Macy’s (NYSE:M) Updates Q2 Earnings Guidance

Macy’s (NYSE:M) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.25-0.31 for the period. The company issued revenue guidance of $4.97-5.1 billion. Macy’s also updated its FY 2024 guidance to 2.550-2.900 EPS.

Macy’s Price Performance

M opened at $20.08 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 1.37 and a debt-to-equity ratio of 0.72. The company’s 50-day moving average price is $19.52 and its 200 day moving average price is $18.48. Macy’s has a fifty-two week low of $10.54 and a fifty-two week high of $22.10. The firm has a market cap of $5.53 billion, a price-to-earnings ratio of 54.27 and a beta of 2.16.

Macy’s (NYSE:M) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $2.45 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.47. The firm had revenue of $8.12 billion during the quarter, compared to the consensus estimate of $8.07 billion. Macy’s had a return on equity of 23.34% and a net margin of 0.45%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.88 EPS. As a group, sell-side analysts expect that Macy’s will post 2.54 earnings per share for the current year.

Macy’s Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be paid a $0.1737 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.69 annualized dividend and a dividend yield of 3.46%. Macy’s’s payout ratio is 186.49%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on M shares. The Goldman Sachs Group lifted their price target on Macy’s from $16.00 to $22.00 and gave the company a buy rating in a research report on Wednesday, February 28th. Citigroup raised shares of Macy’s from a sell rating to a neutral rating and upped their price target for the company from $14.00 to $18.00 in a report on Friday, February 2nd. Telsey Advisory Group reaffirmed a market perform rating and issued a $21.00 price objective on shares of Macy’s in a research note on Tuesday. TD Cowen lowered shares of Macy’s from an outperform rating to a market perform rating and cut their target price for the company from $23.00 to $20.00 in a research note on Thursday, February 29th. Finally, Morgan Stanley reduced their target price on shares of Macy’s from $21.00 to $20.00 and set an equal weight rating for the company in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $17.45.

Insider Activity at Macy’s

In related news, CEO Antony Spring sold 13,404 shares of the company’s stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total transaction of $273,709.68. Following the completion of the sale, the chief executive officer now directly owns 223,286 shares of the company’s stock, valued at approximately $4,559,500.12. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Macy’s news, CEO Antony Spring sold 13,404 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $273,709.68. Following the sale, the chief executive officer now owns 223,286 shares of the company’s stock, valued at approximately $4,559,500.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jeffrey Gennette sold 78,567 shares of the company’s stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $1,604,338.14. Following the transaction, the director now owns 994,301 shares of the company’s stock, valued at $20,303,626.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 218,424 shares of company stock valued at $4,405,507. Corporate 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.