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

Macy’s (NYSE:MGet Rating) updated its second quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $0.84-$0.94 for the period, compared to the consensus EPS 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.

Shares of M opened at $24.24 on Thursday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.23 and a current ratio of 1.12. Macy’s has a 1 year low of $15.68 and a 1 year high of $37.95. The firm has a fifty day moving average of $23.37 and a 200-day moving average of $25.21. The company has a market cap of $6.91 billion, a price-to-earnings ratio of 4.61, a price-to-earnings-growth ratio of 0.44 and a beta of 1.77.

Macy’s (NYSE:MGet Rating) last posted its earnings results on Thursday, May 26th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.82 by $0.26. The firm had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Macy’s had a net margin of 6.42% and a return on equity of 56.91%. Macy’s’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. Analysts predict that Macy’s will post 4.65 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 1st. Shareholders 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 dividend on an annualized basis and a yield of 2.59%. Macy’s’s dividend payout ratio (DPR) is presently 11.98%.

Macy’s declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 22nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the company to purchase up to 28.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

M has been the subject of several research analyst reports. Evercore ISI upgraded Macy’s from an in-line rating to an outperform rating and set a $50.00 price objective for the company in a report on Wednesday, February 16th. Gordon Haskett lifted their price objective on shares of Macy’s from $33.00 to $35.00 and gave the stock a buy rating in a research note on Wednesday, February 23rd. OTR Global cut shares of Macy’s to a positive rating in a report on Wednesday, May 11th. Zacks Investment Research lowered 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. Finally, Jefferies Financial Group dropped their target price on shares of Macy’s from $45.00 to $40.00 and set a buy rating on the stock in a research report on Wednesday, February 23rd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $31.54.

In other Macy’s news, EVP Danielle L. Kirgan sold 10,222 shares of Macy’s stock in a transaction dated Friday, March 25th. The stock was sold at an average price of $26.35, for a total transaction of $269,349.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Adrian V. Mitchell sold 4,460 shares of the firm’s stock in a transaction that occurred on Monday, March 28th. The stock was sold at an average price of $25.40, for a total transaction of $113,284.00. The disclosure for this sale can be found here. Insiders sold a total of 29,465 shares of company stock worth $759,227 in the last three months. Insiders own 0.58% of the company’s stock.

A number of hedge funds have recently bought and sold shares of M. Canada Pension Plan Investment Board grew its position in Macy’s by 845.8% during the first quarter. Canada Pension Plan Investment Board now owns 23,900 shares of the company’s stock valued at $582,000 after buying an additional 21,373 shares during the period. Captrust Financial Advisors increased its position in Macy’s by 46.3% during the first quarter. Captrust Financial Advisors now owns 21,537 shares of the company’s stock valued at $528,000 after acquiring an additional 6,813 shares during the last quarter. US Bancorp DE lifted its holdings in Macy’s by 7.2% during the first quarter. US Bancorp DE now owns 18,576 shares of the company’s stock valued at $452,000 after purchasing an additional 1,244 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Macy’s by 8.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 16,937 shares of the company’s stock worth $443,000 after acquiring an additional 1,287 shares during the last quarter. Finally, Ergoteles LLC purchased a new position in shares of Macy’s in the 1st quarter worth $379,000. 85.98% of the stock is owned by institutional investors and hedge funds.

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.

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