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

Macy’s (NYSE:M) issued an update on its FY 2021 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.570-$4.760 for the period, compared to the Thomson Reuters consensus earnings per share 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, reaching $32.14. The stock had a trading volume of 18,367,946 shares, compared to its average volume of 18,216,500. The company has a current ratio of 1.14, a quick ratio of 0.22 and a debt-to-equity ratio of 1.10. The company has a 50-day moving average of $26.65 and a 200 day moving average of $21.68. The stock has a market cap of $9.95 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 0.59 and a beta of 2.08. Macy’s has a 12-month low of $9.95 and a 12-month high of $37.95.

Macy’s (NYSE:M) last issued its quarterly earnings results on Thursday, November 18th. The company reported $1.23 EPS for the quarter, topping the consensus estimate of $0.31 by $0.92. Macy’s had a net margin of 3.75% and a return on equity of 41.33%. The business had revenue of $5.44 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the company posted ($0.19) earnings per share. The company’s quarterly revenue was up 36.3% compared to the same quarter last year. On average, equities analysts predict that Macy’s will post 4.89 EPS for the current year.

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

Macy’s announced that its board has authorized a stock repurchase program on Thursday, August 19th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Several brokerages have commented on M. Citigroup raised their price target on shares of Macy’s from $20.00 to $29.00 and gave the company a sell rating in a research note on Friday, November 19th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Macy’s from $29.00 to $35.00 and gave the company a hold rating in a research note on Friday, November 19th. JPMorgan Chase & Co. upgraded shares of Macy’s from an underweight rating to a neutral rating and raised their price objective for the company from $19.00 to $25.00 in a research note on Friday, August 20th. OTR Global upgraded shares of Macy’s from a mixed rating to a positive rating in a research note on Monday, August 9th. Finally, Telsey Advisory Group raised their price objective on shares of Macy’s from $33.00 to $40.00 and gave the company a market perform rating in a research note on Friday, November 19th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $33.00.

In other Macy’s news, SVP Paul Griscom sold 1,700 shares of the business’s stock in a transaction dated 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 document filed with the SEC, which can be accessed through the SEC website. Also, CFO Adrian V. Mitchell sold 2,397 shares of the business’s stock in a transaction dated 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. Insiders have sold a total of 5,765 shares of company stock worth $158,965 in the last 90 days. 0.74% of the stock is owned by 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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