On January 28, Dupree Financial Group disclosed in a Securities and Exchange Commission (SEC) filing that it sold 486,867 shares of Macy's (M 1.77%) in the fourth quarter, an estimated $9.97 million transaction based on average quarterly pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated January 28, Dupree Financial Group sold 486,867 shares of Macy's during the fourth quarter. The estimated value of the shares sold was $9.97 million, calculated using the mean unadjusted close for the period. Meanwhile, the fund's position value at quarter-end dropped by $7.40 million, a figure that includes both trading activity and market price changes.
What else to know
After the sale, Macy's represented 2.6% of Dupree Financial Group, LLC's 13F reportable assets under management.
Top holdings as of December 31:
- NYSE: BTI: $16.47 million (6.0% of AUM)
- NASDAQ: AGNC: $15.77 million (5.7% of AUM)
- NYSE: VZ: $14.25 million (5.2% of AUM)
- NYSE: BP: $13.59 million (5.0% of AUM)
- NYSE: ENB: $12.08 million (4.4% of AUM)
As of January 28, Macy's shares were priced at $20.02, up 33.9% over the past year and well outperforming the S&P 500 by 18.9 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $22.71 billion |
| Net income (TTM) | $477.00 million |
| Dividend yield | 3.64% |
| Price (as of January 28) | $20.02 |
Company snapshot
- Macy’s offers apparel, accessories, cosmetics, home furnishings, and other consumer goods through department stores, websites, and mobile applications
- The brand operates an omni-channel retail model, generating revenue from in-store and digital sales across proprietary brands and licensed locations
- It targets a broad consumer base seeking fashion, beauty, and home products, with a focus on U.S. shoppers and select international markets via licensing
Macy's is a leading U.S. department store operator with a significant omni-channel presence and a diverse portfolio of brands, including Macy's, Bloomingdale's, and Bluemercury. The company leverages its national footprint and digital capabilities to drive sales and customer engagement across both physical and online channels. Macy's competitive advantage stems from its scale, brand recognition, and ability to adapt to evolving consumer preferences in the retail sector.
What this transaction means for investors
Positioning might matter more than conviction here. This sale trims exposure to a cyclical retailer at a moment when the portfolio skews heavily toward income and defensiveness, with top holdings concentrated in telecom, energy infrastructure, and high-yield financials. Against that backdrop, Macy’s was never a core holding. It was a tactical slice.
Fundamentally, the business is not unraveling. In the third quarter, Macy’s posted $4.7 billion in revenue, delivered its strongest comparable sales growth in 13 quarters, and exceeded earnings guidance. Adjusted EBITDA reached $285 million, while management returned roughly $99 million to shareholders through dividends and buybacks during the quarter. Liquidity also remains solid, with $447 million in cash and no major long-term debt maturities until 2030.
But even after outperforming the S&P 500 by nearly 19 percentage points over the past year, Macy’s remains a low-margin operator navigating tariffs, inventory risk, and a consumer that management itself describes as “more choiceful,” per the company’s latest release. For a fund prioritizing yield stability and balance-sheet visibility, those variables limit how much capital earns its keep.
