Ross Stores, Inc. (NASDAQ:ROST) – Equities research analysts at William Blair upped their Q2 2020 earnings per share estimates for Ross Stores in a report issued on Friday, May 24th. William Blair analyst D. Hofkin now anticipates that the apparel retailer will post earnings of $1.12 per share for the quarter, up from their prior estimate of $1.08. William Blair also issued estimates for Ross Stores’ Q3 2020 earnings at $1.02 EPS, Q4 2020 earnings at $1.26 EPS, FY2020 earnings at $4.55 EPS, Q1 2021 earnings at $1.25 EPS, Q2 2021 earnings at $1.21 EPS, Q3 2021 earnings at $1.10 EPS, Q4 2021 earnings at $1.36 EPS and FY2021 earnings at $4.92 EPS.
A number of other brokerages have also issued reports on ROST. BidaskClub raised shares of Ross Stores from a “hold” rating to a “buy” rating in a report on Wednesday, May 22nd. Zacks Investment Research lowered shares of Ross Stores from a “hold” rating to a “sell” rating in a report on Tuesday, May 7th. Guggenheim reissued a “buy” rating and issued a $105.00 price target on shares of Ross Stores in a report on Friday. DA Davidson raised their price target on shares of Ross Stores to $92.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Finally, Wells Fargo & Co raised their price target on shares of Ross Stores from $92.00 to $104.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Ten research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $98.13.
Ross Stores (NASDAQ:ROST) last announced its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.01. The business had revenue of $3.80 billion for the quarter, compared to analyst estimates of $3.79 billion. Ross Stores had a net margin of 10.60% and a return on equity of 49.58%. The company’s revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.11 EPS.
Ross Stores declared that its Board of Directors has initiated a share repurchase plan on Tuesday, March 5th that allows the company to buyback $2.55 billion in shares. This buyback authorization allows the apparel retailer to repurchase up to 7.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Tuesday, June 11th will be given a $0.255 dividend. The ex-dividend date is Monday, June 10th. This represents a $1.02 annualized dividend and a dividend yield of 1.10%. Ross Stores’s dividend payout ratio is 23.94%.
In other news, insider Bernard G. Brautigan sold 19,384 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $93.56, for a total value of $1,813,567.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Michael Balmuth sold 25,689 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $90.77, for a total transaction of $2,331,790.53. Following the completion of the sale, the chairman now directly owns 51,998 shares of the company’s stock, valued at $4,719,858.46. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,054 shares of company stock valued at $12,504,328. Corporate insiders own 2.30% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Wetherby Asset Management Inc. lifted its position in Ross Stores by 1.0% during the 1st quarter. Wetherby Asset Management Inc. now owns 11,353 shares of the apparel retailer’s stock valued at $1,057,000 after acquiring an additional 114 shares during the period. Cetera Advisor Networks LLC lifted its position in Ross Stores by 0.9% during the 1st quarter. Cetera Advisor Networks LLC now owns 13,143 shares of the apparel retailer’s stock valued at $1,225,000 after acquiring an additional 116 shares during the period. Private Trust Co. NA lifted its position in Ross Stores by 2.1% during the 1st quarter. Private Trust Co. NA now owns 5,826 shares of the apparel retailer’s stock valued at $542,000 after acquiring an additional 120 shares during the period. BRYN MAWR TRUST Co lifted its position in Ross Stores by 3.9% during the 1st quarter. BRYN MAWR TRUST Co now owns 3,245 shares of the apparel retailer’s stock valued at $302,000 after acquiring an additional 123 shares during the period. Finally, BerganKDV Wealth Management LLC lifted its position in Ross Stores by 3.0% during the 4th quarter. BerganKDV Wealth Management LLC now owns 4,259 shares of the apparel retailer’s stock valued at $354,000 after acquiring an additional 126 shares during the period. 88.31% of the stock is owned by hedge funds and other 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 brands. Its stores primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.
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