Macy’s shares close lower on Wednesday, company appoints Boston Consulting Group’s Adrian Mitchell as CFO

Macy’s Inc (M) announced on Wednesday the appointment of Adrian Mitchell, a managing director at Boston Consulting Group, as its next Chief Financial Officer, who will assume the role in November.

At the same time, the current interim CFO Felicia Williams is to join the company’s Racial Equity program as a Macy’s Inc Fellow.

The department store operator has been without a permanent CFO since May.

Macy’s shares closed lower for a fourth consecutive trading session in New York on Wednesday. The stock edged down 0.16% ($0.01) to $6.12, after touching an intraday high at $6.25, or a price level not seen since October 12th ($6.60).

Shares of Macy’s Inc have retreated 64.00% so far in 2020 compared with a 7.98% gain 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.

Having become part of Boston Consulting Group’s team in 2017, Adrian Mitchell has advised companies operating in big-box and specialty retail, insurance and technology as well as restaurants.

Analyst stock price forecast and recommendation

According to CNN Money, the 13 analysts, offering 12-month forecasts regarding Macy’s Inc’s stock price, have a median target of $6.00, with a high estimate of $15.00 and a low estimate of $3.00. The median estimate represents a 1.96% downside compared to the closing price of $6.12 on October 14th.

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 1 – as “Buy”. On the other hand, 6 analysts had recommended selling the stock.

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