Citigroup Raises Ross Stores (NASDAQ:ROST) Price Target to $136.00

Posted by Defense World Staff on Aug 21st, 2023

Ross Stores (NASDAQ:ROST – Free Report) had its price objective boosted by Citigroup from $133.00 to $136.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. Citigroup currently has a buy rating on the apparel retailer’s stock.

Several other research firms have also issued reports on ROST. Barclays raised their price target on shares of Ross Stores from $122.00 to $129.00 and gave the stock an overweight rating in a report on Tuesday, August 15th. TD Cowen raised shares of Ross Stores from a market perform rating to an outperform rating and upped their price target for the company from $113.00 to $129.00 in a research report on Thursday, August 3rd. Robert W. Baird lifted their price objective on Ross Stores from $125.00 to $135.00 in a research report on Friday. Loop Capital boosted their price target on Ross Stores from $115.00 to $120.00 in a research note on Friday, May 19th. Finally, SpectralCast reaffirmed a downgrade rating on shares of Ross Stores in a research report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $127.00.

Read Our Latest Stock Analysis on Ross Stores

Ross Stores Trading Up 5.0 %

Shares of NASDAQ ROST opened at $118.72 on Friday. The firm has a 50 day moving average price of $111.16 and a two-hundred day moving average price of $108.20. The stock has a market cap of $40.61 billion, a P/E ratio of 25.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.99. Ross Stores has a 52-week low of $81.21 and a 52-week high of $122.44. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.25 and a current ratio of 1.83.

Ross Stores (NASDAQ:ROST – Get Free Report) last announced its earnings results on Thursday, August 17th. The apparel retailer reported $1.32 EPS for the quarter, topping the consensus estimate of $1.16 by $0.16. The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.75 billion. Ross Stores had a return on equity of 37.36% and a net margin of 8.36%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.11 EPS. As a group, equities analysts forecast that Ross Stores will post 5.22 EPS for the current year.

Ross Stores Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th will be given a $0.335 dividend. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.34 annualized dividend and a yield of 1.13%. Ross Stores’s dividend payout ratio is currently 28.39%.

Insider Activity

In related news, CEO Barbara Rentler sold 30,000 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $102.39, for a total transaction of $3,071,700.00. Following the completion of the transaction, the chief executive officer now owns 337,233 shares in the company, valued at $34,529,286.87. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Ballentine Partners LLC lifted its position in shares of Ross Stores by 2.9% during the 1st quarter. Ballentine Partners LLC now owns 6,933 shares of the apparel retailer’s stock valued at $736,000 after buying an additional 198 shares during the last quarter. American National Bank increased its stake in shares of Ross Stores by 656.0% in the first quarter. American National Bank now owns 378 shares of the apparel retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. ETF Managers Group LLC lifted its stake in shares of Ross Stores by 1.5% during the 1st quarter. ETF Managers Group LLC now owns 8,033 shares of the apparel retailer’s stock valued at $853,000 after buying an additional 119 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Ross Stores by 0.7% in the 1st quarter. Bank of New York Mellon Corp now owns 3,079,146 shares of the apparel retailer’s stock worth $326,790,000 after buying an additional 22,580 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in Ross Stores by 12.3% in the 4th quarter. Envestnet Asset Management Inc. now owns 741,248 shares of the apparel retailer’s stock valued at $86,037,000 after buying an additional 80,914 shares in the last quarter. 86.89% of the stock is owned by institutional investors.

Ross Stores Company Profile

(Get Free Report)

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.