Macy’s (NYSE:M) Issues FY 2022 Earnings Guidance

Macy’s (NYSE:MGet Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $4.53-$4.95 for the period, compared to the consensus EPS estimate of $4.34. The company issued revenue guidance of $24.46 billion-$24.70 billion, compared to the consensus revenue estimate of $24.51 billion.Macy’s also updated its FY23 guidance to $4.53-4.95 EPS.

A number of brokerages recently commented on M. Jefferies Financial Group lowered their price target on shares of Macy’s from $45.00 to $40.00 and set a buy rating for the company in a report on Wednesday, February 23rd. Zacks Investment Research downgraded shares of Macy’s from a buy rating to a hold rating and set a $28.00 price objective for the company. in a research note on Thursday, February 17th. TheStreet downgraded shares of Macy’s from a b- rating to a c rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Macy’s from $34.00 to $29.00 in a research note on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Macy’s from $33.00 to $30.00 in a research note on Monday, May 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Macy’s currently has a consensus rating of Hold and an average price target of $31.54.

Shares of M stock opened at $23.40 on Friday. The firm has a market cap of $6.67 billion, a price-to-earnings ratio of 4.45, a PEG ratio of 0.47 and a beta of 1.77. The company’s 50 day moving average is $23.74 and its 200 day moving average is $25.64. The company has a quick ratio of 0.44, a current ratio of 1.12 and a debt-to-equity ratio of 0.91. Macy’s has a 52-week low of $15.68 and a 52-week high of $37.95.

Macy’s (NYSE:MGet Rating) last released its quarterly earnings results on Thursday, May 26th. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.26. Macy’s had a net margin of 6.42% and a return on equity of 56.91%. The business had revenue of $5.35 billion for the quarter, compared to analyst estimates of $5.33 billion. During the same period in the previous year, the company earned $0.39 earnings per share. The business’s revenue for the quarter was up 13.6% on a year-over-year basis. Analysts anticipate that Macy’s will post 4.07 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th will be paid a dividend of $0.157 per share. The ex-dividend date is Tuesday, June 14th. This represents a $0.63 annualized dividend and a dividend yield of 2.68%. Macy’s’s payout ratio is currently 11.98%.

Macy’s announced that its board has approved a stock buyback program on Tuesday, February 22nd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 28.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

In related news, CEO Antony Spring sold 6,407 shares of the business’s stock in a transaction on Monday, March 28th. The shares were sold at an average price of $25.40, for a total transaction of $162,737.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Danielle L. Kirgan sold 10,222 shares of the business’s stock in a transaction on Friday, March 25th. The shares were sold at an average price of $26.35, for a total transaction of $269,349.70. The disclosure for this sale can be found here. Insiders have sold 29,465 shares of company stock valued at $759,227 over the last quarter. Insiders own 0.58% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership increased its holdings in Macy’s by 27.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 10,106,073 shares of the company’s stock valued at $246,184,000 after buying an additional 2,155,936 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Macy’s by 126.2% in the first quarter. Renaissance Technologies LLC now owns 3,796,764 shares of the company’s stock valued at $92,489,000 after buying an additional 2,118,174 shares in the last quarter. Vanguard Group Inc. increased its holdings in Macy’s by 5.7% in the first quarter. Vanguard Group Inc. now owns 30,550,118 shares of the company’s stock valued at $744,202,000 after buying an additional 1,642,941 shares in the last quarter. UBS Group AG increased its holdings in Macy’s by 140.4% in the first quarter. UBS Group AG now owns 164,994 shares of the company’s stock valued at $4,020,000 after buying an additional 573,655 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Macy’s by 212.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 501,838 shares of the company’s stock valued at $13,138,000 after buying an additional 341,243 shares in the last quarter. Institutional investors own 85.98% of the company’s stock.

Macy’s Company Profile (Get Rating)

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.

Further Reading

Earnings History and Estimates for Macy's (NYSE:M)

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