Colonial River Wealth Management LLC Sells 483 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Colonial River Wealth Management LLC lowered its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 13.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,040 shares of the apparel retailer’s stock after selling 483 shares during the period. Colonial River Wealth Management LLC’s holdings in Ross Stores were worth $421,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Ross Stores during the fourth quarter worth about $369,081,000. Morgan Stanley raised its position in shares of Ross Stores by 84.6% during the fourth quarter. Morgan Stanley now owns 4,742,218 shares of the apparel retailer’s stock worth $550,429,000 after purchasing an additional 2,173,922 shares during the period. Holocene Advisors LP acquired a new stake in shares of Ross Stores during the second quarter worth about $204,584,000. JPMorgan Chase & Co. raised its position in shares of Ross Stores by 21.0% during the first quarter. JPMorgan Chase & Co. now owns 6,036,224 shares of the apparel retailer’s stock worth $640,624,000 after purchasing an additional 1,048,817 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Ross Stores by 19.5% during the third quarter. Wellington Management Group LLP now owns 4,121,854 shares of the apparel retailer’s stock worth $465,563,000 after purchasing an additional 673,670 shares during the period. Institutional investors own 86.86% of the company’s stock.

Insider Transactions at Ross Stores

In other Ross Stores news, insider Michael K. Kobayashi sold 13,860 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.46, for a total value of $2,043,795.60. Following the completion of the transaction, the insider now owns 61,657 shares of the company’s stock, valued at approximately $9,091,941.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Ross Stores news, Director Larree M. Renda sold 4,168 shares of the company’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.89, for a total value of $616,405.52. Following the sale, the director now owns 3,166 shares in the company, valued at approximately $468,219.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael K. Kobayashi sold 13,860 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $147.46, for a total value of $2,043,795.60. Following the completion of the sale, the insider now owns 61,657 shares in the company, valued at approximately $9,091,941.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,097 shares of company stock valued at $10,396,178. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Jefferies Financial Group lifted their target price on Ross Stores from $135.00 to $147.00 and gave the company a “hold” rating in a research report on Wednesday, March 6th. Barclays lifted their target price on Ross Stores from $160.00 to $163.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. BMO Capital Markets lifted their target price on Ross Stores from $138.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, March 6th. TD Cowen boosted their price target on Ross Stores from $144.00 to $169.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 6th. Finally, Morgan Stanley boosted their price target on Ross Stores from $155.00 to $161.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $155.21.

Ross Stores Price Performance

Ross Stores stock opened at $143.68 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.24 and a current ratio of 1.77. Ross Stores, Inc. has a 52 week low of $99.00 and a 52 week high of $151.12. The stock has a market capitalization of $48.38 billion, a P/E ratio of 25.84, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. The stock has a fifty day moving average of $145.31 and a 200-day moving average of $132.45.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings results on Tuesday, March 5th. The apparel retailer reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. Ross Stores had a return on equity of 41.15% and a net margin of 9.20%. The company had revenue of $6.02 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the previous year, the firm earned $1.31 EPS. Ross Stores’s revenue was up 15.5% on a year-over-year basis. On average, sell-side analysts expect that Ross Stores, Inc. will post 5.89 earnings per share for the current fiscal year.

Ross Stores announced that its board has approved a share repurchase plan on Tuesday, March 5th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Ross Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a dividend of $0.3675 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.47 dividend on an annualized basis and a dividend yield of 1.02%. This is a boost from Ross Stores’s previous quarterly dividend of $0.34. Ross Stores’s payout ratio is 26.44%.

Ross Stores Company Profile

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.