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

Ross Stores (NASDAQ:ROST) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.430-1.490 for the period, compared to the consensus 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 research firms have recently weighed in on ROST. The Goldman Sachs Group boosted their price target on Ross Stores from $143.00 to $163.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Evercore ISI upped their target price on Ross Stores from $155.00 to $165.00 and gave the stock an outperform rating in a research report on Friday. Loop Capital boosted their price target on Ross Stores from $150.00 to $170.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Jefferies Financial Group boosted their price target on Ross Stores from $135.00 to $147.00 and gave the stock a hold rating in a research note on Wednesday, March 6th. Finally, TD Cowen boosted their price target on Ross Stores from $173.00 to $176.00 and gave the stock a buy rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, Ross Stores currently has a consensus rating of Moderate Buy and a consensus price target of $156.58.

Ross Stores Stock Performance

Shares of NASDAQ ROST opened at $142.13 on Friday. The stock has a fifty day moving average price of $136.85 and a two-hundred day moving average price of $137.56. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.24 and a current ratio of 1.77. The firm has a market cap of $47.86 billion, a P/E ratio of 23.97, a PEG ratio of 1.99 and a beta of 1.06. Ross Stores has a 1 year low of $100.66 and a 1 year high of $151.12.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings data 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 business had revenue of $4.86 billion during the quarter, compared to analyst estimates of $4.83 billion. Ross Stores had a return on equity of 42.95% and a net margin of 9.60%. The company’s revenue was up 8.1% compared to the same quarter last year. During the same period last year, the company posted $1.09 EPS. Research analysts forecast that Ross Stores will post 5.89 EPS for the current fiscal year.

Ross Stores Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders 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 yield of 1.03%. Ross Stores’s dividend payout ratio (DPR) is currently 24.79%.

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

Insider Buying and Selling at Ross Stores

In other Ross Stores news, Director Larree M. Renda sold 4,168 shares of the firm’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.89, for a total transaction of $616,405.52. Following the transaction, the director now directly owns 3,166 shares in the company, valued at $468,219.74. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CMO Brian R. Morrow sold 10,734 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $146.00, for a total value of $1,567,164.00. Following the sale, the chief marketing officer now directly owns 62,711 shares of the company’s stock, valued at $9,155,806. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Larree M. Renda sold 4,168 shares of the firm’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $147.89, for a total value of $616,405.52. Following the completion of the sale, the director now directly owns 3,166 shares in the company, valued at $468,219.74. The disclosure for this sale can be found here. Insiders have sold a total of 71,097 shares of company stock worth $10,396,178 over the last three months. Corporate insiders own 2.10% of the company’s stock.

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