14,489 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Macy’s by 3.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 26,306 shares of the company’s stock valued at $307,000 after acquiring an additional 907 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Macy’s by 5.8% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 105,312 shares of the company’s stock worth $1,228,000 after acquiring an additional 5,781 shares during the period. Institutional investors and hedge funds own 87.36% of the company’s stock.

Macy’s Company Profile

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.