Macy’s (NYSE:M) Updates Q2 2022 Earnings Guidance

Macy’s (NYSE:M – Get Rating) issued an update on its second quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $0.84-$0.94 for the period, compared to the consensus earnings per share estimate of $0.81. The company issued revenue guidance of $5.48 billion-$5.55 billion, compared to the consensus revenue estimate of $5.49 billion.Macy’s also updated its FY 2022 guidance to $4.53-$4.95 EPS.

A number of brokerages have recently issued reports on M. Telsey Advisory Group lowered their price objective on Macy’s from $30.00 to $28.00 and set a market perform rating for the company in a research report on Friday. Jefferies Financial Group lowered their target price on Macy’s from $45.00 to $40.00 and set a buy rating for the company in a report on Wednesday, February 23rd. TheStreet downgraded Macy’s from a b- rating to a c rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered their target price on Macy’s from $34.00 to $29.00 in a report on Friday. Finally, Morgan Stanley upgraded Macy’s from an underweight rating to an equal weight rating and lifted their target price for the stock from $20.00 to $22.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Macy’s has an average rating of Hold and an average target price of $31.54.

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

Macy’s (NYSE:M – Get Rating) last announced its earnings results on Thursday, May 26th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.26. The company had revenue of $5.35 billion for the quarter, compared to analysts’ expectations of $5.33 billion. Macy’s had a return on equity of 56.91% and a net margin of 6.42%. Macy’s’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 earnings per share. Research analysts forecast that Macy’s will post 4.07 EPS for the current year.

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

Macy’s declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 22nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to reacquire up to 28.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other Macy’s news, CFO Adrian V. Mitchell sold 4,460 shares of the business’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $113,284.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Antony Spring sold 6,407 shares of the business’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $162,737.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,465 shares of company stock worth $759,227. 0.58% of the stock is owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. Estabrook Capital Management raised its stake in shares of Macy’s by 77.8% in the first quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $39,000 after buying an additional 700 shares during the period. Lazard Asset Management LLC raised its stake in shares of Macy’s by 52.3% in the first quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after buying an additional 685 shares during the period. Covestor Ltd raised its stake in shares of Macy’s by 263.5% in the first quarter. Covestor Ltd now owns 6,580 shares of the company’s stock valued at $160,000 after buying an additional 4,770 shares during the period. Prelude Capital Management LLC bought a new stake in shares of Macy’s in the first quarter valued at $230,000. Finally, Beacon Pointe Advisors LLC bought a new stake in shares of Macy’s in the first quarter valued at $233,000. Hedge funds and other institutional investors own 85.98% of the company’s stock.

About Macy’s (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.

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