On September 14, 2023, it was reported that EP Wealth Advisors LLC has acquired a new position in shares of Ross Stores, Inc. (NASDAQ:ROST) during the first quarter. According to their disclosure with the Securities and Exchange Commission, the firm purchased 16,965 shares of the apparel retailer’s stock, which were valued at approximately $4,978,000.
This acquisition comes after Ross Stores announced its quarterly earnings data on August 17th. The company reported earnings per share (EPS) of $1.32 for the quarter, surpassing analysts’ consensus estimates of $1.16 by $0.16. Additionally, Ross Stores generated revenue of $4.93 billion for the quarter, exceeding analyst estimates of $4.75 billion.
Ross Stores demonstrated strong financial performance during this period, with a net margin of 8.36% and a return on equity of 37.36%. The company’s revenue for the quarter also experienced a year-over-year increase of 7.7%. In comparison to the same quarter last year when earnings per share were $1.11.
Following these positive results, multiple brokerages have provided their insights on Ross Stores’ stock (ROST). Loop Capital raised their price target from $125.00 to $135.00 and assigned a “buy” rating to the stock in a research report on August 18th. Citigroup also increased their price target from $133.00 to $136.00 and gave the stock a “buy” rating on the same day.
In addition to these ratings, StockNews.com recently initiated coverage on Ross Stores and recommended buying shares in their research report released on August 17th. Similarly, BMO Capital Markets raised their price target from $113.00 to $127.00 while giving the stock an “outperform” rating.
Bank of America further bolstered confidence in Ross Stores by increasing their price target from $135.00 to $140.00 and issuing a “buy” rating on August 18th. However, it is important to note that one analyst has rated the stock as a sell, while two have given it a hold rating. Sixteen analysts have given Ross Stores a buy rating.
According to Bloomberg, the consensus rating for Ross Stores’ stock is currently determined as “Moderate Buy,” with a consensus target price of $127.00.
Overall, with EP Wealth Advisors LLC acquiring shares in Ross Stores and positive quarterly earnings announcements that exceeded expectations, investor confidence in the company appears to be growing. Analysts’ ratings and price targets further support this sentiment, indicating their belief in the potential for the company’s future success.
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Hedge Funds and Institutional Investors Alter Holdings in Ross Stores: A Detailed Analysis of Recent Changes
Stockholders and investors closely monitor the positions of hedge funds and institutional investors when making decisions about their own portfolios. Recently, several prominent players in the financial industry have made changes to their holdings in Ross Stores, a well-known apparel retailer.
Vanguard Group Inc., for instance, increased its stake in Ross Stores by 0.5% during the first quarter of this year. Currently, Vanguard Group Inc. owns a whopping 27,510,301 shares of the company’s stock. This sizable investment is valued at $2,488,582,000.
Similarly, Geode Capital Management LLC raised its stake in Ross Stores by 1.7% during the same period. Geode Capital Management LLC now possesses 7,361,375 shares of the company’s stock with an estimated value of $779,543,000.
JPMorgan Chase & Co., another major player in the financial sector, also decided to increase its stake in Ross Stores by 21% during the first quarter. The company now holds an impressive 6,036,224 shares worth approximately $640,624,000.
Victory Capital Management Inc., on the other hand raised its stake in Ross Stores by 1%, owning now 5,318,339 shares worth $617,
300,
000. Finally,
Morgan Stanley significantly increased its stake in Ross Stores by a staggering 84.6% during last quarter.
The banking giant now owns a grand total of 4,
742,
218
shares,
valued at around
$550,
429,
000.
It is interesting to note that approximately
85%
of the stock is currently owned by institutional investors;
making their confidence quite palpable.
In terms of recent news concerning Ross Stores itself; CMO Brian R.
Morrow announced that he sold
25,
945
shares
of the company’s stock on Wednesday;
August
23rd.
These shares were sold at an average price of $121.53, amounting to a total transaction value of $3,
153,
095.85.
Following this sale, the chief marketing officer now directly owns 67,
033
shares of the company’s stock valued at $8,
146,
520.49.
CEO Barbara Rentler also made a noteworthy move, selling 20,000 shares of Ross Stores stock on Friday;
August
25th.
These shares were sold at an average price of $119.07 each; resulting in a total value of $2,
381,
400.00.
After this transaction, the chief executive officer directly holds 305,
425
shares in the company with a market value of approximately $36,
366,
954.75.
Overall, insiders have collectively sold 69,199 shares of company stock valued at around $8,325,441 over the past three months.
This represents about 2% of the company’s overall stock ownership by corporate insiders.
Ross Stores’ stock opened at $116.82 on Thursday and continues to attract investor attention. The company’s fifty-day simple moving average stands at $115.26 while its two-hundred-day simple moving average is slightly lower at $108.88.
These figures illustrate the steady performance that Ross Stores has maintained in recent times.
With a market capitalization totaling approximately $39.80 billion, Ross Stores holds significant weight within the apparel retail industry.
The company currently boasts a price-to-earnings ratio of 24.75 and just under $40 billion debt-to-equity ratio sits comfortably at 0.55 – confirming its prudent financial management.
Despite some fluctuations in market values over time, it is noteworthy to mention that Ross Stores achieved both its 12-month lows and highs within this past year; reaching lows as low as $81.21 and highs as high as $122.70 respectively.
As always when making investment decisions, it is essential for investors to carefully evaluate available information and consider their own financial goals and risk appetite.
