Ross Stores (NASDAQ:ROST) Updates Q2 2024 Earnings Guidance

Ross Stores (NASDAQ:ROST) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 1.430-1.490 for the period, compared to the consensus EPS estimate of 1.450. The company issued revenue guidance of -. Ross Stores also updated its FY 2024 guidance to 5.790-5.980 EPS.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Guggenheim raised their price objective on shares of Ross Stores from $140.00 to $165.00 and gave the company a buy rating in a research report on Wednesday, March 6th. Barclays raised their price objective on shares of Ross Stores from $160.00 to $163.00 and gave the company an overweight rating in a research report on Wednesday, March 6th. The Goldman Sachs Group increased their target price on shares of Ross Stores from $143.00 to $163.00 and gave the company a buy rating in a report on Wednesday, March 6th. JPMorgan Chase & Co. increased their target price on shares of Ross Stores from $150.00 to $163.00 and gave the company an overweight rating in a report on Wednesday, March 6th. Finally, Evercore ISI increased their target price on shares of Ross Stores from $155.00 to $165.00 and gave the company an outperform rating in a report on Friday. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $155.68.

Ross Stores Trading Up 8.3 %

NASDAQ ROST traded up $10.94 during mid-day trading on Friday, reaching $142.80. 1,834,311 shares of the stock were exchanged, compared to its average volume of 2,131,831. Ross Stores has a 1-year low of $100.66 and a 1-year high of $151.12. The business’s fifty day simple moving average is $136.91 and its 200 day simple moving average is $137.42. The stock has a market capitalization of $48.08 billion, a PE ratio of 25.65, a PEG ratio of 1.98 and a beta of 1.06. 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 (NASDAQ:ROST) last announced its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.11. The company had revenue of $4.86 billion for the quarter, compared to analyst estimates of $4.83 billion. Ross Stores had a net margin of 9.20% and a return on equity of 41.15%. Ross Stores’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter last year, the business earned $1.09 EPS. On average, research analysts anticipate that Ross Stores will post 5.89 earnings per share for the current fiscal year.

Ross Stores Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will be issued a dividend of $0.3675 per share. The ex-dividend date of this dividend is Tuesday, June 11th. This represents a $1.47 annualized dividend and a dividend yield of 1.03%. Ross Stores’s payout ratio is 26.44%.

Ross Stores declared that its board has authorized a share repurchase plan on Tuesday, March 5th that permits the company to repurchase $2.10 billion in shares. This repurchase authorization permits the apparel retailer to purchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling 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 shares were 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 directly owns 61,657 shares of the company’s stock, valued at approximately $9,091,941.22. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Ross Stores news, insider Michael K. Kobayashi sold 13,860 shares of Ross Stores stock in a transaction on 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 transaction, the insider now owns 61,657 shares of the company’s stock, valued at $9,091,941.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Patricia H. Mueller sold 2,265 shares of Ross Stores stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.38, for a total transaction of $329,285.70. Following the completion of the transaction, the director now directly owns 1,914 shares of the company’s stock, valued at approximately $278,257.32. The disclosure for this sale can be found here. Insiders sold a total of 71,097 shares of company stock valued at $10,396,178 in the last ninety days. Insiders own 2.10% of the company’s stock.

About Ross Stores

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 to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.