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. It also operates in Dubai, the United Arab Emirates, and Al Zahra, Kuwait under the license agreements. The company also operates as a beauty products and spa retailer. The company was formerly known as Federated Department Stores, Inc. and changed its name to Macy's, Inc. in June 2007. Macy's, Inc. was founded in 1830 and is based in New York, New York.
Wall Street Analyst Weigh In
M has been the topic of several recent analyst reports. Telsey Advisory Group dropped their price objective on Macy's from $30.00 to $28.00 and set a "market perform" rating on the stock in a research report on Friday, May 27th. Citigroup dropped their price objective on Macy's from $25.00 to $23.00 and set a "neutral" rating on the stock in a research report on Friday, May 27th. OTR Global cut Macy's to a "positive" rating in a research report on Wednesday, May 11th. Deutsche Bank Aktiengesellschaft dropped their price objective on Macy's from $34.00 to $29.00 in a research report on Friday, May 27th. Finally, Morgan Stanley raised Macy's from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $20.00 to $22.00 in a research report on Friday, May 27th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Macy's has an average rating of "Hold" and a consensus target price of $31.00.
Macy's Price Performance
M traded up $0.17 on Friday, hitting $17.84. 8,752,207 shares of the company's stock traded hands, compared to its average volume of 9,993,594. The company's 50 day simple moving average is $19.55 and its 200-day simple moving average is $22.77. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 3.39, a P/E/G ratio of 0.33 and a beta of 1.71. Macy's has a one year low of $15.85 and a one year high of $37.95. The company has a current ratio of 1.12, a quick ratio of 0.23 and a debt-to-equity ratio of 0.91.
Macy's (NYSE:M - Get Rating) last issued its earnings results on Thursday, May 26th. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.26. The company had revenue of $5.35 billion for the quarter, compared to the consensus estimate of $5.33 billion. Macy's had a return on equity of 56.91% and a net margin of 6.42%. The firm's quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter last year, the company earned $0.39 EPS. As a group, research analysts anticipate that Macy's will post 4.56 EPS for the current year.
Macy's Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, July 1st. Shareholders of record on Wednesday, June 15th were issued a dividend of $0.157 per share. This represents a $0.63 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Tuesday, June 14th. Macy's's dividend payout ratio is presently 11.98%.
Insider Buying and Selling at Macy's
In other Macy's news, EVP C Elisa D. Garcia sold 15,920 shares of the firm's stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $17.36, for a total transaction of $276,371.20. Following the completion of the transaction, the executive vice president now owns 85,541 shares in the company, valued at approximately $1,484,991.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP C Elisa D. Garcia sold 15,920 shares of Macy's stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $17.36, for a total value of $276,371.20. Following the completion of the transaction, the executive vice president now owns 85,541 shares in the company, valued at approximately $1,484,991.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey Gennette sold 78,021 shares of Macy's stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $17.36, for a total value of $1,354,444.56. Following the completion of the transaction, the chief executive officer now owns 405,744 shares of the company's stock, valued at approximately $7,043,715.84. The disclosure for this sale can be found here. Insiders sold 94,290 shares of company stock worth $1,636,878 in the last quarter. 0.58% of the stock is owned by corporate insiders.
