$M

Macy`s Inc

  • NEW YORK STOCK EXCHANGE INC.
  • Retail Trade
  • Department Stores

PRICE

$23.36 β–Ό-0.426%

Extented Hours

VOLUME

6,969,689

DAY RANGE

22.99 - 23.5

52 WEEK

15.1 - 27.86

Join Discuss about M with like-minded investors

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@MidasTech #FOREX
an hour ago

what m i looking at in EU

27 Replies 10 πŸ‘ 12 πŸ”₯

profile
@MidasTech #FOREX
an hour ago

i m on stop orders so no worries

23 Replies 12 πŸ‘ 11 πŸ”₯

profile
@MidasTech #FOREX
2 hours ago

i m from IT background too lol

21 Replies 8 πŸ‘ 10 πŸ”₯

profile
@MidasTech #FOREX
2 hours ago

i m a fan of volume profiler and clusters

20 Replies 7 πŸ‘ 9 πŸ”₯

profile
@MidasTech #FOREX
2 hours ago

exactly. i m fine with calls that doesn't have to be a guarantee signal

31 Replies 8 πŸ‘ 8 πŸ”₯

profile
@Mazi_P #PlutoTraders
2 hours ago

GBPJPY HIT TP3 FOR 1500 M PIPS

27 Replies 7 πŸ‘ 7 πŸ”₯

SE
@Serge #T|T|T
recently

sollte jetzt der cklose 30 m kommen ... kann der gab zugemacht werden ich bin erstmal von close unten ausgegangen.... die stΓ€rke short ist erstmal raus

117 Replies 7 πŸ‘ 12 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP2 FOR 1000 M PIPS

73 Replies 12 πŸ‘ 14 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 500 M PIPS

121 Replies 11 πŸ‘ 9 πŸ”₯

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@Mazi_P #PlutoTraders
recently

START WITH .10 LOTS AT 500 M PIPS

114 Replies 10 πŸ‘ 6 πŸ”₯

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@Mazi_P #PlutoTraders
recently

500 M PIPS A DAY SHOULD BE FINE.... THE PROBLEM IS THE LOT SIZES DOESNT MAKE IT FINE WHEN UR GOING SMALL... THAT DOESNT MEAN GO BIG, BUT U JUST GOTTA WAIT TILL U HAVE THE ABILITY TO GO BIG

75 Replies 15 πŸ‘ 14 πŸ”₯

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@Marcosx #ivtrades
recently

yeah low vol ill be travelling weds to m onday as well

147 Replies 13 πŸ‘ 14 πŸ”₯

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@dros #droscrew
recently

β€œFTX via FTX Derivatives US LLC, a derivatives clearing organization (DCO), is licensed by and registered with the CFTC, which was supposed to regulate and supervise it. The CFTC appears to have failed miserably at that," per Dennis M. Kelleher of Better Markets

125 Replies 10 πŸ‘ 10 πŸ”₯

TR
@Trader3 #trader24-za
recently

stop on weekly close

79 Replies 7 πŸ‘ 10 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP2 FOR 500 M PIPS

70 Replies 10 πŸ‘ 12 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 250 M PIPS

53 Replies 11 πŸ‘ 12 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP2 FOR 500 M PIPS

118 Replies 12 πŸ‘ 15 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 250 M PIPS

143 Replies 6 πŸ‘ 9 πŸ”₯

AC
@action #T|T|T
recently

trade nur dax und (M)ES

57 Replies 12 πŸ‘ 7 πŸ”₯

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@thegiz18 #ivtrades
recently

After hours earnings today $CSCO, $NVDA, $KLIC Tomorrow morning earnings $BABA, $BJ, $DSX, $JMIA, $M, $NTES, $KSS

61 Replies 14 πŸ‘ 6 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP3 INSTANTLY FOR 750 M PIPS

59 Replies 13 πŸ‘ 8 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP2 FOR 500 M PIPS

52 Replies 6 πŸ‘ 12 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 250 M PIPS

111 Replies 12 πŸ‘ 13 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 400 M PIPS

51 Replies 10 πŸ‘ 13 πŸ”₯

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@Mazi_P #PlutoTraders
recently

CADJPY HIT TP2 FOR 500 M PIPS

63 Replies 6 πŸ‘ 6 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP3 FOR 795 M PIPS

45 Replies 12 πŸ‘ 8 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP2 FOR 530 M PIPS

150 Replies 8 πŸ‘ 15 πŸ”₯

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@Mazi_P #PlutoTraders
recently

GBPJPY HIT TP1 FOR 265 M PIPS

86 Replies 10 πŸ‘ 8 πŸ”₯

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@Renato_Decarolis #decarolis
recently

Rai Way (RWAY.MI) chiude i nove mesi con un utile netto in crescita del 6,6% e la societΓ  aumenta la visibilitΓ  su un rialzo delle stime di Ebitda per il 2022. In una call l'AD, Aldo Mancino, ha detto che il dossier M&A con EiTowers Γ¨ aperto.

