Macy’s (NYSE:M) Issues FY 2021 Earnings Guidance

Macy’s (NYSE:M) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided EPS guidance of $4.570-$4.760 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.890. The company issued revenue guidance of $24.12 billion-$24.28 billion, compared to the consensus revenue estimate of $23.78 billion.

NYSE M traded down $1.49 on Thursday, hitting $32.14. 18,367,946 shares of the stock were exchanged, compared to its average volume of 18,216,500. The company has a market capitalization of $9.95 billion, a PE ratio of 12.08, a P/E/G ratio of 0.59 and a beta of 2.08. The business’s fifty day moving average is $26.65 and its 200 day moving average is $21.68. Macy’s has a 52 week low of $9.95 and a 52 week high of $37.95. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.14 and a quick ratio of 0.22.

Macy’s (NYSE:M) last issued its quarterly earnings data on Thursday, November 18th. The company reported $1.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.92. The company had revenue of $5.44 billion for the quarter, compared to analyst estimates of $5.23 billion. Macy’s had a net margin of 3.75% and a return on equity of 41.33%. The company’s revenue was up 36.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.19) earnings per share. Analysts predict that Macy’s will post 4.89 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, January 3rd. Stockholders of record on Wednesday, December 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.87%. The ex-dividend date is Tuesday, December 14th. Macy’s’s payout ratio is presently 22.56%.

Macy’s declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 19th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

A number of equities analysts recently commented on the stock. Zacks Investment Research lowered shares of Macy’s from a strong-buy rating to a hold rating and set a $32.00 price target on the stock. in a research report on Wednesday, November 10th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Macy’s from $29.00 to $35.00 and gave the stock a hold rating in a research report on Friday, November 19th. Telsey Advisory Group raised their price target on shares of Macy’s from $33.00 to $40.00 and gave the stock a market perform rating in a research report on Friday, November 19th. Citigroup raised their price target on shares of Macy’s from $20.00 to $29.00 and gave the stock a sell rating in a research report on Friday, November 19th. Finally, Morgan Stanley increased their price objective on shares of Macy’s from $21.00 to $23.00 and gave the stock an underweight rating in a research note on Friday, November 19th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $33.00.

In other news, SVP Paul Griscom sold 1,700 shares of the firm’s stock in a transaction that occurred on Friday, September 24th. The shares were sold at an average price of $23.83, for a total value of $40,511.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Adrian V. Mitchell sold 2,397 shares of Macy’s stock in a transaction that occurred on Wednesday, November 24th. The stock was sold at an average price of $31.82, for a total transaction of $76,272.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,765 shares of company stock worth $158,965. 0.74% of the stock is currently owned by corporate insiders.

Macy’s Company Profile

Macy’s, Inc engages in the retail of apparel, accessories, cosmetics, home furnishings, and other consumer goods. The firm’s brands include Macy’s, Bloomingdale’s, and Bluemercury. It offers men’s, women’s, and children’s apparel, women’s accessories, intimate apparel, shoes, cosmetics, fragrances, as well as home and miscellaneous products.

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

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