Citigroup reported on Wednesday that they have reduced estimates for department store chain, Macy’s, Inc.(M).
Analysts from the firm reported that they have lowered the company’s price target to $39, and have given M a rating of “Neutral.” This price target suggests a slight increase from the stock’s current price of $38.83.
The firm has reduced its estimates for M due to a cautious outlook, and a higher level of promotions.
Macy’s shares were down 22 cents, or -0.57% during Wednesday morning trading. The stock is up 20% YTD.
Macy’s, which is known for its department stores, as well as their online store, provides consumers with a wide variety of products including: apparel, home goods, and furniture. In the latest quarter, Macy’s reported net income of $145 million with revenue of $6.08 billion.
Macy’s Dividend In Focus
Macy’s has paid out a dividend of 20 cents per share over the past three quarters , which represents a dividend yield of about 2.06%. The company, which previously paid a dividend of 10 cents per share, increased its dividend payout by 50% in 2012. Macy’s next dividend, which goes ex-dividend on Wednesday, is set to be paid on January 2 to shareholders of record on December 14. (view the Dividend.com Ex-Dividend Tool for information on all upcoming ex-dividend dates).
Recent Macy’s dividends include:
- October 1, 2012: $0.20
- July 2, 2012: $0.20
- April 2, 2012: $0.20
|Year||Dividend ($M)||Payout Ratio|
Macy’s vs. The Competition
Use the Dividend.com screener to see all dividend-paying consumer goods stocks, or run other custom searches for dividend-paying stocks.
Shares of Macy’s (M) have a 2.06% dividend yield, based on last night’s closing stock price of $38.86
Macy’s, Inc.(M) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
FREE Dividend Stock Newsletter
Get the Dividend.com email newsletter to receive:
- A free copy of our acclaimed report, 5 Rules of Winning Dividend Stock Investing
- Free daily investing tips and picks from Dividend.com CEO Paul Rubillo
- Tons of great market analysis and recommendations