Ross Stores (NASDAQ:ROST) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Ross Stores (NASDAQ:ROST) from a hold rating to a buy rating in a research report released on Sunday morning,Wall Street Zen reports.

Several other research analysts have also recently commented on ROST. Jefferies Financial Group increased their target price on shares of Ross Stores from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Friday, August 21st. Truist Financial increased their price objective on Ross Stores from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, August 21st. Sanford C. Bernstein boosted their price objective on Ross Stores from $230.00 to $240.00 and gave the company a “market perform” rating in a research report on Friday, August 21st. Citigroup boosted their target price on shares of Ross Stores from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, August 21st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Ross Stores from $262.00 to $272.00 and gave the company an “overweight” rating in a research note on Friday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $272.06.

Ross Stores Stock Performance

ROST stock opened at $228.28 on Friday. The firm has a market cap of $72.92 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 2.04 and a beta of 0.85. The firm has a 50-day simple moving average of $231.17 and a two-hundred day simple moving average of $222.06. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 1.61. Ross Stores has a one year low of $157.39 and a one year high of $257.00.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings results on Thursday, August 20th. The apparel retailer reported $2.66 EPS for the quarter, topping the consensus estimate of $1.95 by $0.71. Ross Stores had a return on equity of 39.29% and a net margin of 10.85%. The company had revenue of $6.26 billion for the quarter, compared to analyst estimates of $6.16 billion. During the same quarter in the previous year, the company posted $1.56 earnings per share. The firm’s revenue was up 13.3% compared to the same quarter last year. On average, equities analysts forecast that Ross Stores will post 8.15 EPS for the current fiscal year.

Ross Stores Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th were paid a $0.4450 dividend. This represents a $1.78 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Tuesday, September 8th. Ross Stores’s dividend payout ratio is currently 21.55%.

Insiders Place Their Bets

In related news, insider Stephen C. Brinkley sold 6,424 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $229.66, for a total value of $1,475,335.84. Following the transaction, the insider owned 51,665 shares in the company, valued at approximately $11,865,383.90. This represents a 11.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO James Conroy sold 49,205 shares of Ross Stores stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $229.48, for a total transaction of $11,291,563.40. Following the completion of the transaction, the chief executive officer directly owned 134,349 shares of the company’s stock, valued at approximately $30,830,408.52. This trade represents a 26.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ROST. Wellington Management Group LLP raised its holdings in shares of Ross Stores by 89.2% during the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer’s stock valued at $1,408,148,000 after purchasing an additional 3,118,591 shares during the period. United Capital Financial Advisors LLC acquired a new stake in Ross Stores in the second quarter valued at approximately $3,390,000. NewEdge Advisors LLC lifted its holdings in Ross Stores by 40.6% during the 2nd quarter. NewEdge Advisors LLC now owns 17,353 shares of the apparel retailer’s stock worth $3,694,000 after buying an additional 5,012 shares in the last quarter. Ontario Teachers Pension Plan Board purchased a new stake in shares of Ross Stores in the second quarter valued at approximately $34,867,000. Finally, Nicholas Investment Partners LP acquired a new position in Ross Stores during the second quarter valued at approximately $2,559,000. 86.86% of the stock is owned by hedge funds and other institutional investors.

Ross Stores Company Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.