Canada Pension Plan Investment Board Sells 177,738 Shares of Macy’s, Inc. (NYSE:M)

Canada Pension Plan Investment Board trimmed its holdings in Macy’s, Inc. (NYSE:M) by 74.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,400 shares of the company’s stock after selling 177,738 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Macy’s were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of M. Gabelli Funds LLC increased its stake in Macy’s by 0.4% during the 1st quarter. Gabelli Funds LLC now owns 129,000 shares of the company’s stock valued at $3,142,000 after purchasing an additional 500 shares in the last quarter. Vontobel Holding Ltd. increased its stake in Macy’s by 1.8% during the 1st quarter. Vontobel Holding Ltd. now owns 35,384 shares of the company’s stock valued at $862,000 after purchasing an additional 640 shares in the last quarter. Truist Financial Corp increased its stake in Macy’s by 1.6% during the 2nd quarter. Truist Financial Corp now owns 41,575 shares of the company’s stock valued at $667,000 after purchasing an additional 649 shares in the last quarter. CWM LLC increased its stake in Macy’s by 53.8% during the 2nd quarter. CWM LLC now owns 1,952 shares of the company’s stock valued at $31,000 after purchasing an additional 683 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in Macy’s by 52.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after purchasing an additional 685 shares in the last quarter. 82.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. The Goldman Sachs Group reduced their price target on shares of Macy’s from $23.00 to $17.00 and set a “buy” rating for the company in a research note on Wednesday, August 23rd. Evercore ISI assumed coverage on shares of Macy’s in a research note on Tuesday, November 7th. They issued an “inline” rating and a $13.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Macy’s from $16.00 to $19.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup reduced their price target on shares of Macy’s from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Wednesday, August 23rd. Finally, StockNews.com assumed coverage on shares of Macy’s in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Three analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.00.

Macy’s Trading Up 3.6 %

Macy’s stock opened at $14.97 on Tuesday. The stock has a market cap of $4.09 billion, a P/E ratio of 5.54, a PEG ratio of 0.38 and a beta of 1.90. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.26 and a quick ratio of 0.27. Macy’s, Inc. has a 1 year low of $10.54 and a 1 year high of $25.12. The firm’s 50 day moving average price is $11.59 and its 200-day moving average price is $13.81.

Macy’s (NYSE:M) last released its quarterly earnings data on Thursday, November 16th. The company reported $0.21 earnings per share (EPS) for the quarter. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The firm had revenue of $4.86 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter last year, the business posted $0.52 earnings per share. The company’s revenue for the quarter was down 7.1% compared to the same quarter last year. On average, equities analysts predict that Macy’s, Inc. will post 2.78 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be given a $0.1654 dividend. This represents a $0.66 annualized dividend and a yield of 4.42%. The ex-dividend date is Thursday, December 14th. Macy’s’s dividend payout ratio is presently 24.44%.

Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.