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

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

Ross Stores Trading Up 7.8 %

Ross Stores stock opened at $142.13 on Friday. The stock has a market cap of $47.86 billion, a P/E ratio of 23.97, a PEG ratio of 1.99 and a beta of 1.06. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.77 and a quick ratio of 1.24. Ross Stores has a 1 year low of $100.66 and a 1 year high of $151.12. The firm’s 50 day moving average price is $136.85 and its 200-day moving average price is $137.56.

Ross Stores (NASDAQ:ROST) last released its quarterly earnings data on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.35 by $0.11. The firm had revenue of $4.86 billion for the quarter, compared to analysts’ expectations of $4.83 billion. Ross Stores had a net margin of 9.60% and a return on equity of 42.95%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.09 earnings per share. On average, equities analysts predict that Ross Stores will post 5.89 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The firm also recently announced 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. This represents a $1.47 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date is Tuesday, June 11th. Ross Stores’s dividend payout ratio (DPR) is presently 24.79%.

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

Analysts Set New Price Targets

ROST has been the subject of a number of recent research reports. Robert W. Baird raised their target price on shares of Ross Stores from $145.00 to $162.00 and gave the company an outperform rating in a report on Wednesday, March 6th. Telsey Advisory Group reaffirmed a market perform rating and set a $160.00 price objective on shares of Ross Stores in a research note on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Ross Stores from $150.00 to $163.00 and gave the stock an overweight rating in a research note on Wednesday, March 6th. Evercore ISI lifted their price objective on shares of Ross Stores from $155.00 to $165.00 and gave the stock an outperform rating in a research note on Friday. Finally, Barclays boosted their target price on shares of Ross Stores from $163.00 to $165.00 and gave the company an overweight rating in a research note on Friday. Four investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Ross Stores has an average rating of Moderate Buy and an average price target of $156.58.

Insider Buying and Selling

In related news, COO Michael J. Hartshorn sold 21,056 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.14, for a total value of $3,056,067.84. Following the transaction, the chief operating officer now owns 114,488 shares in the company, valued at approximately $16,616,788.32. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CMO Brian R. Morrow sold 10,734 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $146.00, for a total transaction of $1,567,164.00. Following the sale, the chief marketing officer now owns 62,711 shares of the company’s stock, valued at approximately $9,155,806. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael J. Hartshorn sold 21,056 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.14, for a total value of $3,056,067.84. Following the transaction, the chief operating officer now owns 114,488 shares in the company, valued at approximately $16,616,788.32. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,097 shares of company stock worth $10,396,178. 2.10% of the stock is owned by company insiders.

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.