On June 3, 2023, it was announced that Geode Capital Management LLC had increased its position in shares of Ross Stores, Inc. (NASDAQ:ROST) by 1.7% during the fourth quarter. According to the Securities and Exchange Commission filing, the firm owned 7,235,856 shares of the apparel retailer’s stock after acquiring an additional 120,161 shares during the period. Geode Capital Management LLC now owns approximately 2.10% of Ross Stores worth $838,367,000 as of its most recent filing with the Securities and Exchange Commission.
This news comes after Ross Stores (NASDAQ:ROST) released its quarterly earnings results on Thursday, May 18th. The apparel retailer reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.48 billion.
Despite some changes in price targets from research firms like Robert W. Baird and Barclays reducing their target price on shares of Ross Stores from $139 to $122 in a research report on May 2nd respectively, Credit Suisse Group reissued an “outperform” rating and issued a $123.00 target price on shares of Ross Stores in a research note on March 1st Loop Capital also increased their target price on Ross Stores from $115 to $120 in a research note provided just recently (May 19th). Moreover, StockNews.com has raised its rating for ROST from hold to buy with one analyst rating the stock as neutral.
With analysts expecting that Ross Stores will post an EPS financial year figure of around $4.91, it is expected that investors who have stakes in this leading apparel firm will continue to benefit greatly from promising returns for many years to come as this trend persists.
All in all, with its continually solid earnings and a diverse range of price targets assigned by leading research firms Ross Stores is expected to continue attracting attention from investors as it continues with its sustained growth in the coming years.
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Institutional Investors Show Interest in Ross Stores despite Pandemic Volatility
Ross Stores, Inc. (ROST) has seen strong interest from a number of institutional investors in recent months, including Accurate Wealth Management LLC and Arlington Partners LLC. These firms have purchased new stakes worth approximately $25,000 and $28,000 respectively during the fourth quarter of the previous fiscal year. Capital Directions Investment Advisors LLC and Elequin Securities LLC also bought new stakes in ROST with a value of about $30,000 each. Finally, General Partner Inc. purchased a new stake valued at around $39,000 during the same period. These hedge funds and institutional investors now own 89.07% of the company’s stock.
Shares of ROST traded up by $0.26 to reach $101.16 on June 3rd during mid-day trading which indicates strong demand for its shares among investors despite the current pandemic situation worldwide. The stock has a market cap worth $34.60 billion with a price-to-earnings ratio of 22.37, a PEG ratio of 2.01 and a beta of 0.98 giving an indication that it is slightly more volatile than some other stocks.
Several research firms recently commented on ROST with Robert W Baird dropping their price objective on shares from $130 to $125 while Loop Capital increased their target to between $115-$120 in accordance with recent market trends within the retail sector due to Covid-19 crisis.
The CEO Barbara Rentler sold 30,000 shares of ROST stock on May 25th for an average price of $102.39 per share leading her net worth up to more than thirty million dollars currently despite selling these shares at what could seem like a disadvantageous time given how volatile markets have been recently.
The business is paying out dividends that will be paid off by June 30th which represents an annualized payout rate at present time or approximately one-third yield per share held by investors with ex-dividend by Monday, June 5th according to sources familiar with the matter cited earlier.
