EdgePoint Investment Group Inc. Has $518.20 Million Holdings in Ross Stores, Inc. $ROST

Key Points

• EdgePoint Investment Group Inc. has increased its stake in Ross Stores by 59.3%, owning over 4 million shares, which makes up 4.2% of its portfolio.
• A number of analysts have recently raised their price targets for Ross Stores, with the consensus target now at $160.67, reflecting a strong optimistic outlook on the stock.
• Ross Stores announced a quarterly dividend of $0.405 per share to be paid on September 30th, with a current dividend yield of 1.1%.

EdgePoint Investment Group Inc. increased its position in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 59.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,055,088 shares of the apparel retailer's stock after purchasing an additional 1,509,815 shares during the period. Ross Stores accounts for about 4.2% of EdgePoint Investment Group Inc.'s investment portfolio, making the stock its 12th largest holding. EdgePoint Investment Group Inc. owned 1.23% of Ross Stores worth $518,200,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ROST. Golden State Wealth Management LLC raised its holdings in Ross Stores by 50.7% during the first quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock worth $28,000 after purchasing an additional 73 shares in the last quarter. Banque Transatlantique SA bought a new stake in Ross Stores during the first quarter worth approximately $29,000. Bayforest Capital Ltd raised its holdings in Ross Stores by 372.5% during the first quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock worth $31,000 after purchasing an additional 190 shares in the last quarter. Tradewinds Capital Management LLC raised its holdings in Ross Stores by 36.6% during the first quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock worth $36,000 after purchasing an additional 75 shares in the last quarter. Finally, Putney Financial Group LLC bought a new stake in Ross Stores during the fourth quarter worth approximately $44,000. Institutional investors own 86.86% of the company's stock.

Ross Stores Stock Down 1.2%

Shares of Ross Stores stock traded down $1.86 during midday trading on Friday, hitting $150.95. The company's stock had a trading volume of 2,438,398 shares, compared to its average volume of 3,281,008. The firm has a market capitalization of $49.37 billion, a P/E ratio of 23.96, a PEG ratio of 2.90 and a beta of 1.15. The stock has a 50-day simple moving average of $140.36 and a 200-day simple moving average of $137.78. The company has a quick ratio of 0.98, a current ratio of 1.58 and a debt-to-equity ratio of 0.18. Ross Stores, Inc. has a 1-year low of $122.36 and a 1-year high of $158.69.

Ross Stores (NASDAQ:ROST - Get Free Report) last posted its quarterly earnings results on Thursday, August 21st. The apparel retailer reported $1.56 EPS for the quarter, beating the consensus estimate of $1.54 by $0.02. Ross Stores had a net margin of 9.60% and a return on equity of 37.37%. The business had revenue of $5.53 billion for the quarter, compared to analysts' expectations of $5.54 billion. During the same period in the previous year, the company posted $1.59 EPS. Ross Stores's revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts expect that Ross Stores, Inc. will post 6.17 earnings per share for the current year.

Ross Stores Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 9th will be paid a $0.405 dividend. The ex-dividend date of this dividend is Tuesday, September 9th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.1%. Ross Stores's dividend payout ratio is 25.71%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ROST. Wells Fargo & Company upped their price target on Ross Stores from $165.00 to $175.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Loop Capital dropped their price target on Ross Stores from $175.00 to $170.00 and set a "buy" rating on the stock in a report on Friday, May 23rd. JPMorgan Chase & Co. upped their price target on Ross Stores from $156.00 to $160.00 and gave the company an "overweight" rating in a report on Friday, August 22nd. Barclays upped their price target on Ross Stores from $156.00 to $164.00 and gave the company an "overweight" rating in a report on Friday, August 22nd. Finally, UBS Group upped their price target on Ross Stores from $144.00 to $147.00 and gave the company a "neutral" rating in a report on Friday, August 22nd. Twelve research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $160.67.

Ross Stores Company Profile

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.