Macy's, Inc. (NYSE:M) executive vice president Danielle L. Kirgan, who oversees transformation and human resources, has sold a portion of her company stock, according to a recent disclosure with the Securities and Exchange Commission. The transactions, which occurred over two consecutive days, involved both acquiring and disposing of shares.
On March 25, 2024, Kirgan acquired 13,694 shares of Macy's common stock, a transaction that was related to the vesting of restricted stock units and did not involve a discretionary purchase, as the shares were priced at $0.0. Following this acquisition, Kirgan's total holdings in the company increased to 325,514 shares of common stock.
The following day, Kirgan sold 7,063 shares at a weighted average price of $19.4322, with individual transactions ranging between $19.31 and $19.54. This sale was executed to cover tax withholding obligations upon the vesting of restricted shares and was not considered a discretionary sale by the executive. The total amount realized from this sale was approximately $137,249, and after the transaction, Kirgan's ownership in Macy's common stock was reduced to 318,451 shares.
The disclosed transactions give a glimpse into the stock trading activities of one of Macy's top executives. It should be noted that the sales reported were part of the standard process for handling tax obligations related to the vesting of restricted stock and not necessarily indicative of the executive's outlook on the company's future performance.
Investors and followers of Macy's, Inc. can access full details of the stock transactions upon request to the company or the SEC staff, as per the reporting person's undertaking in the Form 4 filing.
InvestingPro Insights
As investors digest the recent stock transactions by Macy's executive Danielle L. Kirgan, it's important to consider the broader financial context in which these moves were made. According to InvestingPro data, Macy's, Inc. currently has a market capitalization of $5.46 billion and is trading at a high earnings multiple, with a P/E ratio of 51.57. This could indicate that the market has high expectations for the company's future earnings growth.
InvestingPro Tips suggest that while Macy's stock has experienced a significant decline over the past week with a 10% drop in price total return, the company is still expected to be profitable this year. This aligns with the company's performance over the last twelve months, where it has remained profitable. Additionally, Macy's has a longstanding history of maintaining dividend payments, having done so for 22 consecutive years, with a current dividend yield of 3.64%.
For investors looking for more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/M, which can provide further guidance on the company's stock performance and future outlook. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more insights to inform your investment decisions.
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