Macy’s, Inc. (NYSE:M) to Post FY2024 Earnings of $4.82 Per Share, Telsey Advisory Group Forecasts

Macy’s, Inc. (NYSE:MGet Rating) – Equities research analysts at Telsey Advisory Group issued their FY2024 EPS estimates for shares of Macy’s in a research note issued to investors on Thursday, May 19th. Telsey Advisory Group analyst D. Telsey expects that the company will post earnings of $4.82 per share for the year. Telsey Advisory Group currently has a “Market Perform” rating and a $30.00 target price on the stock.

Macy’s (NYSE:MGet Rating) last posted its earnings results on Tuesday, February 22nd. The company reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.45. Macy’s had a net margin of 5.84% and a return on equity of 53.59%. The company had revenue of $8.67 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the business posted $0.80 earnings per share. The business’s revenue for the quarter was up 27.8% compared to the same quarter last year.

Several other research analysts have also issued reports on the stock. Jefferies Financial Group lowered their price target on shares of Macy’s from $45.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, February 23rd. Morgan Stanley cut their price objective on Macy’s from $23.00 to $20.00 and set an “underweight” rating for the company in a report on Wednesday, February 23rd. Gordon Haskett upped their target price on Macy’s from $33.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, February 23rd. JPMorgan Chase & Co. dropped their price objective on Macy’s from $33.00 to $30.00 in a research report on Monday. Finally, Credit Suisse Group dropped their target price on Macy’s from $32.00 to $25.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 23rd. Three analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Macy’s currently has a consensus rating of “Hold” and a consensus price target of $32.25.

Shares of M opened at $19.36 on Friday. The company has a market cap of $5.51 billion, a PE ratio of 4.21, a price-to-earnings-growth ratio of 0.37 and a beta of 1.77. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.25 and a quick ratio of 0.44. The firm has a 50-day moving average of $24.51 and a 200-day moving average of $26.11. Macy’s has a one year low of $15.68 and a one year high of $37.95.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Macy’s by 5.7% during the first quarter. Vanguard Group Inc. now owns 30,550,118 shares of the company’s stock valued at $744,202,000 after purchasing an additional 1,642,941 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Macy’s by 32.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 10,572,628 shares of the company’s stock worth $238,941,000 after purchasing an additional 2,602,984 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Macy’s by 1.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,712,428 shares of the company’s stock worth $201,923,000 after purchasing an additional 77,068 shares during the period. Renaissance Technologies LLC lifted its holdings in Macy’s by 47.6% in the third quarter. Renaissance Technologies LLC now owns 5,933,464 shares of the company’s stock worth $134,096,000 after purchasing an additional 1,914,700 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Macy’s by 4.2% in the fourth quarter. Geode Capital Management LLC now owns 5,628,390 shares of the company’s stock worth $147,355,000 after purchasing an additional 224,343 shares during the period. 85.98% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Antony Spring sold 6,407 shares of the stock in a transaction on Monday, March 28th. The stock was sold at an average price of $25.40, for a total value of $162,737.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Paul Griscom sold 1,039 shares of the company’s stock in a transaction on Monday, March 28th. The shares were sold at an average price of $25.40, for a total transaction of $26,390.60. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,465 shares of company stock worth $759,227. Insiders own 0.58% of the company’s stock.

Macy’s announced that its Board of Directors has authorized a share buyback plan on Tuesday, February 22nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to repurchase up to 28.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Tuesday, March 15th were issued a dividend of $0.1575 per share. This is a boost from Macy’s’s previous quarterly dividend of $0.15. This represents a $0.63 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Monday, March 14th. Macy’s’s payout ratio is currently 13.70%.

About Macy’s (Get Rating)

Macy's, Inc, an omni-channel retail organization, operates stores, Websites, and mobile applications. The company sells a range of merchandise, such as apparel and accessories for men, women, and children; cosmetics; home furnishings; and other consumer goods. As of January 29, 2022, it operated 725 department stores in the District of Columbia, Puerto Rico, and Guam under the Macy's, Macy's Backstage, Market by Macy's, Bloomingdale's, Bloomingdale's The Outlet, Bloomies, and bluemercury brands.

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Earnings History and Estimates for Macy's (NYSE:M)

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