Ross Stores, Inc. $ROST Position Reduced by Soltis Investment Advisors LLC

Soltis Investment Advisors LLC lessened its stake in shares of Ross Stores, Inc. (NASDAQ:ROST) by 84.7% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,412 shares of the apparel retailer’s stock after selling 13,325 shares during the period. Soltis Investment Advisors LLC’s holdings in Ross Stores were worth $563,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. bought a new stake in Ross Stores in the second quarter valued at $5,938,711,000. State Street Corp raised its stake in Ross Stores by 5.3% during the second quarter. State Street Corp now owns 14,643,656 shares of the apparel retailer’s stock worth $3,116,902,000 after acquiring an additional 734,009 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Ross Stores during the second quarter valued at $2,024,203,000. Primecap Management Co. CA bought a new position in shares of Ross Stores during the second quarter valued at $1,937,995,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Ross Stores by 89.2% during the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer’s stock valued at $1,408,148,000 after acquiring an additional 3,118,591 shares during the period. Institutional investors own 86.86% of the company’s stock.

Ross Stores Stock Performance

Shares of NASDAQ:ROST opened at $228.28 on Monday. The stock has a market capitalization of $72.92 billion, a P/E ratio of 27.64, a P/E/G ratio of 2.04 and a beta of 0.85. Ross Stores, Inc. has a 1-year low of $157.39 and a 1-year high of $257.00. The company has a current ratio of 1.61, a quick ratio of 0.98 and a debt-to-equity ratio of 0.12. The business has a 50-day moving average price of $231.17 and a two-hundred day moving average price of $222.06.

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

Ross Stores Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 8th were issued a $0.4450 dividend. This represents a $1.78 annualized dividend and a yield of 0.8%. The ex-dividend date was Tuesday, September 8th. Ross Stores’s dividend payout ratio is currently 21.55%.

Insider Buying and Selling

In other Ross Stores news, CEO James Conroy sold 49,205 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $229.48, for a total value of $11,291,563.40. Following the transaction, the chief executive officer directly owned 134,349 shares of the company’s stock, valued at approximately $30,830,408.52. This trade represents a 26.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Brinkley sold 6,424 shares of Ross Stores stock in a transaction on Monday, September 14th. The stock was sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the sale, the insider directly owned 51,665 shares of the company’s stock, valued at $11,865,383.90. This represents a 11.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ROST has been the topic of several recent analyst reports. Telsey Advisory Group boosted their target price on shares of Ross Stores from $265.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 14th. Wall Street Zen raised shares of Ross Stores from a “hold” rating to a “buy” rating in a report on Sunday. Wolfe Research assumed coverage on shares of Ross Stores in a research report on Wednesday, October 21st. They issued an “outperform” rating and a $279.00 price target on the stock. Jefferies Financial Group upped their price objective on shares of Ross Stores from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. Finally, Truist Financial upped their price objective on shares of Ross Stores from $290.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $272.06.

Ross Stores Profile

Ross Stores, Inc is an off-price apparel and home fashion retailer headquartered in Dublin, California. The company operates primarily through its Ross Dress for Less stores, which offer branded and designer apparel, accessories, footwear, and home merchandise at discounts to regular department and specialty store prices.

Ross Stores also operates dd’s DISCOUNTS, a chain focused on value-oriented apparel, accessories, footwear, and home products. Both retail formats generally purchase merchandise opportunistically from manufacturers, department stores, and other suppliers, allowing the company to offer changing assortments and discounted prices.

Founded in 1950, Ross Stores serves customers across the United States through its store network and e-commerce presence.