Goldman Sachs Maintains Macy’s Buy Recommendation

Goldman Sachs has maintained coverage of Macy's with a Buy recommendation.

By 247patrick

Published June 2, 2023, 10:17pm ET · 2 min read

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Fintel reports that on June 2, 2023, Goldman Sachs maintained coverage of Macy`s (NYSE:M) with a Buy recommendation.

Analyst Price Forecast Suggests 63.23% Upside

As of June 1, 2023, the average one-year price target for Macy`s is 22.44. The forecasts range from a low of 12.88 to a high of $30.45. The average price target represents an increase of 63.23% from its latest reported closing price of 13.75.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Macy`s is 25,011MM, a decrease of 1.16%. The projected annual non-GAAP EPS is 4.10.

What is the Fund Sentiment?

There are 921 funds or institutions reporting positions in Macy`s. This is a decrease of 4 owner(s) or 0.43% in the last quarter. Average portfolio weight of all funds dedicated to M is 0.15%, a decrease of 22.44%. Total shares owned by institutions increased in the last three months by 2.28% to 252,376K shares. The put/call ratio of M is 1.02, 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.

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 7,785K 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:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K

This article originally appeared on Fintel

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