Fintel reports that on May 17, 2023, Goldman Sachs maintained coverage of Macy`s (NYSE:M) with a Buy recommendation.
Analyst Price Forecast Suggests 60.39% Upside
As of May 11, 2023, the average one-year price target for Macy`s is 23.67. The forecasts range from a low of 14.14 to a high of $30.45. The average price target represents an increase of 60.39% from its latest reported closing price of 14.76.
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The projected annual revenue for Macy`s is 25,011MM, a decrease of 1.16%. The projected annual non-GAAP EPS is 4.10.
Macy`s Declares $0.17 Dividend
On February 24, 2023 the company declared a regular quarterly dividend of $0.17 per share ($0.66 annualized). Shareholders of record as of March 15, 2023 received the payment on April 3, 2023. Previously, the company paid $0.16 per share.
At the current share price of $14.76 / share, the stock’s dividend yield is 4.48%.
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 2.91 (n=168).
The current dividend yield is 0.18 standard deviations below the historical average.
Additionally, the company’s dividend payout ratio is 0.15. 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 926 funds or institutions reporting positions in Macy`s. This is a decrease of 2 owner(s) or 0.22% in the last quarter. Average portfolio weight of all funds dedicated to M is 0.15%, a decrease of 10.39%. Total shares owned by institutions increased in the last three months by 0.91% to 248,217K shares. The put/call ratio of M is 1.11, indicating a bearish outlook.
What are Other Shareholders Doing?
Arrowstreet Capital, Limited Partnership holds 10,550K shares representing 3.87% ownership of the company. In it’s prior filing, the firm reported owning 10,576K shares, representing a decrease of 0.25%. The firm decreased its portfolio allocation in M by 21.86% over the last quarter.
Goldman Sachs Group holds 8,766K shares representing 3.22% ownership of the company. In it’s prior filing, the firm reported owning 5,836K shares, representing an increase of 33.42%. The firm increased its portfolio allocation in M by 21.33% over the last quarter.
IJH – iShares Core S&P Mid-Cap ETF holds 8,369K shares representing 3.07% ownership of the company. In it’s prior filing, the firm reported owning 7,882K shares, representing an increase of 5.81%. The firm increased its portfolio allocation in M by 22.12% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 8,229K shares representing 3.02% ownership of the company. In it’s prior filing, the firm reported owning 8,025K shares, representing an increase of 2.48%. The firm increased its portfolio allocation in M by 24.79% over the last quarter.
Newport Trust holds 7,785K shares representing 2.86% ownership of the company. In it’s prior filing, the firm reported owning 7,776K shares, representing an increase of 0.12%. The firm decreased its portfolio allocation in M by 30.48% 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.
Key filings for this company:
This article originally appeared on Fintel
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