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

Ross Stores (NASDAQ:ROSTGet Free Report) issued an update on its FY 2024 earnings guidance on Friday morning. 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 Analyst Weigh In

Several brokerages have commented on ROST. TD Cowen upped their price objective on shares of Ross Stores from $173.00 to $176.00 and gave the stock a buy rating in a report on Friday. Barclays upped their price objective on shares of Ross Stores from $160.00 to $163.00 and gave the stock an overweight rating in a report on Wednesday, March 6th. Loop Capital upped their price objective on shares of Ross Stores from $150.00 to $170.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Telsey Advisory Group restated a market perform rating and issued a $160.00 price objective on shares of Ross Stores in a report on Friday. Finally, BMO Capital Markets increased their price target on shares of Ross Stores from $138.00 to $165.00 and gave the stock an outperform rating in a research note on Wednesday, March 6th. Four equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $155.68.

Read Our Latest Stock Report on ROST

Ross Stores Stock Performance

Shares of NASDAQ ROST traded up $10.94 during trading on Friday, reaching $142.80. 1,834,311 shares of the company traded hands, compared to its average volume of 2,131,831. The firm has a 50 day simple moving average of $136.91 and a 200-day simple moving average of $137.42. 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 stock has a market capitalization of $48.08 billion, a PE ratio of 25.65, a P/E/G ratio of 1.98 and a beta of 1.06. Ross Stores has a 52-week low of $100.66 and a 52-week high of $151.12.

Ross Stores (NASDAQ:ROSTGet Free Report) last announced its quarterly earnings results on Thursday, May 23rd. The apparel retailer reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.11. The firm 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 9.20% and a return on equity of 41.15%. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.09 EPS. Equities research analysts anticipate that Ross Stores will post 5.89 earnings per share for the current year.

Ross Stores Dividend Announcement

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. 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 payout ratio is 26.44%.

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

Insider Buying and Selling

In related news, insider Michael K. Kobayashi sold 13,860 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now owns 61,657 shares of the company’s stock, valued at $9,091,941.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Patricia H. Mueller sold 2,265 shares of Ross Stores stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $145.38, for a total transaction of $329,285.70. Following the sale, the director now owns 1,914 shares in the company, valued at $278,257.32. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Michael K. Kobayashi sold 13,860 shares of Ross Stores stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $147.46, for a total transaction of $2,043,795.60. Following the sale, the insider now owns 61,657 shares in the company, valued at approximately $9,091,941.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,097 shares of company stock valued at $10,396,178. 2.10% of the stock is owned by insiders.

Ross Stores Company Profile

(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 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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Earnings History and Estimates for Ross Stores (NASDAQ:ROST)

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