Empire Life Investments Inc. Sells 17,442 Shares of Ross Stores, Inc. (NASDAQ:ROST)

Key Points

• Empire Life Investments Inc. has reduced its stake in Ross Stores, Inc. by 8.6%, now holding 185,791 shares after selling 17,442 shares in the 1st quarter.
• Ross Stores reported a quarterly earnings per share (EPS) of $1.47, exceeding estimates of $1.44, with revenues of $4.98 billion for the quarter.
• The company has declared a quarterly dividend of $0.405 per share, with an annualized yield of 1.2%, reflecting a payout ratio of 25.59%.

Empire Life Investments Inc. trimmed its stake in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 8.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 185,791 shares of the apparel retailer's stock after selling 17,442 shares during the quarter. Ross Stores makes up 1.5% of Empire Life Investments Inc.'s holdings, making the stock its 22nd biggest holding. Empire Life Investments Inc. owned about 0.06% of Ross Stores worth $23,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Golden State Wealth Management LLC grew its stake in Ross Stores by 50.7% in the 1st quarter. Golden State Wealth Management LLC now owns 217 shares of the apparel retailer's stock worth $28,000 after buying an additional 73 shares in the last quarter. Bayforest Capital Ltd boosted its position in shares of Ross Stores by 372.5% during the first quarter. Bayforest Capital Ltd now owns 241 shares of the apparel retailer's stock valued at $31,000 after purchasing an additional 190 shares in the last quarter. Tradewinds Capital Management LLC increased its stake in shares of Ross Stores by 36.6% during the first quarter. Tradewinds Capital Management LLC now owns 280 shares of the apparel retailer's stock valued at $36,000 after purchasing an additional 75 shares in the last quarter. Putney Financial Group LLC bought a new position in shares of Ross Stores during the fourth quarter valued at $44,000. Finally, Cary Street Partners Financial LLC purchased a new position in Ross Stores in the fourth quarter worth about $48,000. 86.86% of the stock is owned by institutional investors and hedge funds.

Ross Stores Stock Up 0.0%

ROST traded up $0.05 during trading on Friday, reaching $145.20. The company had a trading volume of 1,650,378 shares, compared to its average volume of 3,074,793. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.55 and a quick ratio of 0.95. The company has a market cap of $47.49 billion, a P/E ratio of 22.94, a PEG ratio of 2.81 and a beta of 1.11. Ross Stores, Inc. has a 12 month low of $122.36 and a 12 month high of $163.60. The business's fifty day moving average price is $134.52 and its 200 day moving average price is $137.38.

Ross Stores (NASDAQ:ROST - Get Free Report) last issued its earnings results on Thursday, May 22nd. The apparel retailer reported $1.47 earnings per share for the quarter, topping analysts' consensus estimates of $1.44 by $0.03. The business had revenue of $4.98 billion for the quarter, compared to the consensus estimate of $4.94 billion. Ross Stores had a net margin of 9.79% and a return on equity of 38.77%. The firm's revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.46 earnings per share. Equities analysts anticipate that Ross Stores, Inc. will post 6.17 EPS for the current year.

Ross Stores Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Tuesday, June 10th were issued a dividend of $0.405 per share. The ex-dividend date of this dividend was Tuesday, June 10th. This represents a $1.62 dividend on an annualized basis and a dividend yield of 1.1%. Ross Stores's payout ratio is 25.59%.

Analyst Ratings Changes

Several research firms recently issued reports on ROST. Jefferies Financial Group raised shares of Ross Stores from a "hold" rating to a "buy" rating and increased their target price for the stock from $135.00 to $150.00 in a report on Wednesday, July 2nd. Morgan Stanley reduced their price objective on shares of Ross Stores from $128.00 to $126.00 and set an "equal weight" rating on the stock in a research report on Friday, May 23rd. Telsey Advisory Group restated a "market perform" rating and set a $150.00 price target on shares of Ross Stores in a report on Friday, May 23rd. Wall Street Zen cut shares of Ross Stores from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Finally, Loop Capital decreased 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. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Ross Stores presently has a consensus rating of "Moderate Buy" and an average price target of $159.06.

About Ross Stores

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.