Fintel reports that on September 27, 2023, Gordon Haskett downgraded their outlook for Macy`s (NYSE:M) from Buy to Hold.
Analyst Price Forecast Suggests 47.49% Upside
As of August 31, 2023, the average one-year price target for Macy`s is 16.15. The forecasts range from a low of 10.10 to a high of $23.10. The average price target represents an increase of 47.49% from its latest reported closing price of 10.95.
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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 August 25, 2023 the company declared a regular quarterly dividend of $0.17 per share ($0.66 annualized). Shareholders of record as of September 15, 2023 will receive the payment on October 2, 2023. Previously, the company paid $0.17 per share.
At the current share price of $10.95 / share, the stock’s dividend yield is 6.04%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.04%, 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 0.34 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 820 funds or institutions reporting positions in Macy`s. This is a decrease of 96 owner(s) or 10.48% in the last quarter. Average portfolio weight of all funds dedicated to M is 0.13%, a decrease of 5.78%. Total shares owned by institutions increased in the last three months by 0.65% to 254,466K shares. The put/call ratio of M is 0.81, indicating a bullish outlook.
What are Other Shareholders Doing?
Point72 Asset Management holds 10,847K shares representing 3.96% 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 3.40% 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 8,457K shares representing 3.09% ownership of the company. In it’s prior filing, the firm reported owning 8,391K shares, representing an increase of 0.78%. The firm decreased its portfolio allocation in M by 14.67% over the last quarter.
IJH – iShares Core S&P Mid-Cap ETF holds 8,261K shares representing 3.02% ownership of the company. In it’s prior filing, the firm reported owning 8,364K shares, representing a decrease of 1.25%. The firm decreased its portfolio allocation in M by 13.18% over the last quarter.
Newport Trust holds 7,765K shares representing 2.84% ownership of the company. In it’s prior filing, the firm reported owning 7,785K shares, representing a decrease of 0.26%. The firm increased its portfolio allocation in M by 16.92% 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.
This article originally appeared on Fintel
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