101 Replies 14 πŸ‘ 15 πŸ”₯

profile
@Mazi_P #PlutoTraders
recently

SO WE CAN START THE SCALP... MARKET EXECUTION 300 M PIPS AT A TIME

103 Replies 10 πŸ‘ 13 πŸ”₯

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@Mazi_P #PlutoTraders
recently

NZDUSD HIT TP2 FOR 500 M PIPS

110 Replies 10 πŸ‘ 10 πŸ”₯

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@Mazi_P #PlutoTraders
recently

NZDUSD HIT TP1 FOR 250 M PIPS

107 Replies 8 πŸ‘ 13 πŸ”₯

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@MidasTech #FOREX
recently

i m a trader before and i was trained not to have emotions

122 Replies 9 πŸ‘ 12 πŸ”₯

profile
@MidasTech #FOREX
recently

cuz i m volume maker to earn lots comm

93 Replies 11 πŸ‘ 15 πŸ”₯

profile
@MidasTech #FOREX
recently

i m 12 hrs ahead of AST , will stay till 2.30 pm AST

115 Replies 10 πŸ‘ 11 πŸ”₯

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@lucullus #droscrew
recently

Summary Cano Health currently presents an interesting investment opportunity with a potential short-term 58% upside. Recently, rumors appeared that Cano Health has received acquisition interest, with healthcare industry giants CVS Health, Humana and UnitedHealth among the rumored buyers. Given ongoing pressure from two prominent activists and industry consolidation trends, I expect a company sale to be announced shortly. Looking for more investing ideas like this one? Get them exclusively at Special Situation Investing. Learn More Β» Health visitor and a senior woman during nursing home visit A Potential company sale might be brewing up behind the scenes. Cano Health (NYSE:CANO) owns and operates senior primary care health centers in nine US states, with a primary focus on Florida. Recently, Bloomberg, Reuters and WSJ reported that the company has received acquisition interests, with health industry giants Humana (HUM), UnitedHealth (UNH) and CVS Health (CVS) mentioned as the front-runners to buyout CANO. Acquisition rumors follow activism from several of CANO's shareholders. In March, Daniel Loeb's Third Point (2.2% of voting power) started to push the company towards strategic alternatives, arguing that CANO should address the value gap (arising from the company going public through a SPAC) by initiating a company sale. Then, in August, Owl Creek Asset Management (owns 1%) delivered a letter, also considering the company undervalued versus peers and industry transactions. As it stands, it seems that the management/insiders (who own 55%) have been under pressure from two prominent activists to sell the company. Not surprisingly, in August, CANO's management stated that the company is open to all strategic alternatives and has hired financial advisors. Reportedly, the second round of discussions is currently ongoing, with the deal possibly finalized in the upcoming weeks. Reports do not mention the acquisition price, however, peer/transaction multiples (also mentioned by the activist Owl Creek) suggest $14/share might be a reasonable price tag - this would imply a 58% upside from current levels. Buyout rumors come amid broader healthcare industry consolidation trends as large healthcare insurers are scooping up healthcare providers in an effort to combine insurance and healthcare provider activities. The industry is currently in a shift towards value based care - a model where providers are paid based on patient health outcomes (as opposed to the traditional fee-for-service model where patients pay for each service rather than outcome). Naturally, the value-based care model closely aligns the interests of both health insurance firms and healthcare providers. Numerous industry executives, including Humana's Medicare President, have noted that value-based model has benefits for providers/insurers, including noticeably higher contribution margins, thus pushing up incentives for consolidation. Not surprisingly, these dynamics have spurred a number of acquisitions of healthcare providers by major health insurers. CVS is currently buying health care platform provider Signify Health (Sep'22), UNH is scooping up home care provider LHC Group (announced in Mar'22) and HUM has already acquired home healthcare provider Kindred at Home (Aug'21). The industry has also seen increasing M&A activity from non-insurers entering the space, including Amazon (AMZN) acquiring primary care company One Medical (announced in Jul'22, by the way CVS was one of the bidders there as well) and Walgreens Boots Alliance (WBA) purchasing a majority stake in primary care provider VillageMD (Oct'21). These dynamics and the fact that CANO might be an attractive target have also been recently reiterated by CANO's CEO: I expect continued consolidation and acceleration in the paradigm shift of value-based care. And what this means for us is yet another validation of how attractive our asset is and the industry as a whole. A Potential acquisition would make strategic sense for either of the rumored buyers HUM, UNH or CVS given CANO's extensive presence in Florida's primary care market. CANO is reportedly the largest independent value-based primary care provider to Medicare/Medicaid patients in the state. Meanwhile, three potential suitors currently rank as the three largest primary care insurers in the Florida. Humana and Cano have seemingly deep ties - HUM has been invested in Cano Health prior to CANO's IPO and still owns an undisclosed stake. Currently, CANO is HUM's biggest independent primary care provider in Florida. Interestingly, as part of their earlier agreement, HUM has a right of first refusal, meaning that HUM can match any acquisition offer made for CANO. Notably, HUM has significantly expanded its investment in primary senior care in the last five years, recently stating that the TAM is very large at $700bn. As part of its joint venture with PE firm Welsh Carson, Humana now aims to open 100 new CenterWell senior primary care clinics in the next three years. From the CEO's remarks during Q2'22 earnings call: We do see some great opportunity today, both CenterWell primary care and the home are agnostic and continue to see great growth, serving both other payers and other parts of the Medicare system. And at the same time, we're also seeing opportunity within our primary - within our pharmacy area to offer some agnostic opportunities there. So the ability for it to integrate and also to expand beyond the Medicare side of