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

Macy’s (NYSE:M) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 2.250-2.500 for the period, compared to the consensus 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.

Analysts Set New Price Targets

M has been the subject of several analyst reports. Argus upgraded Macy’s to a “hold” rating in a report on Thursday, October 10th. StockNews.com upgraded Macy’s from a “hold” rating to a “buy” rating in a research note on Wednesday, November 27th. Telsey Advisory Group reiterated a “market perform” rating and set a $17.00 target price on shares of Macy’s in a research report on Tuesday, November 26th. Finally, Morgan Stanley dropped their target price on Macy’s from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Thursday, August 22nd. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $19.86.

Macy’s Stock Performance

Macy’s stock opened at $16.76 on Wednesday. Macy’s has a 1 year low of $14.06 and a 1 year high of $22.10. The company’s 50-day moving average is $15.73 and its two-hundred day moving average is $16.53. The company has a current ratio of 1.48, a quick ratio of 0.34 and a debt-to-equity ratio of 0.70. The company has a market cap of $4.65 billion, a PE ratio of 26.18 and a beta of 2.11.

Macy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 13th will be issued a dividend of $0.1737 per share. This represents a $0.69 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date is Friday, December 13th. Macy’s’s dividend payout ratio is presently 107.81%.

Macy’s Company Profile

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.