Wedge Capital Management L L P NC Purchases New Shares in Macy’s, Inc. $M

Wedge Capital Management L L P NC acquired a new position in Macy’s, Inc. (NYSE:M) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,393,307 shares of the company’s stock, valued at approximately $30,722,000.

A number of other hedge funds have also recently modified their holdings of M. RWC Asset Management LLP grew its position in shares of Macy’s by 2.4% in the 3rd quarter. RWC Asset Management LLP now owns 10,902,310 shares of the company’s stock worth $195,478,000 after buying an additional 255,473 shares during the period. American Century Companies Inc. boosted its stake in Macy’s by 6.6% during the third quarter. American Century Companies Inc. now owns 10,764,293 shares of the company’s stock worth $193,004,000 after acquiring an additional 669,729 shares in the last quarter. Schroder Investment Management Group grew its holdings in Macy’s by 1.1% in the third quarter. Schroder Investment Management Group now owns 9,738,338 shares of the company’s stock worth $174,608,000 after purchasing an additional 110,548 shares during the period. State Street Corp grew its holdings in Macy’s by 0.5% in the second quarter. State Street Corp now owns 9,420,372 shares of the company’s stock worth $111,547,000 after purchasing an additional 45,997 shares during the period. Finally, Cooper Creek Partners Management LLC increased its stake in shares of Macy’s by 13.4% during the second quarter. Cooper Creek Partners Management LLC now owns 7,395,091 shares of the company’s stock valued at $86,227,000 after purchasing an additional 876,606 shares in the last quarter. Institutional investors own 87.36% of the company’s stock.

Macy’s Price Performance

Shares of NYSE M opened at $17.95 on Friday. The firm has a market cap of $4.77 billion, a P/E ratio of 7.74 and a beta of 1.51. Macy’s, Inc. has a twelve month low of $9.76 and a twelve month high of $24.41. The company has a quick ratio of 0.50, a current ratio of 1.49 and a debt-to-equity ratio of 0.50. The company has a 50 day moving average of $19.91 and a 200 day moving average of $20.12.

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

Macy’s Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.1915 per share. The ex-dividend date is Friday, March 13th. This represents a $0.77 dividend on an annualized basis and a yield of 4.3%. This is a boost from Macy’s’s previous quarterly dividend of $0.18. Macy’s’s dividend payout ratio (DPR) is presently 33.19%.

Wall Street Analyst Weigh In

M has been the topic of a number of analyst reports. Evercore boosted their price target on Macy’s from $14.00 to $21.00 and gave the stock a “cautious” rating in a research report on Friday, December 5th. Guggenheim began coverage on Macy’s in a research report on Tuesday, December 9th. They set a “neutral” rating for the company. Jefferies Financial Group reissued a “buy” rating and issued a $22.00 target price on shares of Macy’s in a report on Wednesday, March 18th. Zacks Research cut Macy’s from a “hold” rating to a “strong sell” rating in a research note on Friday, March 13th. Finally, TD Cowen reduced their price target on Macy’s from $21.00 to $20.00 and set a “hold” rating for the company in a report on Thursday, March 19th. One equities research 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. According to data from MarketBeat.com, Macy’s presently has an average rating of “Reduce” and a consensus target price of $18.90.

Macy’s 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.