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

Ross Stores (NASDAQ:ROST) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 5.790-5.980 for the period, compared to the consensus earnings per share estimate of 5.920. The company issued revenue guidance of -. Ross Stores also updated its Q2 2024 guidance to 1.430-1.490 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ROST. Jefferies Financial Group raised their price target on Ross Stores from $135.00 to $147.00 and gave the company a hold rating in a report on Wednesday, March 6th. Morgan Stanley raised their price target on Ross Stores from $159.00 to $161.00 and gave the company an overweight rating in a report on Friday. Guggenheim lifted their target price on Ross Stores from $165.00 to $170.00 and gave the company a buy rating in a research note on Friday. Wells Fargo & Company lifted their target price on Ross Stores from $150.00 to $160.00 and gave the company an overweight rating in a research note on Friday. Finally, Barclays lifted their target price on Ross Stores from $163.00 to $165.00 and gave the company an overweight rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $156.58.

Ross Stores Stock Performance

Shares of ROST stock opened at $142.13 on Friday. The company’s fifty day simple moving average is $136.85 and its 200-day simple moving average is $137.56. 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 $47.86 billion, a PE ratio of 23.97, a P/E/G ratio of 1.99 and a beta of 1.06. 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 for the quarter, topping analysts’ consensus estimates of $1.35 by $0.11. The business had revenue of $4.86 billion for the quarter, compared to the consensus estimate of $4.83 billion. Ross Stores had a net margin of 9.60% and a return on equity of 42.95%. The firm’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.09 earnings per share. Equities research analysts expect that Ross Stores will post 5.89 EPS for the current fiscal year.

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Tuesday, June 11th will be issued a $0.3675 dividend. The ex-dividend date is Tuesday, June 11th. This represents a $1.47 annualized dividend and a dividend yield of 1.03%. Ross Stores’s dividend payout ratio is currently 24.79%.

Ross Stores declared that its board has approved a stock buyback plan on Tuesday, March 5th that authorizes the company to repurchase $2.10 billion in outstanding shares. This repurchase authorization authorizes the apparel retailer to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Ross Stores

In other news, insider Michael K. Kobayashi sold 13,860 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $147.46, for a total value of $2,043,795.60. Following the completion of the sale, the insider now owns 61,657 shares of the company’s stock, valued at $9,091,941.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Michael K. Kobayashi sold 13,860 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $147.46, for a total value of $2,043,795.60. Following the completion of the sale, the insider now owns 61,657 shares of the company’s stock, valued at $9,091,941.22. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Patricia H. Mueller sold 2,265 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $145.38, for a total transaction of $329,285.70. Following the sale, the director now directly owns 1,914 shares of the company’s stock, valued at approximately $278,257.32. The disclosure for this sale can be found here. Insiders have sold a total of 71,097 shares of company stock worth $10,396,178 over the last ninety days. Insiders own 2.10% of the company’s stock.

About Ross Stores

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.