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

Macy’s (NYSE:M) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.550-2.900 for the period, compared to the consensus EPS estimate of 2.620. The company issued revenue guidance of $22.3 billion-$22.9 billion, compared to the consensus revenue estimate of $22.8 billion. Macy’s also updated its FY25 guidance to $2.55-2.90 EPS.

Macy’s Price Performance

NYSE:M opened at $20.08 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The stock’s 50 day moving average price is $19.52 and its two-hundred day moving average price is $18.48. The firm has a market capitalization of $5.53 billion, a price-to-earnings ratio of 54.27 and a beta of 2.16. Macy’s has a 12-month low of $10.54 and a 12-month high of $22.10.

Macy’s (NYSE:M) last posted its earnings results on Tuesday, May 21st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.15 by $0.12. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The company had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the business earned $0.56 earnings per share. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts anticipate that Macy’s will post 2.54 earnings per share for the current year.

Macy’s Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.1737 dividend. This represents a $0.69 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Friday, June 14th. Macy’s’s payout ratio is 186.49%.

Wall Street Analyst Weigh In

Several research firms have recently commented on M. TD Cowen downgraded Macy’s from an outperform rating to a market perform rating and decreased their target price for the company from $23.00 to $20.00 in a research report on Thursday, February 29th. The Goldman Sachs Group increased their price target on Macy’s from $16.00 to $22.00 and gave the stock a buy rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. increased their price target on Macy’s from $23.00 to $25.00 and gave the stock an overweight rating in a research report on Monday, March 18th. Telsey Advisory Group reissued a market perform rating and set a $21.00 price target on shares of Macy’s in a research report on Tuesday. Finally, Morgan Stanley reduced their price target on Macy’s from $21.00 to $20.00 and set an equal weight rating on the stock in a research report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $17.45.

Insider Buying and Selling at Macy’s

In other news, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the sale, the senior vice president now directly owns 21,436 shares in the company, valued at approximately $437,937.48. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Jeffrey Gennette sold 78,567 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $1,604,338.14. Following the completion of the sale, the director now directly owns 994,301 shares in the company, valued at approximately $20,303,626.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Paul Griscom sold 2,969 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the sale, the senior vice president now owns 21,436 shares of the company’s stock, valued at $437,937.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,424 shares of company stock valued at $4,405,507. 2.77% of the stock is currently owned by corporate insiders.

About Macy’s

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.