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

Ross Stores (NASDAQ:ROST) updated its second quarter 2024 earnings guidance on Friday. The company provided EPS guidance of 1.430-1.490 for the period, compared to the consensus EPS estimate of 1.450. The company issued revenue guidance of -. Ross Stores also updated its FY 2024 guidance to 5.790-5.980 EPS.

Ross Stores Trading Up 0.3 %

Shares of ROST stock opened at $131.86 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.77 and a debt-to-equity ratio of 0.45. The firm has a market cap of $44.40 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.98 and a beta of 1.06. The business has a 50-day moving average price of $136.91 and a two-hundred day moving average price of $137.42. Ross Stores has a 12-month low of $100.66 and a 12-month high of $151.12.

Ross Stores (NASDAQ:ROST) last issued its earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share (EPS) 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 41.15% and a net margin of 9.20%. Ross Stores’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share. Equities analysts anticipate that Ross Stores will post 5.89 EPS for the current fiscal year.

Ross Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Tuesday, June 11th will be paid a $0.3675 dividend. This represents a $1.47 annualized dividend and a yield of 1.11%. The ex-dividend date of this dividend is Tuesday, June 11th. Ross Stores’s dividend payout ratio is presently 26.44%.

Ross Stores declared that its Board of Directors has initiated a share 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 shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Ross Stores from $150.00 to $163.00 and gave the company an overweight rating in a report on Wednesday, March 6th. Robert W. Baird lifted their target price 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. Guggenheim upped their price target on shares of Ross Stores from $140.00 to $165.00 and gave the company a buy rating in a report on Wednesday, March 6th. Jefferies Financial Group raised their price target on shares of Ross Stores from $135.00 to $147.00 and gave the stock a hold rating in a report on Wednesday, March 6th. Finally, TD Cowen upped their price objective on shares of Ross Stores from $144.00 to $169.00 and gave the company an outperform rating in a research note on Wednesday, March 6th. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Ross Stores currently has a consensus rating of Moderate Buy and a consensus target price of $155.11.

Insider Buying and Selling

In related news, 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 value of $329,285.70. Following the transaction, the director now owns 1,914 shares in the company, valued at approximately $278,257.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Ross Stores news, Director Larree M. Renda sold 4,168 shares of Ross Stores 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 owns 3,166 shares of the company’s stock, valued at approximately $468,219.74. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Patricia H. Mueller sold 2,265 shares of the 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 sale, the director now directly owns 1,914 shares in the company, valued at $278,257.32. The disclosure for this sale can be found here. Insiders have sold 71,097 shares of company stock worth $10,396,178 in the last 90 days. 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.