5 Stocks that Doubled in 2021

4. Macy’s, Inc. (NYSE:M)

Number of Hedge Fund Holders: 35    

Year-To-Date Gain: 171%  

Cowen analyst Oliver Chen recently raised the price target on Macy’s, Inc. (NYSE:M) stock to $32 from $27 and maintained an Outperform rating. Chen cautioned against reports of the company separating the ecommerce business from the parent firm, echoing sentiments made by Morgan Stanley earlier that the spinoff “did not make sense” since ecommerce would carry over over $11 billion in revenue as a separate entity, depreciating the share value of the stock. 

Macy’s, Inc. (NYSE:M) stock has rallied since early October after Jana Partners LLC, an event-driven investment management firm, confirmed that it had bought a stake in the firm. The size of the stake has not yet been confirmed. 

Among the hedge funds being tracked by Insider Monkey, Texas-based investment firm Yacktman Asset Management is a leading shareholder in Macy’s, Inc. (NYSE:M) with 8.2 million shares worth more than $157 million.