Macy’s (NYSE:M) Issues FY 2024 Earnings Guidance

Macy’s (NYSE:M) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.550-2.900 for the period, compared to the consensus estimate of 2.780. The company issued revenue guidance of $22.1 billion-$22.4 billion, compared to the consensus revenue estimate of $22.8 billion. Macy’s also updated its FY25 guidance to $2.55-2.90 EPS.

Wall Street Analyst Weigh In

M has been the topic of a number of research reports. TD Cowen lifted their target price on shares of Macy’s from $20.00 to $21.00 and gave the company a hold rating in a research note on Wednesday, May 22nd. Morgan Stanley cut their price objective on Macy’s from $18.00 to $17.00 and set an equal weight rating on the stock in a research report on Thursday. StockNews.com assumed coverage on Macy’s in a research report on Thursday. They issued a hold rating for the company. JPMorgan Chase & Co. lifted their price target on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research report on Wednesday, May 22nd. Finally, Evercore ISI decreased their price objective on Macy’s from $22.00 to $17.00 and set an in-line rating for the company in a report on Tuesday, July 16th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Macy’s presently has an average rating of Hold and a consensus target price of $19.50.

Macy’s Stock Up 5.1 %

M stock opened at $15.95 on Friday. The business has a 50 day moving average of $17.38 and a 200 day moving average of $18.72. The firm has a market cap of $4.41 billion, a PE ratio of 531.67 and a beta of 2.18. Macy’s has a twelve month low of $10.54 and a twelve month high of $22.10. The company has a quick ratio of 0.35, a current ratio of 1.38 and a debt-to-equity ratio of 0.72.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, August 21st. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.23. The firm had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $5.06 billion. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The company’s revenue was down 3.8% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. On average, research analysts forecast that Macy’s will post 2.79 EPS for the current fiscal year.

Macy’s Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be paid a $0.1737 dividend. This represents a $0.69 annualized dividend and a dividend yield of 4.36%. Macy’s’s dividend payout ratio is presently 2,300.00%.

Insider Activity at Macy’s

In other Macy’s news, CEO Antony Spring sold 18,981 shares of Macy’s stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total value of $359,879.76. Following the completion of the sale, the chief executive officer now owns 267,265 shares of the company’s stock, valued at approximately $5,067,344.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Macy’s news, CEO Antony Spring sold 18,981 shares of the company’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $18.96, for a total transaction of $359,879.76. Following the transaction, the chief executive officer now owns 267,265 shares in the company, valued at approximately $5,067,344.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Danielle L. Kirgan sold 24,147 shares of Macy’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $18.96, for a total transaction of $457,827.12. Following the completion of the sale, the executive vice president now owns 348,000 shares of the company’s stock, valued at $6,598,080. The disclosure for this sale can be found here. Insiders sold 43,464 shares of company stock valued at $824,081 over the last 90 days. Corporate insiders own 2.77% of the company’s stock.

Macy’s Company Profile

Macy's, Inc, an omni-channel retail organization, operates stores, websites, and mobile applications in the United States. The company sells a range of merchandise, such as apparel and accessories for men, women, and kids; cosmetics; home furnishings; and other consumer goods under the Macy's, Bloomingdale's, and bluemercury brands.