Ross Stores (NASDAQ:ROST) Price Target Raised to $137.00

Posted by Defense World Staff on Aug 21st, 2023

Ross Stores (NASDAQ:ROST – Free Report) had its price objective upped by JPMorgan Chase & Co. from $135.00 to $137.00 in a research report sent to investors on Friday morning, Marketbeat reports. JPMorgan Chase & Co. currently has an overweight rating on the apparel retailer’s stock.

Other analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Ross Stores from $122.00 to $129.00 and gave the company an overweight rating in a research note on Tuesday, August 15th. VNET Group reaffirmed an initiates rating on shares of Ross Stores in a report on Thursday, June 29th. TD Cowen raised Ross Stores from a market perform rating to an outperform rating and increased their price target for the stock from $113.00 to $129.00 in a research report on Thursday, August 3rd. Loop Capital boosted their price objective on Ross Stores from $115.00 to $120.00 in a report on Friday, May 19th. Finally, 888 reaffirmed a downgrade rating on shares of Ross Stores in a report on Monday, June 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Ross Stores currently has a consensus rating of Moderate Buy and a consensus target price of $127.00.

View Our Latest Stock Report on Ross Stores

Ross Stores Trading Up 5.0 %

NASDAQ ROST opened at $118.72 on Friday. The stock has a market cap of $40.61 billion, a PE ratio of 25.15, a PEG ratio of 2.01 and a beta of 0.99. Ross Stores has a 12 month low of $81.21 and a 12 month high of $122.44. The company’s 50-day moving average price is $111.16 and its 200-day moving average price is $108.20. The company has a current ratio of 1.83, a quick ratio of 1.25 and a debt-to-equity ratio of 0.55.

Ross Stores (NASDAQ:ROST – Get Free Report) last issued its earnings results on Thursday, August 17th. The apparel retailer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.16. The business had revenue of $4.93 billion for 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 company’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period last year, the company posted $1.11 earnings per share. Equities research analysts forecast that Ross Stores will post 5.22 earnings per share for the current year.

Ross Stores Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th will be issued 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 dividend yield of 1.13%. Ross Stores’s payout ratio is currently 28.39%.

Insider Activity

In related news, CEO Barbara Rentler sold 11,866 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $102.54, for a total value of $1,216,739.64. Following the completion of the transaction, the chief executive officer now directly owns 325,367 shares of the company’s stock, valued at approximately $33,363,132.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Ross Stores

Large investors have recently modified their holdings of the business. Orion Portfolio Solutions LLC lifted its stake in shares of Ross Stores by 21.0% in the second quarter. Orion Portfolio Solutions LLC now owns 12,278 shares of the apparel retailer’s stock worth $1,377,000 after buying an additional 2,133 shares in the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Ross Stores by 4.8% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,010,570 shares of the apparel retailer’s stock worth $113,315,000 after purchasing an additional 46,198 shares during the last quarter. PCA Investment Advisory Services Inc. purchased a new stake in shares of Ross Stores in the second quarter valued at approximately $117,000. National Pension Service grew its position in shares of Ross Stores by 0.8% in the second quarter. National Pension Service now owns 752,364 shares of the apparel retailer’s stock valued at $81,910,000 after purchasing an additional 5,782 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Ross Stores by 2.6% in the second quarter. Wells Fargo & Company MN now owns 901,967 shares of the apparel retailer’s stock valued at $101,138,000 after purchasing an additional 23,007 shares during the last quarter. Hedge funds and other institutional investors own 86.89% of the company’s stock.

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.