JPMorgan Chase & Co. Boosts Ross Stores (NASDAQ:ROST) Price Target to $163.00

Ross Stores (NASDAQ:ROSTFree Report) had its price target raised by JPMorgan Chase & Co. from $150.00 to $163.00 in a research report report published on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the apparel retailer’s stock.

A number of other equities analysts have also issued reports on ROST. Wells Fargo & Company increased their price target on Ross Stores from $140.00 to $150.00 and gave the company an overweight rating in a research note on Friday, December 22nd. Evercore ISI increased their price target on Ross Stores from $155.00 to $165.00 and gave the company an outperform rating in a research note on Friday, February 23rd. Robert W. Baird lifted their price target on shares of Ross Stores from $145.00 to $162.00 and gave the stock an outperform rating in a research report on Wednesday. UBS Group upgraded shares of Ross Stores from a sell rating to a neutral rating and lifted their price target for the stock from $85.00 to $142.00 in a research report on Friday, February 23rd. Finally, Guggenheim lifted their price target on shares of Ross Stores from $140.00 to $165.00 and gave the stock a buy rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $155.21.

View Our Latest Analysis on Ross Stores

Ross Stores Stock Performance

ROST stock opened at $145.74 on Wednesday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.11 and a current ratio of 1.77. Ross Stores has a 1 year low of $99.00 and a 1 year high of $151.12. The stock’s fifty day moving average is $142.28 and its two-hundred day moving average is $129.37. The stock has a market capitalization of $49.07 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 2.12 and a beta of 1.04.

Ross Stores (NASDAQ:ROSTGet Free Report) last announced its quarterly earnings results 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 return on equity of 41.15% and a net margin of 9.20%. The company had revenue of $6.02 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the firm posted $1.31 EPS. The firm’s quarterly revenue was up 15.5% on a year-over-year basis. On average, research analysts predict that Ross Stores will post 5.85 EPS for the current year.

Ross Stores Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be issued a $0.3675 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This is a boost from Ross Stores’s previous quarterly dividend of $0.34. This represents a $1.47 dividend on an annualized basis and a yield of 1.01%. Ross Stores’s dividend payout ratio is currently 24.10%.

Ross Stores announced that its Board of Directors has initiated a share buyback program on Tuesday, March 5th that allows the company to repurchase $2.10 billion in shares. This repurchase authorization allows the apparel retailer to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Ross Stores

A number of large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. grew its stake in Ross Stores by 52.9% in the 4th quarter. Geneos Wealth Management Inc. now owns 240 shares of the apparel retailer’s stock valued at $33,000 after buying an additional 83 shares during the last quarter. First Capital Advisors Group LLC. bought a new position in Ross Stores during the second quarter worth $27,000. Resurgent Financial Advisors LLC bought a new position in Ross Stores during the fourth quarter worth $29,000. Raleigh Capital Management Inc. raised its stake in shares of Ross Stores by 41.8% in the fourth quarter. Raleigh Capital Management Inc. now owns 251 shares of the apparel retailer’s stock valued at $35,000 after purchasing an additional 74 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Ross Stores in the first quarter valued at $29,000. 84.79% of the stock is currently owned by institutional investors.

About Ross Stores

(Get Free Report)

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 primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores for households with moderate income.

Further Reading

Analyst Recommendations for Ross Stores (NASDAQ:ROST)

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