Macy’s (NYSE:M) Releases Q2 2024 Earnings Guidance

Macy’s (NYSE:M) updated its second quarter 2024 earnings guidance on Thursday. The company provided EPS guidance of 0.250-0.330 for the period, compared to the consensus EPS estimate of 0.240. The company issued revenue guidance of $5.0 billion-$5.1 billion, compared to the consensus revenue estimate of $5.1 billion.

Analyst Ratings Changes

Several equities analysts recently weighed in on M shares. Telsey Advisory Group restated a market perform rating and set a $21.00 target price on shares of Macy’s in a report on Tuesday. Morgan Stanley reduced their target price on shares of Macy’s from $21.00 to $20.00 and set an equal weight rating on the stock in a research report on Wednesday, February 28th. The Goldman Sachs Group raised their price target on shares of Macy’s from $16.00 to $22.00 and gave the company a buy rating in a report on Wednesday, February 28th. TD Cowen boosted their price objective on shares of Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a report on Wednesday. Finally, JPMorgan Chase & Co. raised their target price on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Macy’s currently has an average rating of Hold and a consensus target price of $17.73.

Macy’s Price Performance

NYSE M opened at $20.18 on Friday. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 672.67 and a beta of 2.16. The company has a current ratio of 1.38, a quick ratio of 0.39 and a debt-to-equity ratio of 0.72. Macy’s has a 52 week low of $10.54 and a 52 week high of $22.10. The company has a 50-day moving average price of $19.45 and a two-hundred day moving average price of $18.56.

Macy’s (NYSE:M) last announced its earnings results on Tuesday, May 21st. The company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.12. Macy’s had a return on equity of 21.40% and a net margin of 0.05%. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter last year, the business posted $0.56 earnings per share. The company’s quarterly revenue was down 2.7% on a year-over-year basis. Analysts forecast that Macy’s will post 2.74 EPS for the current year.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.69 annualized dividend and a yield of 3.44%. Macy’s’s dividend payout ratio (DPR) is presently 2,300.00%.

Insider Buying and Selling

In other Macy’s news, SVP Paul Griscom sold 2,969 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.43, for a total value of $60,656.67. Following the completion of the sale, the senior vice president now owns 21,436 shares in the company, valued at approximately $437,937.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Macy’s news, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the transaction, the senior vice president now directly owns 21,436 shares of the company’s stock, valued at approximately $437,937.48. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Danielle L. Kirgan sold 15,070 shares of the business’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $20.42, for a total value of $307,729.40. Following the completion of the sale, the executive vice president now directly owns 306,555 shares of the company’s stock, valued at approximately $6,259,853.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,424 shares of company stock worth $4,405,507. 2.77% of the stock is owned by company insiders.

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.