Proficio Capital Partners LLC Acquires New Stake in Ross Stores, Inc. $ROST

Proficio Capital Partners LLC bought a new position in Ross Stores, Inc. (NASDAQ:ROST) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 2,639 shares of the apparel retailer’s stock, valued at approximately $562,000.

Several other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Ross Stores during the second quarter worth $5,938,711,000. State Street Corp increased its holdings in shares of Ross Stores by 0.7% in the 4th quarter. State Street Corp now owns 13,911,953 shares of the apparel retailer’s stock valued at $2,506,099,000 after purchasing an additional 99,975 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Ross Stores by 20.9% in the 2nd quarter. Bank of America Corp DE now owns 9,582,401 shares of the apparel retailer’s stock valued at $1,222,523,000 after purchasing an additional 1,657,008 shares in the last quarter. Primecap Management Co. CA purchased a new position in shares of Ross Stores in the 2nd quarter valued at about $1,937,995,000. Finally, Morgan Stanley increased its holdings in Ross Stores by 1.5% in the fourth quarter. Morgan Stanley now owns 5,436,788 shares of the apparel retailer’s stock valued at $979,384,000 after buying an additional 79,519 shares in the last quarter. 86.86% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ROST shares. Barclays boosted their price target on Ross Stores from $260.00 to $298.00 and gave the stock an “overweight” rating in a research note on Friday, August 21st. Sanford C. Bernstein raised their price objective on Ross Stores from $230.00 to $240.00 and gave the company a “market perform” rating in a research note on Friday, August 21st. Truist Financial lifted their price objective on Ross Stores from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Friday, August 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of Ross Stores in a research report on Monday, July 6th. Finally, Citigroup upped their target price on Ross Stores from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, August 21st. Fifteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $263.76.

Ross Stores Stock Down 2.7%

Shares of NASDAQ ROST opened at $229.87 on Friday. The firm’s 50-day moving average is $234.04 and its two-hundred day moving average is $223.42. The company has a market capitalization of $73.74 billion, a PE ratio of 27.83, a price-to-earnings-growth ratio of 1.98 and a beta of 0.86. Ross Stores, Inc. has a 12-month low of $143.39 and a 12-month high of $257.00. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.61 and a quick ratio of 0.98.

Ross Stores (NASDAQ:ROST) last issued its quarterly earnings data on Thursday, August 20th. The apparel retailer reported $2.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.71. Ross Stores had a net margin of 10.85% and a return on equity of 39.29%. The business had revenue of $6.26 billion during the quarter, compared to analysts’ expectations of $6.16 billion. During the same period last year, the company posted $1.56 EPS. The company’s revenue was up 13.3% on a year-over-year basis. Equities analysts anticipate that Ross Stores, Inc. will post 8.15 EPS for the current fiscal year.

Ross Stores Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be given a dividend of $0.445 per share. The ex-dividend date of this dividend is Tuesday, September 8th. This represents a $1.78 annualized dividend and a yield of 0.8%. Ross Stores’s dividend payout ratio (DPR) is presently 21.55%.

About Ross Stores

Ross Stores, Inc (NASDAQ: ROST) is an American off‑price retailer headquartered in Dublin, California, that operates the Ross Dress for Less and dd’s DISCOUNTS store formats. The company sells a broad assortment of apparel, footwear, home fashions, accessories and other soft goods, positioning itself as a value-oriented destination for brand‑name and fashion merchandise at reduced prices.

Ross’s business model centers on opportunistic buying of excess inventory, closeouts, cancelled orders and overstocks from manufacturers, department stores and other suppliers.