Wedge Capital Management L L P NC Acquires Shares of 1,393,307 Macy’s, Inc. $M

Wedge Capital Management L L P NC bought a new stake in Macy’s, Inc. (NYSE:M) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,393,307 shares of the company’s stock, valued at approximately $30,722,000. Wedge Capital Management L L P NC owned 0.52% of Macy’s at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in Macy’s by 1.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 26,806 shares of the company’s stock worth $481,000 after acquiring an additional 500 shares during the last quarter. Cambria Investment Management L.P. raised its stake in Macy’s by 4.5% in the 3rd quarter. Cambria Investment Management L.P. now owns 12,066 shares of the company’s stock valued at $216,000 after acquiring an additional 524 shares during the period. Bessemer Group Inc. lifted its holdings in Macy’s by 41.4% during the third quarter. Bessemer Group Inc. now owns 2,023 shares of the company’s stock valued at $37,000 after purchasing an additional 592 shares during the last quarter. Private Advisor Group LLC boosted its position in Macy’s by 4.2% during the third quarter. Private Advisor Group LLC now owns 18,444 shares of the company’s stock worth $331,000 after purchasing an additional 750 shares during the period. Finally, Certuity LLC boosted its position in Macy’s by 0.9% during the third quarter. Certuity LLC now owns 103,890 shares of the company’s stock worth $1,863,000 after purchasing an additional 880 shares during the period. Hedge funds and other institutional investors own 87.36% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on M. The Goldman Sachs Group boosted their price target on shares of Macy’s from $16.50 to $22.00 and gave the company a “neutral” rating in a research report on Friday, December 5th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Macy’s in a report on Wednesday, March 18th. JPMorgan Chase & Co. lowered their target price on shares of Macy’s from $24.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, March 18th. TD Cowen dropped their target price on Macy’s from $21.00 to $20.00 and set a “hold” rating on the stock in a research report on Thursday, March 19th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Macy’s in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $18.90.

Macy’s Stock Performance

Macy’s stock opened at $17.95 on Friday. The firm’s fifty day moving average price is $19.91 and its 200-day moving average price is $20.12. Macy’s, Inc. has a fifty-two week low of $9.76 and a fifty-two week high of $24.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.50 and a current ratio of 1.49. The stock has a market cap of $4.77 billion, a P/E ratio of 7.74 and a beta of 1.51.

Macy’s (NYSE:M) last issued its earnings results on Wednesday, March 18th. The company reported $1.67 EPS for the quarter, topping 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 company had revenue of $7.92 billion for the quarter, compared to analysts’ expectations of $7.48 billion. During the same quarter last year, the company earned $1.80 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts expect that Macy’s, Inc. will post 2.39 earnings per share for the current fiscal year.

Macy’s Increases Dividend

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

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.