Primecap Management Co. CA Decreases Stake in Ross Stores, Inc. (NASDAQ:ROST)

Primecap Management Co. CA reduced its position in Ross Stores, Inc. (NASDAQ:ROST) by 0.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,650,717 shares of the apparel retailer’s stock after selling 62,207 shares during the period. Ross Stores makes up about 1.1% of Primecap Management Co. CA’s holdings, making the stock its 22nd biggest holding. Primecap Management Co. CA owned approximately 3.19% of Ross Stores worth $1,547,762,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted 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 valued at $4,243,740,000 after buying an additional 346,474 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Ross Stores by 3.4% in the 4th quarter. Franklin Resources Inc. now owns 4,931,795 shares of the apparel retailer’s stock valued at $682,511,000 after purchasing an additional 161,202 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 601,031 shares in the last quarter. Norges Bank acquired a new stake in shares of Ross Stores in the 4th quarter valued at about $523,185,000. Finally, Victory Capital Management Inc. raised its stake in shares of Ross Stores by 11.7% in the 2nd quarter. Victory Capital Management Inc. now owns 3,310,364 shares of the apparel retailer’s stock valued at $481,062,000 after purchasing an additional 347,006 shares in the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ROST shares. Wells Fargo & Company upped their target price on shares of Ross Stores from $160.00 to $175.00 and gave the company an “overweight” rating in a research note on Friday, August 23rd. Loop Capital upped their target price on shares of Ross Stores from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Gordon Haskett upgraded shares of Ross Stores to a “strong-buy” rating in a research note on Friday, August 23rd. Telsey Advisory Group upped their target price on shares of Ross Stores from $160.00 to $175.00 and gave the company a “market perform” rating in a research note on Friday, August 23rd. Finally, Bank of America increased their price objective on shares of Ross Stores from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ross Stores currently has a consensus rating of “Moderate Buy” and a consensus target price of $169.71.

Insider Activity

In other news, Chairman Michael Balmuth sold 14,887 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $152.22, for a total value of $2,266,099.14. Following the completion of the transaction, the chairman now directly owns 11,133 shares in the company, valued at $1,694,665.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Barbara Rentler sold 48,885 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $153.93, for a total transaction of $7,524,868.05. Following the completion of the sale, the chief executive officer now directly owns 311,853 shares in the company, valued at $48,003,532.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Michael Balmuth sold 14,887 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $152.22, for a total transaction of $2,266,099.14. Following the sale, the chairman now owns 11,133 shares of the company’s stock, valued at $1,694,665.26. The disclosure for this sale can be found here. Insiders own 2.10% of the company’s stock.

Ross Stores Trading Down 1.3 %

Ross Stores stock opened at $153.17 on Tuesday. The firm has a 50 day simple moving average of $146.98 and a 200-day simple moving average of $142.97. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.56 and a quick ratio of 1.05. The stock has a market capitalization of $51.09 billion, a PE ratio of 25.83, a price-to-earnings-growth ratio of 2.48 and a beta of 1.09. Ross Stores, Inc. has a 12-month low of $108.35 and a 12-month high of $163.60.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings data on Thursday, August 22nd. The apparel retailer reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.09. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.25 billion. Ross Stores had a net margin of 9.82% and a return on equity of 42.43%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm posted $1.32 earnings per share. As a group, equities research analysts expect that Ross Stores, Inc. will post 6.2 EPS for the current fiscal year.

Ross Stores Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 10th will be issued a $0.3675 dividend. This represents a $1.47 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Tuesday, September 10th. Ross Stores’s dividend payout ratio (DPR) is presently 24.79%.

Ross Stores 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.