Evercore ISI Boosts Ross Stores (NASDAQ:ROST) Price Target to $165.00

Ross Stores (NASDAQ:ROST) had its target price lifted by Evercore ISI from $155.00 to $165.00 in a report published on Friday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the apparel retailer’s stock.

A number of other equities analysts have also recently weighed in on the company. TD Cowen raised their price objective on Ross Stores from $144.00 to $169.00 and gave the company an outperform rating in a report on Wednesday, March 6th. UBS Group lifted their price target on Ross Stores from $142.00 to $145.00 and gave the stock a neutral rating in a research note on Wednesday, March 6th. Robert W. Baird lifted their price target on Ross Stores from $145.00 to $162.00 and gave the stock an outperform rating in a research note on Wednesday, March 6th. Morgan Stanley lifted their price target on Ross Stores from $159.00 to $161.00 and gave the stock an overweight rating in a research note on Friday. Finally, Jefferies Financial Group lifted 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. Four analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $156.58.

Ross Stores Stock Performance

Shares of NASDAQ ROST opened at $142.13 on Friday. The stock has a market cap of $47.86 billion, a price-to-earnings ratio of 23.97, a P/E/G ratio of 2.14 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 has a 1-year low of $100.66 and a 1-year high of $151.12. The stock’s 50-day moving average is $136.85 and its 200 day moving average is $137.76.

Ross Stores (NASDAQ:ROST) last announced its quarterly earnings data 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 analysts’ expectations of $4.83 billion. Ross Stores had a return on equity of 42.95% and a net margin of 9.60%. Ross Stores’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period last year, the firm posted $1.09 EPS. On average, sell-side analysts anticipate that Ross Stores will post 5.93 EPS for the current fiscal year.

Ross Stores announced that its board has authorized a stock buyback plan on Tuesday, March 5th that permits the company to buyback $2.10 billion in outstanding shares. This buyback authorization permits the apparel retailer to purchase up to 4.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Ross Stores Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Tuesday, June 11th will be given a dividend of $0.3675 per share. The ex-dividend date is Tuesday, June 11th. This represents a $1.47 annualized dividend and a dividend yield of 1.03%. Ross Stores’s dividend payout ratio is presently 24.79%.

Insider Activity at Ross Stores

In related news, Director Patricia H. Mueller sold 2,265 shares of Ross Stores stock in a transaction that occurred 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 sale, the director now directly owns 1,914 shares in the company, valued at $278,257.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ross Stores news, Director Patricia H. Mueller sold 2,265 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $145.38, for a total value of $329,285.70. Following the sale, the director now directly owns 1,914 shares of the company’s stock, valued at $278,257.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Larree M. Renda sold 4,168 shares of the business’s stock in a transaction on Thursday, March 28th. The stock was 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 71,097 shares of company stock worth $10,396,178 over the last ninety days. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ross Stores

Hedge funds have recently added to or reduced their stakes in the stock. Riverview Trust Co bought a new stake in Ross Stores in the first quarter worth $26,000. Rise Advisors LLC purchased a new position in shares of Ross Stores in the first quarter worth $27,000. Clearstead Advisors LLC raised its stake in shares of Ross Stores by 458.0% in the third quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after purchasing an additional 229 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Ross Stores by 52.9% in the fourth quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after purchasing an additional 83 shares during the last quarter. Finally, Rock Creek Group LP purchased a new position in shares of Ross Stores in the third quarter worth $35,000. 86.86% of the stock is owned by institutional investors.

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.