the business is really at the heart of what you see us more formally creating the CenterWell service side, while on the insurance side, continuing to leverage the efficiencies across the various different insurance platforms. Meanwhile, CVS's management, in addition to the recent acquisition of Signify Health, has recently stated that their priority is the same - to expand into the primary care segment: From Morgan Stanley Healthcare Conf: Well I think we are urging, obviously - we're very urging, I just ask our teams and I think if you think about our strategy, really we've been very clear that we want to extend into care delivery and we're starting with Signify. We can't always determine the order. Obviously primary care is something we believe we need to advance because we really want to enable consumers to have a differentiate experience and improve health outcomes. So we're playing our game. From the CVS Q2'22 earnings call: As you would expect, we are being very disciplined both strategically and financially, as we pursue kind of our M&A strategy. We can't be in the primary care without M&A. We've been very clear about that. Valuation Chart Comp Filings At current price levels, CANO seems undervalued on a TTM/2022E revenue basis relative to larger peers OSH (also owns and operates primary care centers) and AGL (runs primary care physician networks so not as comparable). Moreover, recently announced ONEM and SGFY acquisitions were done at noticeably higher multiples. Activist Owl Creek notes the following reasons for why CANO might be trading at a discount to peers/industry transactions: Unfortunately, Cano has consistently traded at a discount to its peers due to its SPAC heritage, its hybrid model (owned and operated medical centers along with affiliates), and heavy concentration in the South Florida market. One could argue for some discount due to one or more of these factors, but the valuation discrepancy between Cano and peers is highly punitive. Another activist Third Point also agrees that the undervaluation is explained by both SPAC heritage and the company's shareholder base (given dual class structure and high insider ownership): However given recent developments at the Issuer and taking into account the market's largely unfavorable view of companies taken public through special purpose acquisition vehicles, the Reporting Persons believe the Board of Directors should immediately engage financial and legal advisors to commence a review of strategic alternatives. […] The Reporting Persons believe this strategic review should focus on a sale of the Issuer, and that a properly run sales process is likely to result in offers representing a substantial premium to the Issuer's trading price. The Reporting Persons believe that the Issuer is unlikely to achieve such valuation on a stand-alone basis, in part due to structural issues with its shareholder base. The activist Owl Creek has stated that CANO has been undervalued by the market despite having higher 2022E revenues than both OSH/AGL and being on track to exceed 2022 membership/revenue/EBITDA guidance. Using a 3x revenue multiple based on peers OSH/AGL and Amazon's acquisition of ONEM, Owl Creek arrives at an acquisition price tag of $14/share. The markets have moved down a bit since the letter was written, so a 3x multiple would now translate to a $13/share price. More background on CANO Historical financials are provided below: Table Company Filings Financially, since going public in 2020, CANO has managed to record high revenue growth - 93% in 2021. Notably, the growth has to a large degree been driven by acquisitions, including purchase of University Health Care and Doctor's Medical Center for a total of $900m (announced in Jun'21 and Jul'21). This has allowed the company to significantly increase its patient base as number of memberships has expanded from 156k to 282k over the last year. That said, the business is yet to turn profitable and is still burning cash - $135m in 2021 operating losses. From a liquidity perspective, the company is quite highly levered with $878m in net debt (compared to $4.2bn market cap). Given CANO's business model, the company needs extensive capital to accelerate further growth. At current share price levels, any equity raise would seem highly dilutive given that even after the buyout rumors the stock trades below pre-2022 levels of $9-$16/share. CANO's shares are rather tightly held with 55% of the voting power (Class A + Class B shares) held by the management + insiders. CANO went public in 2020 through a SPAC backed by Starwood Capital CEO Barry Sternlicht who now holds 9% voting power. Another 33% of total shares are owned by a PE firm InTandem Capital Partners which has backed the company since 2016. Both Sternlicht and InTandem's managing partner Elliot Cooperstone currently sit on CANO's board. Interestingly, Cooperstone was previously the CEO of Prodigy Health Group which was acquired by Aetna, a subsidiary of CVS Health. Another 17% are held by six institutional investors, including FMR (7%), BlackRock (3%) and Millennium Asset Management (2%), among others. Risks According to the activist Owl Creek, last year CVS stated that the company had well over $10bn to deploy towards strategic initiatives related to value-based care. With the SGFY acquisition, the company will spend around $7bn, potentially implying that the management might not be willing to pursue another large acquisition. This risk, however, seems limited given CVS's overall large gross cash position ($15bn in cash + investments) and the fact that SGFY captures a slightly different market niche than CANO - it is a healthcare platform which does not own and operate health centers. Management/insiders not agreeing to sell their stake. That said, considering prominent activist pressure, current market turbulence and the fact that the company is yet to inflect towards profitability, an offer at $14/share - a share price close to 2021 highs - could seal the deal. Conclusion CANO presents a very interesting investment opportunity with a short potential timeline. I believe that prominent activist involvement and industry consolidation dynamics point to a company sale brewing up behind the scenes. Importantly, risk/reward seems to be highly favorable here, suggesting that investors might consider CANO as a long position in their portfolios.

