Macy’s (NYSE:M) Given New $19.00 Price Target at JPMorgan Chase & Co.

Macy’s (NYSE:M) had its price objective hoisted by JPMorgan Chase & Co. from $16.00 to $19.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

M has been the subject of several other research reports. Morgan Stanley cut their price objective on Macy’s from $23.00 to $15.00 and set an equal weight rating for the company in a research report on Monday, August 7th. Gordon Haskett cut Macy’s from a buy rating to a hold rating and set a $13.00 price objective for the company. in a research report on Wednesday, September 27th. Bank of America cut their price objective on Macy’s from $13.00 to $12.00 and set an underperform rating for the company in a research report on Wednesday, August 23rd. The Goldman Sachs Group cut their price objective on Macy’s from $23.00 to $17.00 and set a buy rating for the company in a research report on Wednesday, August 23rd. Finally, Telsey Advisory Group increased their price objective on Macy’s from $14.00 to $15.00 and gave the stock a market perform rating in a research report on Friday. Three analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $15.00.

Macy’s Price Performance

M stock opened at $14.44 on Friday. The company has a market capitalization of $3.95 billion, a P/E ratio of 5.35, a PEG ratio of 0.38 and a beta of 1.90. Macy’s has a twelve month low of $10.54 and a twelve month high of $25.12. The business has a 50 day simple moving average of $11.52 and a 200-day simple moving average of $13.83. The company has a current ratio of 1.26, a quick ratio of 0.27 and a debt-to-equity ratio of 0.71.

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

Macy’s Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be paid a $0.1654 dividend. This represents a $0.66 dividend on an annualized basis and a yield of 4.58%. The ex-dividend date of this dividend is Thursday, December 14th. Macy’s’s payout ratio is 24.44%.

Hedge Funds Weigh In On Macy’s

Large investors have recently modified their holdings of the company. FinTrust Capital Advisors LLC purchased a new position in shares of Macy’s in the 4th quarter worth about $26,000. Estabrook Capital Management raised its holdings in shares of Macy’s by 77.8% during the 1st quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $39,000 after buying an additional 700 shares during the period. Quarry LP purchased a new stake in shares of Macy’s during the 1st quarter valued at about $33,000. CWM LLC raised its holdings in shares of 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 buying an additional 683 shares during the period. Finally, Belpointe Asset Management LLC raised its holdings in shares of Macy’s by 267.1% during the 1st quarter. Belpointe Asset Management LLC now owns 1,964 shares of the company’s stock valued at $34,000 after buying an additional 1,429 shares during the period. 82.69% of the stock is currently owned by hedge funds and other institutional investors.

About Macy’s

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.