Berkshire Hathaway's Greg Abel Just Bought 3 Million Shares of Macy's Stock. It Sure Looks Cheap, but Is It a Great Value?
Yahoo Finance ·
Berkshire Hathaway 's age of Greg Abel has begun. It can't be easy to take over after Warren Buffett's 60 years of building the company into the massive powerhouse it is today and cementing his legacy as one of the greatest investors ever, but Abel is diving right in. He had pledged to concentrate the stock portfolio into fewer high-conviction holdings, and he cut out about 16 small positions in his first quarter as CEO. He did, however, also buy three new stocks, including department store retailer Macy's ( M +5.80% ) . Macy's has been a public company for more than 30 years, and this is the first time Berkshire Hathaway has bought its stock. The retailer has been distressed as shopping habits change, and the stock trades at a P/E ratio of only 10. That's cheap, but is it a great value? Macy's is still a major retailer, but it's gone through a transformation as trends move away from large and clunky department stores, which is Macy's bread and butter. It has closed hundreds of stores and redesigned others, and it's investing in its e-commerce channels. The company owns three brands: Macy's, Bloomingdale's, and Bluemercury, and the latter two have been pulling more of the weight. In the 2026 first quarter (ended May 2), total comparable sales (comps) increased 3% over last year, its best showing in four quarters. The breakdown was Macy's comps up 1.6%, Bloomingdale's comps up 10.2%, and Bluemercury comps up 6.4%.
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