American Century Companies Inc. Increases Stock Holdings in Macy’s, Inc. (NYSE:M)

American Century Companies Inc. raised its stake in Macy’s, Inc. (NYSE:M) by 18.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,704,854 shares of the company’s stock after purchasing an additional 747,542 shares during the period. American Century Companies Inc. owned 1.70% of Macy’s worth $90,333,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Riverview Trust Co acquired a new stake in shares of Macy’s in the first quarter valued at approximately $27,000. Fidelis Capital Partners LLC acquired a new stake in shares of Macy’s during the first quarter worth $42,000. Future Financial Wealth Managment LLC acquired a new stake in shares of Macy’s during the first quarter worth $50,000. EntryPoint Capital LLC acquired a new stake in shares of Macy’s during the first quarter worth $51,000. Finally, Newbridge Financial Services Group Inc. lifted its holdings in shares of Macy’s by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 2,600 shares of the company’s stock worth $52,000 after purchasing an additional 2,000 shares during the period. 87.36% of the stock is currently owned by hedge funds and other institutional investors.

Macy’s Trading Up 3.3 %

NYSE:M opened at $15.00 on Friday. Macy’s, Inc. has a 1 year low of $10.54 and a 1 year high of $22.10. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of 500.00 and a beta of 2.11. The stock has a fifty day moving average price of $16.29 and a two-hundred day moving average price of $18.27. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.34 and a current ratio of 1.48.

Macy’s (NYSE:M) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.23. Macy’s had a return on equity of 23.14% and a net margin of 0.80%. The business had revenue of $4.94 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter last year, the business posted $0.26 earnings per share. The business’s revenue for the quarter was down 3.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Macy’s, Inc. will post 2.72 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a $0.1737 dividend. This represents a $0.69 dividend on an annualized basis and a dividend yield of 4.63%. The ex-dividend date is Friday, September 13th. Macy’s’s dividend payout ratio is currently 2,300.00%.

Insider Activity

In related news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares in the company, valued at approximately $6,598,080. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction dated Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The disclosure for this sale can be found here. Insiders sold a total of 44,665 shares of company stock worth $842,372 over the last 90 days. 2.77% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on M shares. JPMorgan Chase & Co. increased their price target on Macy’s from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Wednesday, May 22nd. Morgan Stanley decreased their price target on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. StockNews.com began coverage on Macy’s in a report on Saturday, September 7th. They set a “hold” rating for the company. Telsey Advisory Group reiterated a “market perform” rating and issued a $21.00 price objective on shares of Macy’s in a research report on Wednesday, August 21st. Finally, TD Cowen increased their price objective on Macy’s from $20.00 to $21.00 and gave the stock a “hold” rating in a research report on Wednesday, May 22nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Macy’s presently has an average rating of “Hold” and an average target price of $19.50.

About Macy’s

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.