Q2 2023 Earnings Estimate for Ross Stores, Inc. (NASDAQ:ROST) Issued By Jefferies Financial Group

Ross Stores, Inc. (NASDAQ:ROST – Get Rating) – Stock analysts at Jefferies Financial Group lowered their Q2 2023 earnings per share estimates for shares of Ross Stores in a report issued on Thursday, May 19th. Jefferies Financial Group analyst C. Tarlowe now expects that the apparel retailer will earn $1.03 per share for the quarter, down from their previous forecast of $1.19. Jefferies Financial Group also issued estimates for Ross Stores’ Q3 2023 earnings at $1.13 EPS, Q4 2023 earnings at $1.32 EPS, Q1 2024 earnings at $1.12 EPS, Q2 2024 earnings at $1.20 EPS, Q3 2024 earnings at $1.25 EPS, Q4 2024 earnings at $1.42 EPS and FY2024 earnings at $4.98 EPS.

Ross Stores (NASDAQ:ROST – Get Rating) last posted 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). The business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.54 billion. Ross Stores had a return on equity of 39.79% and a net margin of 8.46%. The business’s revenue was down 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.34 earnings per share.

Other analysts also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Ross Stores from $90.00 to $80.00 and set an “equal weight” rating for the company in a report on Friday. Loop Capital cut their target price on shares of Ross Stores from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Friday. Telsey Advisory Group cut shares of Ross Stores from an “outperform” rating to a “market perform” rating and cut their target price for the company from $145.00 to $80.00 in a research note on Friday. StockNews.com started coverage on shares of Ross Stores in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. cut their target price on shares of Ross Stores from $125.00 to $119.00 in a research note on Monday, May 16th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $105.73.

NASDAQ ROST opened at $71.87 on Monday. The company has a current ratio of 1.77, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. The company has a fifty day simple moving average of $95.92 and a 200 day simple moving average of $100.93. The company has a market cap of $25.25 billion, a P/E ratio of 16.01, a P/E/G ratio of 1.84 and a beta of 0.92. Ross Stores has a 1 year low of $69.75 and a 1 year high of $127.58.

A number of large investors have recently modified their holdings of ROST. Equitec Proprietary Markets LLC bought a new position in shares of Ross Stores in the 4th quarter valued at about $26,000. Zullo Investment Group Inc. bought a new position in shares of Ross Stores in the 4th quarter valued at about $30,000. Riverview Trust Co bought a new position in shares of Ross Stores in the 1st quarter valued at about $31,000. Kozak & Associates Inc. bought a new position in shares of Ross Stores in the 3rd quarter valued at about $45,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Ross Stores in the 3rd quarter valued at about $46,000. 87.02% of the stock is currently owned by hedge funds and other institutional investors.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Tuesday, June 7th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend is Monday, June 6th. Ross Stores’s dividend payout ratio is currently 27.62%.

Ross Stores declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, March 1st that allows the company to repurchase $1.90 billion in outstanding shares. This repurchase authorization allows the apparel retailer to buy up to 6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Ross Stores Company Profile (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.

Featured Stories