Macy’s (NYSE:M – Get Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share guidance of $4.53-4.95 for the period, compared to the consensus earnings per share estimate of $4.34. The company issued revenue guidance of $24.46-24.700 billion, compared to the consensus revenue estimate of $24.52 billion.Macy’s also updated its FY 2022 guidance to $4.53-$4.95 EPS.
Several research analysts have recently commented on the company. Credit Suisse Group decreased their target price on Macy’s from $32.00 to $25.00 and set an underperform rating for the company in a research report on Wednesday, February 23rd. Telsey Advisory Group cut their target price on Macy’s from $40.00 to $30.00 and set a market perform rating on the stock in a research report on Tuesday, February 15th. Citigroup upgraded Macy’s from a sell rating to a neutral rating and set a $25.00 target price on the stock in a research note on Thursday, February 24th. Evercore ISI raised Macy’s from an in-line rating to an outperform rating and set a $50.00 price objective for the company in a research report on Wednesday, February 16th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Macy’s from $33.00 to $30.00 in a research note on Monday, May 16th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Macy’s presently has an average rating of Hold and an average price target of $32.25.
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Shares of M opened at $22.07 on Thursday. The company has a market capitalization of $6.29 billion, a P/E ratio of 4.18, a P/E/G ratio of 0.37 and a beta of 1.77. Macy’s has a fifty-two week low of $15.68 and a fifty-two week high of $37.95. The business’s 50-day moving average is $23.92 and its two-hundred day moving average is $25.78. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.44 and a current ratio of 1.25.
Macy’s (NYSE:M – Get Rating) last released its quarterly earnings results on Thursday, May 26th. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.26. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.33 billion. Macy’s had a return on equity of 53.59% and a net margin of 5.84%. The company’s revenue was up 13.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 EPS. Analysts forecast that Macy’s will post 4.32 EPS for the current year.
Macy’s announced that its board has initiated a stock buyback program on Tuesday, February 22nd that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 28.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In related news, SVP Paul Griscom sold 1,039 shares of the stock in a transaction dated Monday, March 28th. The shares were sold at an average price of $25.40, for a total transaction of $26,390.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Adrian V. Mitchell sold 4,460 shares of the firm’s stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $25.40, for a total transaction of $113,284.00. The disclosure for this sale can be found here. Insiders have sold a total of 29,465 shares of company stock valued at $759,227 over the last three months. Corporate insiders own 0.58% of the company’s stock.
A number of hedge funds have recently modified their holdings of M. Sequoia Financial Advisors LLC increased its position in shares of Macy’s by 8.2% during the fourth quarter. Sequoia Financial Advisors LLC now owns 16,937 shares of the company’s stock valued at $443,000 after purchasing an additional 1,287 shares during the period. Cetera Investment Advisers acquired a new position in Macy’s during the 4th quarter worth about $278,000. Sei Investments Co. lifted its position in Macy’s by 29.7% during the 4th quarter. Sei Investments Co. now owns 95,819 shares of the company’s stock valued at $2,511,000 after purchasing an additional 21,914 shares during the period. Amalgamated Bank lifted its position in Macy’s by 38.1% during the 4th quarter. Amalgamated Bank now owns 206,844 shares of the company’s stock valued at $5,415,000 after purchasing an additional 57,084 shares during the period. Finally, Metropolitan Life Insurance Co NY lifted its position in Macy’s by 57.9% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 129,697 shares of the company’s stock valued at $3,395,000 after purchasing an additional 47,553 shares during the period. 85.98% of the stock is currently owned by institutional investors.
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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