Macy’s (NYSE:M) Issues FY24 Earnings Guidance

Macy’s (NYSE:M) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.88-3.13 for the period, compared to the consensus estimate of $2.76. The company issued revenue guidance of $22.9-23.2 billion, compared to the consensus revenue estimate of $23.02 billion. Macy’s also updated its FY 2023 guidance to $2.88-$3.13 EPS.

Macy’s Stock Performance

Shares of NYSE M opened at $12.61 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.26 and a quick ratio of 0.27. Macy’s has a 1 year low of $10.54 and a 1 year high of $25.12. The firm has a fifty day moving average price of $11.43 and a 200-day moving average price of $13.85. The stock has a market cap of $3.45 billion, a PE ratio of 4.67, a price-to-earnings-growth ratio of 0.32 and a beta of 1.90.

Macy’s (NYSE:M) last issued its quarterly earnings results on Tuesday, August 22nd. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.13. Macy’s had a return on equity of 22.46% and a net margin of 3.15%. The business had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the business posted $1.00 EPS. Macy’s’s revenue for the quarter was down 8.0% compared to the same quarter last year. Equities analysts anticipate that Macy’s will post 2.79 earnings per share for the current fiscal year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Investors of record on Friday, December 15th will be paid a dividend of $0.1654 per share. This represents a $0.66 annualized dividend and a yield of 5.25%. The ex-dividend date of this dividend is Thursday, December 14th. Macy’s’s dividend payout ratio (DPR) is presently 24.44%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on M. Telsey Advisory Group reaffirmed a market perform rating and set a $14.00 price objective (down from $16.00) on shares of Macy’s in a report on Tuesday, August 22nd. Citigroup reduced their price target on shares of Macy’s from $15.00 to $13.00 and set a neutral rating on the stock in a report on Wednesday, August 23rd. Gordon Haskett downgraded shares of Macy’s from a buy rating to a hold rating and set a $13.00 price objective for the company. in a report on Wednesday, September 27th. StockNews.com began coverage on Macy’s in a research report on Thursday, October 5th. They set a hold rating for the company. Finally, Evercore ISI began coverage on Macy’s in a research report on Tuesday, November 7th. They issued an inline rating and a $13.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Macy’s has an average rating of Hold and an average target price of $15.27.

Institutional Investors Weigh In On Macy’s

Institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC lifted its holdings in shares of Macy’s by 45.2% in the 3rd quarter. Lazard Asset Management LLC now owns 18,415 shares of the company’s stock worth $213,000 after acquiring an additional 5,733 shares during the last quarter. Seven Eight Capital LP purchased a new stake in Macy’s in the 1st quarter worth about $212,000. Toroso Investments LLC lifted its stake in Macy’s by 11.2% in the third quarter. Toroso Investments LLC now owns 17,960 shares of the company’s stock worth $209,000 after purchasing an additional 1,813 shares during the last quarter. Amundi lifted its stake in Macy’s by 4,884.7% in the fourth quarter. Amundi now owns 8,474 shares of the company’s stock worth $188,000 after purchasing an additional 8,304 shares during the last quarter. Finally, Belpointe Asset Management LLC boosted its position in shares of Macy’s by 466.4% during the second quarter. Belpointe Asset Management LLC now owns 11,125 shares of the company’s stock valued at $179,000 after buying an additional 9,161 shares during the period. 82.69% of the stock is owned by institutional investors.

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.