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

Macy’s (NYSE:M) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.250-2.500 for the period, compared to the consensus EPS estimate of 2.730. The company issued revenue guidance of $22.3 billion-$22.5 billion, compared to the consensus revenue estimate of $22.1 billion. Macy’s also updated its FY25 guidance to 2.25-2.50 EPS.

Analyst Ratings Changes

Several equities analysts have recently issued reports on M shares. Guggenheim reissued a “neutral” rating on shares of Macy’s in a report on Thursday. Telsey Advisory Group restated a “market perform” rating and issued a $17.00 price objective on shares of Macy’s in a report on Wednesday. Argus raised Macy’s to a “hold” rating in a research report on Thursday, October 10th. StockNews.com raised Macy’s from a “hold” rating to a “buy” rating in a research report on Wednesday, November 27th. Finally, Morgan Stanley cut their price target on shares of Macy’s from $17.00 to $16.00 and set an “equal weight” rating for the company in a research note on Thursday. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $18.38.

Macy’s Trading Down 1.7 %

Shares of Macy’s stock opened at $16.30 on Friday. The company has a quick ratio of 0.34, a current ratio of 1.26 and a debt-to-equity ratio of 0.67. Macy’s has a 12-month low of $14.06 and a 12-month high of $22.10. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 27.62 and a beta of 2.10. The firm’s 50-day moving average price is $15.77 and its two-hundred day moving average price is $16.53.

Macy’s (NYSE:M) last issued its quarterly earnings results on Wednesday, December 11th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). Macy’s had a net margin of 0.73% and a return on equity of 21.99%. The business had revenue of $4.74 billion during the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the previous year, the business posted $0.21 EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts forecast that Macy’s will post 2.38 earnings per share for the current fiscal year.

Macy’s Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, December 13th will be given a dividend of $0.1737 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.69 dividend on an annualized basis and a yield of 4.26%. Macy’s’s dividend payout ratio is currently 116.95%.

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.