Corebridge Financial Inc. Has $5.31 Million Position in Macy’s, Inc. (NYSE:M)

Corebridge Financial Inc. decreased its position in shares of Macy’s, Inc. (NYSE:M) by 4.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 313,830 shares of the company’s stock after selling 13,018 shares during the quarter. Corebridge Financial Inc.’s holdings in Macy’s were worth $5,313,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. American Century Companies Inc. raised its position in shares of Macy’s by 12.2% during the fourth quarter. American Century Companies Inc. now owns 7,137,132 shares of the company’s stock worth $120,832,000 after acquiring an additional 774,693 shares during the last quarter. Geode Capital Management LLC raised its holdings in Macy’s by 2.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,023,790 shares of the company’s stock worth $79,110,000 after purchasing an additional 128,258 shares during the last quarter. FMR LLC lifted 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 valued at $73,611,000 after purchasing an additional 195,880 shares during the period. Allianz Asset Management GmbH lifted its position in 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 purchasing an additional 411,412 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake 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 purchasing an additional 419,261 shares during the last quarter. Institutional investors and hedge funds own 87.36% of the company’s stock.

Insider Transactions at Macy’s

In other Macy’s news, EVP Adrian V. Mitchell sold 3,489 shares of the firm’s stock in a transaction that occurred on Tuesday, March 25th. The stock was 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 directly owns 116,165 shares in the company, valued at $1,596,107.10. This trade represents a 2.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Antony Spring sold 3,124 shares of the business’s stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $13.74, for a total value of $42,923.76. Following the transaction, the chief executive officer now directly owns 272,680 shares in the company, valued at $3,746,623.20. This trade represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,013 shares of company stock valued at $96,359 over the last 90 days. 2.77% of the stock is owned by corporate insiders.

Macy’s Price Performance

M stock opened at $12.79 on Friday. The stock has a 50-day moving average price of $14.38 and a two-hundred day moving average price of $15.28. Macy’s, Inc. has a 1 year low of $12.60 and a 1 year high of $20.70. The stock has a market cap of $3.55 billion, a PE ratio of 21.67 and a beta of 2.07. 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) last posted its quarterly earnings data on Thursday, March 6th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.25. Macy’s had a return on equity of 21.99% and a net margin of 0.73%. The business had revenue of $7.77 billion during the quarter, compared to the consensus estimate of $7.76 billion. Equities analysts forecast that Macy’s, Inc. will post 2.39 EPS for the current fiscal year.

Macy’s Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Friday, March 14th will be issued a $0.1824 dividend. The ex-dividend date is Friday, March 14th. This is an increase from Macy’s’s previous quarterly dividend of $0.17. This represents a $0.73 dividend on an annualized basis and a dividend yield of 5.71%. Macy’s’s dividend payout ratio (DPR) is 35.44%.

Analysts Set New Price Targets

M has been the topic of several analyst reports. The Goldman Sachs Group cut their price objective on shares of Macy’s from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Friday, March 7th. Guggenheim reaffirmed a “neutral” rating on shares of Macy’s in a research note on Thursday, December 12th. Gordon Haskett lowered shares of Macy’s from an “accumulate” rating to a “hold” rating in a research note on Thursday, March 6th. Benchmark upgraded shares of Macy’s to a “strong-buy” rating in a report on Monday, February 3rd. Finally, Telsey Advisory Group set a $15.00 target price on shares of Macy’s in a report on Friday, March 7th. One research 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, the company has an average rating of “Hold” and an average price target of $15.30.

Macy’s Company Profile

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.