308,212 Ross Stores, Inc. $ROST Shares Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Ross Stores stake by 35%, selling 308,212 shares in the second quarter and retaining 572,320 shares worth approximately $121.8 million. Institutional investors collectively own 86.86% of the company.
• Analysts remain broadly positive, with 15 Buy ratings and six Holds producing a consensus “Moderate Buy” rating and an average price target of $263.76.
• Ross Stores reported quarterly EPS of $2.66, exceeding estimates by $0.71, while revenue rose 13.3% year over year to $6.26 billion. The company also declared a quarterly dividend of $0.445 per share, yielding approximately 0.8%.

Envestnet Asset Management Inc. trimmed its stake in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 35.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 572,320 shares of the apparel retailer's stock after selling 308,212 shares during the period. Envestnet Asset Management Inc. owned 0.18% of Ross Stores worth $121,817,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Ross Stores in the 2nd quarter worth approximately $5,938,711,000. Bank of America Corp DE bought a new stake in Ross Stores in the 2nd quarter worth approximately $2,024,203,000. Primecap Management Co. CA bought a new stake in shares of Ross Stores during the 2nd quarter valued at about $1,937,995,000. Norges Bank purchased a new stake in Ross Stores during the fourth quarter valued at approximately $868,360,000. Finally, Wellington Management Group LLP increased its position in Ross Stores by 89.2% in the second quarter. Wellington Management Group LLP now owns 6,615,682 shares of the apparel retailer's stock worth $1,408,148,000 after buying an additional 3,118,591 shares in the last quarter. Hedge funds and other institutional investors own 86.86% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ROST shares. JPMorgan Chase & Co. upped their target price on shares of Ross Stores from $262.00 to $272.00 and gave the stock an "overweight" rating in a research report on Friday, August 21st. Truist Financial upped their price target on shares of Ross Stores from $290.00 to $310.00 and gave the company a "buy" rating in a report on Friday, August 21st. Citigroup lifted their target price on Ross Stores from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, August 21st. UBS Group boosted their price target on Ross Stores from $232.00 to $239.00 and gave the company a "neutral" rating in a report on Friday, August 21st. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $294.00 price target on shares of Ross Stores in a report on Friday, August 21st. Fifteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $263.76.

Ross Stores Trading Up 0.3%

ROST opened at $236.12 on Friday. The firm has a market cap of $75.43 billion, a P/E ratio of 28.59, a P/E/G ratio of 1.98 and a beta of 0.85. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.12. The business has a fifty day simple moving average of $237.87 and a 200-day simple moving average of $227.49. Ross Stores, Inc. has a 52 week low of $147.49 and a 52 week high of $257.00.

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

Ross Stores Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 8th will be issued a $0.4450 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, September 8th. Ross Stores's payout ratio is currently 21.55%.

Insider Activity at Ross Stores

In related news, CEO James Conroy sold 49,205 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $229.48, for a total value of $11,291,563.40. Following the completion of the transaction, the chief executive officer directly owned 134,349 shares of the company's stock, valued at $30,830,408.52. This trade represents a 26.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen C. Brinkley sold 6,424 shares of Ross Stores stock in a transaction dated 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 transaction, the insider owned 51,665 shares of the company's stock, valued at approximately $11,865,383.90. The trade was a 11.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.10% of the company's stock.

About Ross Stores

Ross Stores, Inc NASDAQ: ROST is an off-price retailer that operates Ross Dress for Less and dd's DISCOUNTS stores. The company sells a broad selection of apparel, accessories, footwear and home fashion merchandise for women, men and children, generally at prices below those of traditional department and specialty stores.

Ross Stores follows an opportunistic buying model, purchasing name-brand, designer and other merchandise from manufacturers and retailers at discounted prices. Its product assortment changes frequently and can include clothing, shoes, handbags, jewelry, beauty products, furniture, bedding, home décor and other household goods.

Founded in 1950, the company is headquartered in Dublin, California, and serves customers primarily through its store network across the United States and Guam.

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