Macy’s Inc (M) announced on Tuesday that Paula Price would step down from her role as Chief Financial Officer in May after almost two years spent as finance head.
Macy’s shares closed higher for a fourth consecutive trading session in New York on Tuesday. The stock went up 4.97% ($0.28) to $5.91, after touching an intraday high at $6.89, or a price level not seen since March 26th ($7.11).
Shares of Macy’s Inc have retreated 65.24% so far in 2020 compared with a 17.69% loss for the benchmark index, S&P 500 (SPX).
In 2019, Macy’s Inc’s stock went down 42.91%, thus, it again underperformed the S&P 500, which registered a 28.88% gain.
Paula Price is to step down from the CFO role on May 31st, but she will stay with the company as an adviser through November, Macy’s said. Meanwhile, the company has begun an external search for a replacement.
Similar to other US retailers, Macy’s has been struggling with the fallout of the COVID-19 pandemic, as the department store operator has placed nearly its entire workforce of 130,000 on furlough.
Analyst stock price forecast and recommendation
According to CNN Money, the 14 analysts, offering 12-month forecasts regarding Macy’s Inc’s stock price, have a median target of $8.00, with a high estimate of $20.00 and a low estimate of $4.00. The median estimate represents a 35.36% upside compared to the closing price of $5.91 on April 7th.
The same media also reported that at least 9 out of 17 surveyed investment analysts had rated Macy’s Inc’s stock as “Hold”, while 2 – as “Buy”. On the other hand, 5 analysts had recommended selling the stock.