Ross Stores (NASDAQ:ROST) Price Target Raised to $135.00

Posted by Defense World Staff on Aug 21st, 2023

Ross Stores (NASDAQ:ROST – Free Report) had its price target hoisted by Robert W. Baird from $125.00 to $135.00 in a report published on Friday, FlyOnTheWall reports.

Other equities research analysts have also issued reports about the company. Loop Capital boosted their price objective on Ross Stores from $115.00 to $120.00 in a research note on Friday, May 19th. Gordon Haskett cut Ross Stores from a buy rating to an accumulate rating and set a $120.00 price target for the company. in a research report on Monday, June 26th. TD Cowen raised Ross Stores from a market perform rating to an outperform rating and increased their price objective for the company from $113.00 to $129.00 in a research note on Thursday, August 3rd. 888 reaffirmed a downgrade rating on shares of Ross Stores in a research note on Monday, June 26th. Finally, Barclays upped their target price on Ross Stores from $122.00 to $129.00 and gave the company an overweight rating in a report on Tuesday, August 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $127.00.

Check Out Our Latest Stock Report on Ross Stores

Ross Stores Stock Up 5.0 %

Ross Stores stock opened at $118.72 on Friday. Ross Stores has a 12 month low of $81.21 and a 12 month high of $122.44. The stock has a market capitalization of $40.61 billion, a PE ratio of 25.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.83 and a quick ratio of 1.25. The business has a 50 day simple moving average of $111.16 and a 200-day simple moving average of $108.20.

Ross Stores (NASDAQ:ROST – Get Free Report) last issued its quarterly 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 company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.75 billion. Ross Stores had a net margin of 8.36% and a return on equity of 37.36%. The firm’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.11 EPS. On average, analysts anticipate that Ross Stores will post 5.22 EPS for the current fiscal year.

Ross Stores Dividend Announcement

The business 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 dividend of $0.335 per share. The ex-dividend date of this dividend is Friday, September 1st. This represents a $1.34 dividend on an annualized basis and a yield of 1.13%. Ross Stores’s payout ratio is 28.39%.

Insider Activity at Ross Stores

In related news, CEO Barbara Rentler sold 11,866 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $102.54, for a total transaction of $1,216,739.64. Following the transaction, the chief executive officer now owns 325,367 shares of the company’s stock, valued at $33,363,132.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Ross Stores

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Fairfield Bush & CO. acquired a new position in Ross Stores in the first quarter valued at $87,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Ross Stores during the 1st quarter worth about $200,000. Cibc World Market Inc. increased its position in Ross Stores by 5.7% during the first quarter. Cibc World Market Inc. now owns 20,004 shares of the apparel retailer’s stock worth $1,810,000 after purchasing an additional 1,085 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Ross Stores by 27.4% during the first quarter. Vontobel Holding Ltd. now owns 12,174 shares of the apparel retailer’s stock worth $1,128,000 after purchasing an additional 2,615 shares during the period. Finally, Sei Investments Co. boosted its holdings in shares of Ross Stores by 0.9% in the 1st quarter. Sei Investments Co. now owns 163,788 shares of the apparel retailer’s stock valued at $14,826,000 after purchasing an additional 1,470 shares during the last quarter. 86.89% of the stock is currently owned by hedge funds and other institutional investors.

About Ross Stores

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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.