Ross Stores (NASDAQ:ROST) Releases Q2 2024 Earnings Guidance

Ross Stores (NASDAQ:ROST) issued an update on its second quarter 2024 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of 1.430-1.490 for the period, compared to the consensus estimate of 1.450. The company issued revenue guidance of -. Ross Stores also updated its FY 2024 guidance to 5.790-5.980 EPS.

Wall Street Analysts Forecast Growth

ROST has been the topic of a number of analyst reports. Loop Capital upped their target price on shares of Ross Stores from $150.00 to $170.00 and gave the company a buy rating in a research note on Wednesday, March 6th. Wells Fargo & Company increased their target price on Ross Stores from $150.00 to $160.00 and gave the stock an overweight rating in a report on Friday. Jefferies Financial Group boosted their price target on Ross Stores from $135.00 to $147.00 and gave the company a hold rating in a research note on Wednesday, March 6th. Guggenheim increased their price objective on Ross Stores from $165.00 to $170.00 and gave the stock a buy rating in a research note on Friday. Finally, Barclays upped their target price on shares of Ross Stores from $163.00 to $165.00 and gave the stock an overweight rating in a report on Friday. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, Ross Stores currently has a consensus rating of Moderate Buy and a consensus price target of $156.58.

Ross Stores Trading Up 7.8 %

ROST stock opened at $142.13 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.77 and a debt-to-equity ratio of 0.45. Ross Stores has a twelve month low of $100.66 and a twelve month high of $151.12. The company has a market cap of $47.86 billion, a P/E ratio of 23.97, a PEG ratio of 2.14 and a beta of 1.06. The business has a fifty day moving average of $136.85 and a 200-day moving average of $137.66.

Ross Stores (NASDAQ:ROST) last announced its quarterly earnings data on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.11. Ross Stores had a return on equity of 42.95% and a net margin of 9.60%. The firm had revenue of $4.86 billion during the quarter, compared to analysts’ expectations of $4.83 billion. During the same period in the previous year, the business posted $1.09 EPS. The company’s quarterly revenue was up 8.1% compared to the same quarter last year. As a group, equities research analysts expect that Ross Stores will post 5.93 EPS for the current year.

Ross Stores Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors 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 yield of 1.03%. Ross Stores’s dividend payout ratio is currently 24.79%.

Ross Stores announced that its board has approved a share repurchase program on Tuesday, March 5th that allows the company to buyback $2.10 billion in shares. This buyback authorization allows the apparel retailer to reacquire up to 4.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Larree M. Renda sold 4,168 shares of the stock in a transaction on Thursday, March 28th. The stock was sold at an average price of $147.89, for a total value of $616,405.52. Following the transaction, the director now owns 3,166 shares of the company’s stock, valued at approximately $468,219.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Michael K. Kobayashi sold 13,860 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $147.46, for a total transaction of $2,043,795.60. Following the completion of the transaction, the insider now directly owns 61,657 shares in the company, valued at approximately $9,091,941.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Larree M. Renda sold 4,168 shares of the company’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $147.89, for a total value of $616,405.52. Following the completion of the sale, the director now directly owns 3,166 shares of the company’s stock, valued at $468,219.74. The disclosure for this sale can be found here. In the last 90 days, insiders sold 71,097 shares of company stock valued at $10,396,178. Company insiders own 2.10% of the company’s stock.

Ross Stores Company Profile

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.