Billionaire David Tepper is Loading Up on These 5 Stocks

2. Macy’s, Inc. (NYSE:M)  

Appaloosa Management’s Stake Value: $158.20 million

Appaloosa Management’s 13F Portfolio: 3.76% 

Number of Hedge Fund Holders: 41

Macy’s, Inc. (NYSE:M) is a retail brand in the United States that sells apparel, accessories, home furnishings, footwear and clothing. Out of 867 hedge funds tracked by Insider Monkey, 41 hedge funds reported ownership of stakes in Macy’s, Inc. (NYSE:M) in the third quarter, worth a combined value of $1.47 billion. This shows increasing investor confidence in the company from the preceding quarter, where 35 hedge funds held $1.02 billion worth of stocks in the retail company.

As of the third quarter, David Tepper’s Appaloosa Management owns 7,000,000 shares in Macy’s, Inc. (NYSE:M), at a combined value of $158.20 million. Tepper’s holding in the company increased by 94% from the previous quarter, where he held 3.61 million shares

Macy’s, Inc. (NYSE:M) posted an EPS of $1.23 for the third quarter, beating analysts’ estimates by $0.90. The firm gained 128.67% in the last year, and posted a $5.44 billion revenue for Q3 2021 which exceeded consensus estimates by $205.38 million.

On November 19, Credit Suisse analyst Michael Binetti kept an ‘Underperform’ rating on Macy’s, Inc. (NYSE:M) stock, raising the price target to $32 from $19.