Ross Stores (NASDAQ:ROST) Stock Crosses Above 50-Day Moving Average – What’s Next?

Ross Stores, Inc. (NASDAQ:ROST) shares passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $230.80 and traded as high as $232.95. Ross Stores shares last traded at $231.60, with a volume of 2,309,330 shares traded.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Jefferies Financial Group boosted their price target on shares of Ross Stores from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Friday, August 21st. Wells Fargo & Company lifted their price objective on shares of Ross Stores from $245.00 to $248.00 and gave the company an “equal weight” rating in a research note on Friday, August 21st. Zacks Research raised shares of Ross Stores from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 6th. Barclays increased their target price on Ross Stores from $260.00 to $298.00 and gave the stock an “overweight” rating in a research report on Friday, August 21st. Finally, Sanford C. Bernstein raised their price target on Ross Stores from $230.00 to $240.00 and gave the stock a “market perform” rating in a report on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold 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 $272.06.

Ross Stores Stock Performance

The stock has a market capitalization of $73.98 billion, a PE ratio of 28.04, a P/E/G ratio of 2.06 and a beta of 0.85. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.61 and a quick ratio of 0.98. The business’s fifty day moving average price is $230.80 and its 200-day moving average price is $222.45.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Thursday, August 20th. The apparel retailer reported $2.66 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.71. The company had revenue of $6.26 billion during the quarter, compared to analyst estimates of $6.16 billion. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. Ross Stores’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the business earned $1.56 earnings per share. As a group, equities research analysts expect that Ross Stores, Inc. will post 8.15 EPS for the current year.

Ross Stores Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th were issued a $0.4450 dividend. This represents a $1.78 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 8th. Ross Stores’s dividend payout ratio (DPR) is presently 21.55%.

Insiders Place Their Bets

In other news, CEO James Conroy sold 49,205 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $229.48, for a total value of $11,291,563.40. Following the transaction, the chief executive officer owned 134,349 shares of the company’s stock, valued at approximately $30,830,408.52. This represents a 26.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Stephen C. Brinkley sold 6,424 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.66, for a total value of $1,475,335.84. Following the completion of the sale, the insider owned 51,665 shares in the company, valued at $11,865,383.90. This trade represents a 11.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Ross Stores

A number of institutional investors have recently added to or reduced their stakes in ROST. BlackRock Inc. purchased a new position in shares of Ross Stores during the second quarter worth about $5,938,711,000. Bank of America Corp DE purchased a new stake in Ross Stores in the second quarter valued at approximately $2,024,203,000. Primecap Management Co. CA purchased a new stake in Ross Stores in the second quarter valued at approximately $1,937,995,000. Wellington Management Group LLP raised its stake in Ross Stores by 89.2% in the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer’s stock valued at $1,408,148,000 after purchasing an additional 3,118,591 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in Ross Stores in the second quarter valued at approximately $476,200,000. 86.86% of the stock is currently owned by institutional investors.

Ross Stores Company Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.