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

Macy’s (NYSE:M) issued an update on its FY 2024 earnings guidance on Tuesday morning. 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 Performance

NYSE M opened at $20.12 on Thursday. The company has a market cap of $5.54 billion, a P/E ratio of 670.67 and a beta of 2.16. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.39 and a current ratio of 1.38. The business’s 50 day moving average price is $19.50 and its 200-day moving average price is $18.49. Macy’s has a fifty-two week low of $10.54 and a fifty-two week high of $22.10.

Macy’s (NYSE:M) last posted its quarterly earnings data on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the previous year, the business earned $0.56 EPS. Macy’s’s revenue was down 2.7% compared to the same quarter last year. Sell-side analysts predict that Macy’s will post 2.63 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. Shareholders of record on Friday, June 14th will be issued a $0.1737 dividend. This represents a $0.69 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Friday, June 14th. Macy’s’s dividend payout ratio is 2,300.00%.

Wall Street Analysts Forecast Growth

M has been the subject of a number of analyst reports. Citigroup upgraded Macy’s from a sell rating to a neutral rating and upped their price objective for the stock from $14.00 to $18.00 in a research note on Friday, February 2nd. Morgan Stanley reduced their target price 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. StockNews.com began coverage on Macy’s in a research report on Saturday, May 18th. They set a hold rating on the stock. Telsey Advisory Group reaffirmed a market perform rating and set a $21.00 target price on shares of Macy’s in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their target price on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $17.73.

Insider Buying and Selling

In related news, Director Jeffrey Gennette sold 78,567 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $1,604,338.14. Following the completion of the sale, the director now directly owns 994,301 shares in the company, valued at $20,303,626.42. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Jeffrey Gennette sold 78,567 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $1,604,338.14. Following the sale, the director now owns 994,301 shares of the company’s stock, valued at $20,303,626.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Danielle L. Kirgan sold 15,070 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $307,729.40. Following the completion of the transaction, the executive vice president now directly owns 306,555 shares of the company’s stock, valued at approximately $6,259,853.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,424 shares of company stock worth $4,405,507. 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.