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

Macy’s (NYSE:M) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share 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.

Wall Street Analyst Weigh In

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

Macy’s Price Performance

Shares of M opened at $20.12 on Thursday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.38 and a quick ratio of 0.39. The stock has a market cap of $5.54 billion, a PE ratio of 670.67 and a beta of 2.16. Macy’s has a 1-year low of $10.54 and a 1-year high of $22.10. The firm has a fifty day moving average price of $19.50 and a 200 day moving average price of $18.49.

Macy’s (NYSE:M) last announced its quarterly earnings data on Tuesday, May 21st. The company reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.12. Macy’s had a net margin of 0.05% and a return on equity of 21.40%. The company had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.82 billion. During the same period last year, the business earned $0.56 EPS. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Macy’s will post 2.63 EPS for the current year.

Macy’s Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors 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 dividend on an annualized basis and a dividend yield of 3.45%. Macy’s’s dividend payout ratio is 2,300.00%.

Insider Activity at Macy’s

In other news, SVP Paul Griscom sold 2,969 shares of the business’s 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 sale, 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 SEC, which is accessible through the SEC website. In related news, SVP Paul Griscom sold 2,969 shares of Macy’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 completion of the sale, the senior vice president now 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 available at this hyperlink. Also, CEO Antony Spring sold 3,075 shares of Macy’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $20.28, for a total value of $62,361.00. Following the transaction, the chief executive officer now directly owns 228,750 shares of the company’s stock, valued at approximately $4,639,050. The disclosure for this sale can be found here. Over the last three months, insiders sold 218,424 shares of company stock valued at $4,405,507. 2.77% of the stock is 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.