Macy’s (NYSE:M) Given New $17.00 Price Target at The Goldman Sachs Group

Macy’s (NYSE:M) had its price target cut by equities researchers at The Goldman Sachs Group from $19.00 to $17.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 22.07% from the stock’s previous close.

M has been the topic of several other research reports. Guggenheim reiterated a “neutral” rating on shares of Macy’s in a report on Thursday, December 12th. Gordon Haskett lowered shares of Macy’s from an “accumulate” rating to a “hold” rating in a report on Thursday. StockNews.com raised shares of Macy’s from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Benchmark raised Macy’s to a “strong-buy” rating in a research report on Monday, February 3rd. Finally, Morgan Stanley reduced their price objective on shares of Macy’s from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Macy’s presently has a consensus rating of “Hold” and an average price target of $16.25.

Macy’s Stock Performance

Shares of Macy’s stock traded up $0.71 during mid-day trading on Friday, hitting $13.93. 6,332,014 shares of the stock were exchanged, compared to its average volume of 6,962,551. The company has a 50-day simple moving average of $15.19 and a 200 day simple moving average of $15.51. The company has a market capitalization of $3.87 billion, a P/E ratio of 23.55 and a beta of 2.05. Macy’s has a 12 month low of $12.60 and a 12 month high of $22.10. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.17 and a current ratio of 1.26.

Macy’s (NYSE:M) last released its quarterly earnings data on Thursday, March 6th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.25. The business had revenue of $7.77 billion during the quarter, compared to analyst estimates of $7.76 billion. Macy’s had a net margin of 0.73% and a return on equity of 21.99%. Sell-side analysts anticipate that Macy’s will post 2.39 earnings per share for the current fiscal year.

Institutional Trading of Macy’s

Several hedge funds and other institutional investors have recently bought and sold shares of M. Trifecta Capital Advisors LLC purchased a new position in Macy’s during the 4th quarter worth approximately $34,000. Quest Partners LLC purchased a new position in shares of Macy’s in the third quarter valued at approximately $35,000. Venturi Wealth Management LLC boosted its stake in Macy’s by 282.7% during the 3rd quarter. Venturi Wealth Management LLC now owns 2,281 shares of the company’s stock worth $36,000 after purchasing an additional 1,685 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Macy’s by 82.1% during the 4th quarter. Jones Financial Companies Lllp now owns 2,149 shares of the company’s stock worth $36,000 after purchasing an additional 969 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new position in Macy’s during the fourth quarter worth about $38,000. Institutional investors own 87.36% of the company’s stock.

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.