Macy’s (NYSE:M) Updates FY 2023 Earnings Guidance

Macy’s (NYSE:M) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.88-$3.13 for the period, compared to the consensus earnings per share estimate of $2.77. The company issued revenue guidance of $22.90 billion-$23.20 billion, compared to the consensus revenue estimate of $23.12 billion. Macy’s also updated its FY24 guidance to $2.88-3.13 EPS.

Macy’s Stock Performance

Shares of 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 two-hundred day moving average of $13.85. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of 4.67, a PEG ratio of 0.32 and a beta of 1.90. 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 (NYSE:M) last posted 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. The business had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.07 billion. Macy’s had a net margin of 3.15% and a return on equity of 22.46%. The firm’s revenue was down 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.00 earnings per share. On average, equities research analysts expect that Macy’s will post 2.79 earnings per share for the current year.

Macy’s Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on M shares. Evercore ISI started coverage on Macy’s in a report on Tuesday, November 7th. They set an inline rating and a $13.00 price objective on the stock. UBS Group lowered their price objective on Macy’s from $12.00 to $10.00 and set a sell rating on the stock in a report on Wednesday, August 23rd. Gordon Haskett lowered Macy’s from a buy rating to a hold rating and set a $13.00 price objective on the stock. in a report on Wednesday, September 27th. Morgan Stanley lowered their price objective on Macy’s from $23.00 to $15.00 and set an equal weight rating on the stock in a report on Monday, August 7th. Finally, StockNews.com started coverage on Macy’s in a report on Thursday, October 5th. They set a hold rating on the stock. Three research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus target price of $15.27.

Hedge Funds Weigh In On Macy’s

A number of hedge funds have recently modified their holdings of the stock. Gabelli Funds LLC raised its holdings in shares of Macy’s by 0.4% in the 1st quarter. Gabelli Funds LLC now owns 129,000 shares of the company’s stock worth $3,142,000 after buying an additional 500 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Macy’s by 1.8% during the 1st quarter. Vontobel Holding Ltd. now owns 35,384 shares of the company’s stock valued at $862,000 after purchasing an additional 640 shares in the last quarter. Lazard Asset Management LLC increased its holdings in Macy’s by 52.3% during the 1st quarter. Lazard Asset Management LLC now owns 1,995 shares of the company’s stock valued at $48,000 after purchasing an additional 685 shares in the last quarter. Estabrook Capital Management increased its holdings in Macy’s by 77.8% during the 1st quarter. Estabrook Capital Management now owns 1,600 shares of the company’s stock valued at $39,000 after purchasing an additional 700 shares in the last quarter. Finally, Captrust Financial Advisors increased its holdings in Macy’s by 4.0% during the 2nd quarter. Captrust Financial Advisors now owns 20,999 shares of the company’s stock valued at $337,000 after purchasing an additional 802 shares in the last quarter. 82.69% of the stock is owned by institutional investors and hedge funds.

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.