Proficio Capital Partners LLC Takes $621,000 Position in Macy's, Inc. (NYSE:M)

Proficio Capital Partners LLC bought a new stake in Macy's, Inc. (NYSE:M - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,670 shares of the company's stock, valued at approximately $621,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in M. Geode Capital Management LLC boosted its holdings in shares of Macy's by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 5,023,790 shares of the company's stock valued at $79,110,000 after acquiring an additional 128,258 shares during the last quarter. FMR LLC grew its position in Macy's by 4.4% during the 3rd quarter. FMR LLC now owns 4,691,591 shares of the company's stock worth $73,611,000 after purchasing an additional 195,880 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Macy's by 13.3% during the 4th quarter. Allianz Asset Management GmbH now owns 3,512,142 shares of the company's stock valued at $59,461,000 after buying an additional 411,412 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Macy's by 14.5% in the 4th quarter. Bank of New York Mellon Corp now owns 3,314,572 shares of the company's stock valued at $56,116,000 after buying an additional 419,261 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Macy's by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,776,462 shares of the company's stock worth $47,006,000 after buying an additional 114,586 shares during the last quarter. Hedge funds and other institutional investors own 87.36% of the company's stock.

Remove Ads

Macy's Trading Down 0.8 %

NYSE M traded down $0.11 on Thursday, reaching $13.17. 6,652,999 shares of the company were exchanged, compared to its average volume of 5,983,819. Macy's, Inc. has a fifty-two week low of $12.60 and a fifty-two week high of $20.70. The stock has a market capitalization of $3.66 billion, a P/E ratio of 22.31 and a beta of 2.07. The business's fifty day moving average price is $14.42 and its 200 day moving average price is $15.30. The company has a current ratio of 1.26, a quick ratio of 0.17 and a debt-to-equity ratio of 0.67.

Macy's (NYSE:M - Get Free Report) last announced its quarterly earnings data on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.55 by $0.25. Macy's had a net margin of 0.73% and a return on equity of 21.99%. The firm had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.76 billion. Analysts forecast that Macy's, Inc. will post 2.39 earnings per share for the current year.

Macy's Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.1824 per share. This represents a $0.73 dividend on an annualized basis and a yield of 5.54%. This is a boost from Macy's's previous quarterly dividend of $0.17. The ex-dividend date is Friday, March 14th. Macy's's dividend payout ratio is 35.44%.

Insider Activity

In other news, EVP Adrian V. Mitchell sold 3,489 shares of the company's stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $13.74, for a total value of $47,938.86. Following the completion of the transaction, the executive vice president now owns 116,165 shares in the company, valued at approximately $1,596,107.10. This represents a 2.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Antony Spring sold 3,124 shares of Macy's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total transaction of $42,923.76. Following the sale, the chief executive officer now owns 272,680 shares in the company, valued at $3,746,623.20. This represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,013 shares of company stock valued at $96,359. 2.77% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

M has been the subject of a number of recent analyst reports. Cowen reaffirmed a "hold" rating on shares of Macy's in a report on Friday, March 7th. JPMorgan Chase & Co. lowered Macy's from an "overweight" rating to a "neutral" rating and cut their price target for the company from $19.00 to $14.00 in a research note on Thursday, March 6th. Guggenheim reiterated a "neutral" rating on shares of Macy's in a research report on Thursday, December 12th. Benchmark raised Macy's to a "strong-buy" rating in a report on Monday, February 3rd. Finally, New Street Research set a $13.00 target price on Macy's in a research note on Thursday, March 6th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Macy's has a consensus rating of "Hold" and a consensus price target of $15.30.

About Macy's

Macy's, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm's brands include Macy's, Bloomingdale's, and Bluemercury. It offers men's, women's, and children's apparel, women's accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.