71 Replies 10 πŸ‘ 7 πŸ”₯

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@Mazi_P #PlutoTraders
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AUDJPY HIT TP1 FOR 250 M PIPS

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MA
@Matti #BTC-ECHO
recently

ja meine aktuelle Strategie ist auch eher mit fibo und Leveln den Hebel zu suchen der mit Puffer das crv sichert. funktioniert derzeit am besten, muss ich gestehen. aber das ist auch erst seit 1 1/2 m meine prΓ€ferierte Strategie. Hebel liegt dann zwischen 15-25 irgendwo, meist

130 Replies 13 πŸ‘ 10 πŸ”₯

profile
@Mazi_P #PlutoTraders
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AUDJPY HIT TP1 FOR 250 M PIPS

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TR
@Trader3 #trader24-za
recently

stop on daily close

136 Replies 12 πŸ‘ 7 πŸ”₯

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@Atlas #FOREX
recently

lol , mat , i am optimizing imax , i dont have time to look into your method , after i make some good cash with imax , i will look into your way , imax can provide over 100% profit per week , so i am sure you understand what am i saying "eurgbp 1st short 0,8755 tp 0,868 (m30)" > @mat said: i m still waiting for you to do it like me, you say: e.g.

96 Replies 8 πŸ‘ 15 πŸ”₯

Key Metrics

Market Cap

6.28 B

Beta

1.69

Avg. Volume

12.13 M

Shares Outstanding

270.99 M

Yield

2.65%

Public Float

0

Next Earnings Date

2023-02-21

Next Dividend Date

2022-12-14

Company Information

Macy's, Inc. is one of the nation's premier omni-channel fashion retailers. The company comprises three retail brands, Macy's, Bloomingdale's and Bluemercury. Macy's, Inc. is headquartered in New York, New York.

CEO: Jeffrey Gennette

Website:

HQ: 151 West 34Th Street New York, 10001 New York

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