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

Macy’s (NYSE:M) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.550-2.900 for the period, compared to the consensus 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 Stock Down 0.3 %

M stock opened at $20.06 on Friday. The business’s fifty day moving average price is $19.47 and its two-hundred day moving average price is $18.50. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of 668.67 and a beta of 2.16. Macy’s has a fifty-two week low of $10.54 and a fifty-two week high of $22.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.39.

Macy’s (NYSE:M) last announced its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The firm had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter in the prior year, the business posted $0.56 EPS. The business’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts anticipate that Macy’s will post 2.66 earnings per share for the current year.

Macy’s Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.69 dividend on an annualized basis and a yield of 3.46%. Macy’s’s payout ratio is 2,300.00%.

Wall Street Analysts Forecast Growth

M has been the subject of several recent analyst reports. Morgan Stanley dropped their price objective on Macy’s from $21.00 to $20.00 and set an equal weight rating for the company in a research report on Wednesday, February 28th. The Goldman Sachs Group raised their price target on shares of Macy’s from $16.00 to $22.00 and gave the company a buy rating in a research note on Wednesday, February 28th. TD Cowen upped their price objective on shares of Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a research report on Wednesday. StockNews.com initiated coverage on shares of Macy’s in a research note on Saturday, May 18th. They issued a hold rating for the company. Finally, Citigroup upgraded shares of Macy’s from a sell rating to a neutral rating and upped their price target for the stock from $14.00 to $18.00 in a report on Friday, February 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $17.73.

Insiders Place Their Bets

In other Macy’s news, CEO Antony Spring sold 14,859 shares of Macy’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $19.63, for a total transaction of $291,682.17. Following the completion of the sale, the chief executive officer now directly owns 248,897 shares in the company, valued at $4,885,848.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Antony Spring sold 14,859 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $19.63, for a total value of $291,682.17. Following the completion of the sale, the chief executive officer now owns 248,897 shares in the company, valued at approximately $4,885,848.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $437,937.48. The disclosure for this sale can be found here. Insiders have sold 218,424 shares of company stock worth $4,405,507 in the last ninety days. 2.77% of the stock is currently owned by insiders.

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.