BMO Capital Markets Lowers Ross Stores (NASDAQ:ROST) Price Target to $99.00

Ross Stores (NASDAQ:ROSTGet Rating) had its target price cut by BMO Capital Markets from $116.00 to $99.00 in a report released on Friday morning, The Fly reports.

ROST has been the topic of several other reports. Morgan Stanley lifted their target price on shares of Ross Stores from $137.00 to $139.00 and gave the stock an overweight rating in a research note on Tuesday, April 26th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Ross Stores from $122.00 to $123.00 in a research note on Monday, May 16th. Truist Financial reduced their price objective on shares of Ross Stores from $136.00 to $122.00 in a research report on Friday, February 18th. Loop Capital reduced their price objective on shares of Ross Stores from $95.00 to $80.00 and set a hold rating on the stock in a research report on Friday. Finally, Cowen reduced their price objective on shares of Ross Stores from $109.00 to $103.00 and set a market perform rating on the stock in a research report on Tuesday, February 22nd. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $102.73.

Shares of ROST opened at $78.75 on Friday. The firm has a market cap of $27.67 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 1.84 and a beta of 0.92. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24 and a current ratio of 1.77. Ross Stores has a fifty-two week low of $69.75 and a fifty-two week high of $127.58. The firm has a 50 day moving average price of $95.75 and a 200-day moving average price of $100.64.

Ross Stores (NASDAQ:ROSTGet Rating) last issued its earnings results on Thursday, May 19th. The apparel retailer reported $0.97 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.03). Ross Stores had a return on equity of 39.79% and a net margin of 8.46%. The firm had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.54 billion. During the same period in the previous year, the firm earned $1.34 earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts predict that Ross Stores will post 5.04 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Tuesday, June 7th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date is Monday, June 6th. Ross Stores’s payout ratio is 27.62%.

Ross Stores declared that its Board of Directors has initiated a share buyback program on Tuesday, March 1st that permits the company to repurchase $1.90 billion in outstanding shares. This repurchase authorization permits the apparel retailer to buy up to 6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

A number of institutional investors have recently made changes to their positions in the stock. Advisory Services Network LLC boosted its stake in Ross Stores by 52.6% in the 1st quarter. Advisory Services Network LLC now owns 4,371 shares of the apparel retailer’s stock worth $394,000 after purchasing an additional 1,506 shares in the last quarter. Neuberger Berman Group LLC boosted its stake in Ross Stores by 15.0% in the 1st quarter. Neuberger Berman Group LLC now owns 14,679 shares of the apparel retailer’s stock worth $1,328,000 after purchasing an additional 1,916 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Ross Stores by 59.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 493,575 shares of the apparel retailer’s stock worth $44,989,000 after purchasing an additional 183,649 shares in the last quarter. Toroso Investments LLC boosted its stake in Ross Stores by 62.3% in the 1st quarter. Toroso Investments LLC now owns 15,489 shares of the apparel retailer’s stock worth $1,401,000 after purchasing an additional 5,943 shares in the last quarter. Finally, Walleye Capital LLC boosted its stake in Ross Stores by 8.9% in the 1st quarter. Walleye Capital LLC now owns 174,856 shares of the apparel retailer’s stock worth $15,817,000 after purchasing an additional 14,259 shares in the last quarter. Institutional investors own 87.02% of the company’s stock.

About Ross Stores (Get Rating)

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. 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.

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