Macy’s (NYSE:M) Releases Q4 2023 Earnings Guidance

Macy’s (NYSE:M) updated its fourth quarter 2023 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $1.85-$2.10 for the period, compared to the consensus estimate of $1.92. The company issued revenue guidance of $7.95 billion-$8.25 billion, compared to the consensus revenue estimate of $8.05 billion. Macy’s also updated its FY 2023 guidance to $2.88-$3.13 EPS.

Wall Street Analysts Forecast Growth

M has been the topic of several recent research reports. Telsey Advisory Group reiterated a market perform rating and set a $14.00 target price (down from $16.00) on shares of Macy’s in a research report on Tuesday, August 22nd. Evercore ISI initiated coverage on shares of Macy’s in a research report on Tuesday, November 7th. They set an inline rating and a $13.00 target price on the stock. Morgan Stanley decreased their target price on shares of Macy’s from $23.00 to $15.00 and set an equal weight rating on the stock in a research report on Monday, August 7th. UBS Group decreased their target price on shares of Macy’s from $12.00 to $10.00 and set a sell rating on the stock in a research report on Wednesday, August 23rd. Finally, StockNews.com assumed coverage on shares of Macy’s in a research report on Thursday, October 5th. They set a hold rating on the stock. Three 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. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $15.27.

Macy’s Stock Up 7.5 %

Shares of NYSE:M opened at $12.61 on Thursday. Macy’s has a one year low of $10.54 and a one year high of $25.12. The company has a 50 day moving average of $11.43 and a 200-day moving average of $13.85. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.26 and a quick ratio of 0.27. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 4.67, a P/E/G ratio of 0.32 and a beta of 1.90.

Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, November 16th. The company reported $0.21 EPS for the quarter. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The company had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the previous year, the company earned $0.52 EPS. Macy’s’s revenue was down 7.1% on a year-over-year basis. On average, sell-side analysts forecast that Macy’s will post 2.79 earnings per share for the current year.

Macy’s Announces Dividend

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. FinTrust Capital Advisors LLC acquired a new position in shares of Macy’s in the fourth quarter valued at approximately $26,000. Estabrook Capital Management lifted its position 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 worth $39,000 after purchasing an additional 700 shares in the last quarter. Quarry LP bought a new stake in shares of Macy’s in the first quarter worth $33,000. Belpointe Asset Management LLC lifted its position in shares of Macy’s by 267.1% in the first quarter. Belpointe Asset Management LLC now owns 1,964 shares of the company’s stock worth $34,000 after purchasing an additional 1,429 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position 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 worth $48,000 after purchasing an additional 685 shares in the last quarter. Institutional investors and hedge funds own 82.69% of the company’s stock.

About Macy’s

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.