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

Macy’s (NYSE:M) updated its second quarter 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 0.250-0.330 for the period, compared to the consensus earnings per share 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

M has been the subject of several analyst reports. JPMorgan Chase & Co. upped their price objective on Macy’s from $25.00 to $27.00 and gave the company an overweight rating in a research note on Wednesday. Morgan Stanley cut their price objective on Macy’s from $21.00 to $20.00 and set an equal weight rating for the company in a research report on Wednesday, February 28th. TD Cowen upped their price target on Macy’s from $20.00 to $21.00 and gave the stock a hold rating in a report on Wednesday. Citigroup raised Macy’s from a sell rating to a neutral rating and lifted their price objective for the stock from $14.00 to $18.00 in a report on Friday, February 2nd. Finally, StockNews.com began coverage on Macy’s in a research report on Sunday. They set a hold rating on the stock. Two 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. Based on data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $17.73.

Macy’s Stock Up 0.6 %

M opened at $20.18 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.39 and a current ratio of 1.38. Macy’s has a one year low of $10.54 and a one year high of $22.10. The business’s fifty day moving average is $19.45 and its two-hundred day moving average is $18.60. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 672.67 and a beta of 2.16.

Macy’s (NYSE:M) last issued its quarterly earnings data on Tuesday, May 21st. The company reported $0.27 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $4.82 billion. During the same period in the prior year, the business earned $0.56 earnings per share. The business’s revenue was down 2.7% on a year-over-year basis. Analysts anticipate that Macy’s will post 2.75 EPS for the current fiscal year.

Macy’s Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 14th will be given a $0.1737 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.69 annualized dividend and a dividend yield of 3.44%. Macy’s’s dividend payout ratio is currently 2,300.00%.

Insider Activity

In other news, SVP Paul Griscom sold 2,969 shares of the company’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $20.43, for a total value of $60,656.67. Following the sale, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Paul Griscom sold 2,969 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.43, for a total transaction of $60,656.67. Following the transaction, the senior vice president now directly owns 21,436 shares in the company, valued at $437,937.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Adrian V. Mitchell sold 13,249 shares of the stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $20.42, for a total value of $270,544.58. Following the transaction, the chief financial officer now owns 99,098 shares in the company, valued at $2,023,581.16. The disclosure for this sale can be found here. Insiders have sold 218,424 shares of company stock worth $4,405,507 over the last three months. 2.77% of the stock is currently owned by corporate insiders.

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.