Ross Stores (NASDAQ:ROST) Price Target Increased to $170.00 by Analysts at Guggenheim

Ross Stores (NASDAQ:ROST) had its price target lifted by Guggenheim from $165.00 to $170.00 in a report published on Friday, Benzinga reports. Guggenheim currently has a buy rating on the apparel retailer’s stock.

Several other research firms also recently weighed in on ROST. BMO Capital Markets boosted their price target on shares of Ross Stores from $138.00 to $165.00 and gave the stock an outperform rating in a research note on Wednesday, March 6th. UBS Group increased their price objective on shares of Ross Stores from $145.00 to $147.00 and gave the stock a neutral rating in a research note on Friday. Evercore ISI raised their price objective on Ross Stores from $155.00 to $165.00 and gave the company an outperform rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Ross Stores from $150.00 to $163.00 and gave the company an overweight rating in a research note on Wednesday, March 6th. Finally, Robert W. Baird boosted their price objective on shares of Ross Stores from $145.00 to $162.00 and gave the stock an outperform rating in a research note on Wednesday, March 6th. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, Ross Stores currently has a consensus rating of Moderate Buy and an average target price of $156.58.

Ross Stores Trading Up 7.8 %

Ross Stores stock traded up $10.27 during mid-day trading on Friday, hitting $142.13. The stock had a trading volume of 7,641,385 shares, compared to its average volume of 2,725,999. The stock has a 50-day simple moving average of $136.85 and a two-hundred day simple moving average of $137.56. Ross Stores has a 12 month low of $100.66 and a 12 month high of $151.12. The stock has a market capitalization of $47.86 billion, a PE ratio of 23.97, a P/E/G ratio of 1.99 and a beta of 1.06. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.45.

Ross Stores (NASDAQ:ROST) last released its earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.11. The firm had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.83 billion. Ross Stores had a return on equity of 42.95% and a net margin of 9.60%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.09 earnings per share. As a group, sell-side analysts forecast that Ross Stores will post 5.89 EPS for the current year.

Ross Stores Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Tuesday, June 11th will be given a $0.3675 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $1.47 annualized dividend and a yield of 1.03%. Ross Stores’s dividend payout ratio (DPR) is 24.79%.

Ross Stores declared that its Board of Directors has authorized a stock buyback program on Tuesday, March 5th that allows the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization allows the apparel retailer to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Ross Stores

In other news, COO Michael J. Hartshorn sold 21,056 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.14, for a total transaction of $3,056,067.84. Following the completion of the transaction, the chief operating officer now directly owns 114,488 shares in the company, valued at approximately $16,616,788.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Ross Stores news, CMO Brian R. Morrow sold 10,734 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $146.00, for a total transaction of $1,567,164.00. Following the transaction, the chief marketing officer now owns 62,711 shares of the company’s stock, valued at $9,155,806. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Michael J. Hartshorn sold 21,056 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.14, for a total value of $3,056,067.84. Following the transaction, the chief operating officer now owns 114,488 shares of the company’s stock, valued at $16,616,788.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,097 shares of company stock worth $10,396,178. 2.10% of the stock is owned by corporate insiders.

Institutional Trading of Ross Stores

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Ross Stores by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 28,916,192 shares of the apparel retailer’s stock worth $4,243,740,000 after purchasing an additional 346,474 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Ross Stores by 3.4% during the fourth quarter. Franklin Resources Inc. now owns 4,931,795 shares of the apparel retailer’s stock worth $682,511,000 after purchasing an additional 161,202 shares during the period. Wellington Management Group LLP increased its holdings in Ross Stores by 14.6% in the 4th quarter. Wellington Management Group LLP now owns 4,722,885 shares of the apparel retailer’s stock valued at $653,600,000 after buying an additional 601,031 shares during the period. Norges Bank acquired a new stake in Ross Stores during the 4th quarter worth approximately $523,185,000. Finally, Northern Trust Corp boosted its stake in Ross Stores by 1.9% during the third quarter. Northern Trust Corp now owns 3,677,191 shares of the apparel retailer’s stock worth $415,339,000 after acquiring an additional 68,518 shares in the last quarter. 86.86% of the stock is currently owned by institutional investors.

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.