Fintel reports that on August 23, 2023, Goldman Sachs maintained coverage of Macy`s (NYSE:M) with a Buy recommendation.
Analyst Price Forecast Suggests 45.21% Upside
As of August 2, 2023, the average one-year price target for Macy`s is 18.27. The forecasts range from a low of 12.12 to a high of $24.15. The average price target represents an increase of 45.21% from its latest reported closing price of 12.58.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Macy`s is 25,011MM, an increase of 2.68%. The projected annual non-GAAP EPS is 4.10.
Macy`s Declares $0.17 Dividend
On May 31, 2023 the company declared a regular quarterly dividend of $0.17 per share ($0.66 annualized). Shareholders of record as of June 15, 2023 received the payment on July 3, 2023. Previously, the company paid $0.17 per share.
At the current share price of $12.58 / share, the stock's dividend yield is 5.26%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.00%, the lowest has been 1.78%, and the highest has been 22.50%. The standard deviation of yields is 2.92 (n=167).
The current dividend yield is 0.09 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.24. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
What is the Fund Sentiment?
There are 847 funds or institutions reporting positions in Macy`s. This is a decrease of 77 owner(s) or 8.33% in the last quarter. Average portfolio weight of all funds dedicated to M is 0.13%, a decrease of 14.54%. Total shares owned by institutions increased in the last three months by 3.54% to 257,764K shares. 
The put/call ratio of M is 0.72, indicating a bullish outlook.
What are Other Shareholders Doing?
Point72 Asset Management holds 10,847K shares representing 3.98% ownership of the company. In it's prior filing, the firm reported owning 940K shares, representing an increase of 91.33%. The firm increased its portfolio allocation in M by 916.86% over the last quarter.
Arrowstreet Capital, Limited Partnership holds 9,309K shares representing 3.42% ownership of the company. In it's prior filing, the firm reported owning 10,550K shares, representing a decrease of 13.32%. The firm decreased its portfolio allocation in M by 23.94% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 8,391K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 8,229K shares, representing an increase of 1.93%. The firm decreased its portfolio allocation in M by 20.26% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 8,364K shares representing 3.07% ownership of the company. In it's prior filing, the firm reported owning 8,369K shares, representing a decrease of 0.06%. The firm decreased its portfolio allocation in M by 18.98% over the last quarter.
Newport Trust holds 7,765K shares representing 2.85% ownership of the company. In it's prior filing, the firm reported owning 7,785K shares, representing a decrease of 0.26%. The firm decreased its portfolio allocation in M by 3.81% over the last quarter.
Macy`s Background Information
(This description is provided by the company.)
Macy's, Inc. is one of the nation's premier omni-channel fashion retailers. The company comprises three retail brands, Macy's, Bloomingdale's and Bluemercury. Macy's, Inc. is headquartered in New York, New York.
Additional reading:
- Macy’s, Inc. Reports Second Quarter 2023 Results Quarterly net sales, gross margin and SG&A better-than-expectations, contributing to Diluted EPS of $(0.08) and Adjusted Diluted EPS of $0.26 Merchandise inventories down 10% year-over-year reflecting
- Senior Executive Severance Plan, effective as of April 1, 2018, revised and restated as of March 29, 2023
- 2023-2025 Performance-Based Restricted Stock Unit Terms and Conditions under the 2021 Equity and Incentive Compensation Plan
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