abrdn plc Purchases 57,022 Shares of Ross Stores, Inc. (NASDAQ:ROST)

abrdn plc grew its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 65.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,970 shares of the apparel retailer’s stock after buying an additional 57,022 shares during the quarter. abrdn plc’s holdings in Ross Stores were worth $19,924,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of ROST. Clearstead Advisors LLC lifted its position in shares of Ross Stores by 458.0% during the 3rd quarter. Clearstead Advisors LLC now owns 279 shares of the apparel retailer’s stock worth $32,000 after buying an additional 229 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Ross Stores by 52.9% during the 4th quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock worth $33,000 after buying an additional 83 shares in the last quarter. Rock Creek Group LP purchased a new stake in shares of Ross Stores during the 3rd quarter worth approximately $35,000. Steward Financial Group LLC increased its stake in shares of Ross Stores by 164.1% during the 3rd quarter. Steward Financial Group LLC now owns 338 shares of the apparel retailer’s stock worth $38,000 after purchasing an additional 210 shares during the last quarter. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in shares of Ross Stores during the 4th quarter worth approximately $51,000. Institutional investors own 86.86% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of Ross Stores from $155.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. raised their price target on shares of Ross Stores from $150.00 to $163.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 6th. Guggenheim raised their price target on shares of Ross Stores from $140.00 to $165.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Robert W. Baird raised their price target 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. Finally, TD Cowen raised their price target on shares of Ross Stores from $144.00 to $169.00 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $155.21.

Ross Stores Stock Performance

NASDAQ ROST opened at $133.09 on Wednesday. Ross Stores, Inc. has a 52-week low of $99.00 and a 52-week high of $151.12. 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 company has a market capitalization of $44.81 billion, a P/E ratio of 23.94, a P/E/G ratio of 1.90 and a beta of 1.04. The company has a fifty day moving average of $143.47 and a 200-day moving average of $135.16.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings data on Tuesday, March 5th. The apparel retailer reported $1.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.19. Ross Stores had a net margin of 9.20% and a return on equity of 41.15%. The company had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same period in the previous year, the firm posted $1.31 EPS. The firm’s revenue was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Ross Stores, Inc. will post 5.89 EPS for the current fiscal year.

Ross Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were paid a $0.3675 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Ross Stores’s previous quarterly dividend of $0.34. This represents a $1.47 annualized dividend and a yield of 1.10%. Ross Stores’s payout ratio is currently 26.44%.

Ross Stores declared that its Board of Directors has approved a stock repurchase plan on Tuesday, March 5th that permits the company to buyback $2.10 billion in shares. This buyback authorization permits the apparel retailer to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

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 shares were sold at an average price of $145.38, for a total value of $329,285.70. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CMO Brian R. Morrow sold 10,734 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Director Patricia H. Mueller sold 2,265 shares of the company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $145.38, for a total transaction of $329,285.70. Following the transaction, the director now directly owns 1,914 shares of the company’s stock, valued at $278,257.32. The disclosure for this sale can be found here. Insiders sold 71,097 shares of company stock valued at $10,396,178 over the last three months. Insiders own 2.00% of the company’s stock.

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.