Pictet Asset Management Holding SA Sells 23,066 Shares of Ross Stores, Inc. $ROST

Key Points

• Pictet Asset Management cut its Ross Stores stake by 9.3%, selling 23,066 shares in the third quarter; it retained 224,381 shares, valued at about $52.4 million.
• Analysts give Ross Stores a consensus “Moderate Buy” rating, with an average price target of $277.82. Recent calls included target increases from Jefferies and a downgrade to “Hold” from Zacks Research.
• Ross reported quarterly EPS of $2.66, beating the $1.95 consensus, while revenue rose 13.3% year over year to $6.26 billion.

Pictet Asset Management Holding SA lessened its position in Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 224,381 shares of the apparel retailer's stock after selling 23,066 shares during the period. Pictet Asset Management Holding SA owned approximately 0.07% of Ross Stores worth $52,371,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Ross Stores in the 2nd quarter worth about $5,938,711,000. State Street Corp boosted its position in Ross Stores by 5.3% during the 2nd 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 during the period. Bank of America Corp DE acquired a new position in Ross Stores during the 2nd quarter worth $2,024,203,000. Primecap Management Co. CA acquired a new position in Ross Stores during the 2nd quarter worth $1,937,995,000. Finally, Wellington Management Group LLP grew its stake in shares of 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 purchasing an additional 3,118,591 shares in the last quarter. 86.86% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on ROST. Evercore set a $290.00 price target on Ross Stores in a report on Friday, August 21st. Zacks Research downgraded shares of Ross Stores from a "strong-buy" rating to a "hold" rating in a report on Wednesday, November 4th. Jefferies Financial Group increased their target price on shares of Ross Stores from $265.00 to $285.00 and gave the company a "buy" rating in a research report on Friday, August 21st. Bank of America lowered their target price on shares of Ross Stores from $265.00 to $258.00 and set a "buy" rating on the stock in a research note on Tuesday, October 27th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $294.00 price target on shares of Ross Stores in a research report on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $277.82.

Insider Activity

In other Ross Stores news, CEO James Conroy sold 49,205 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 134,349 shares of the company's stock, valued at approximately $30,830,408.52. This represents a 26.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen Brinkley sold 6,424 shares of Ross Stores stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 51,665 shares in the company, valued at $11,865,383.90. This represents a 11.06% decrease in their position. The SEC filing for this sale provides additional information. 2.10% of the stock is currently owned by insiders.

Ross Stores Stock Up 2.6%

Shares of ROST stock opened at $237.00 on Tuesday. Ross Stores, Inc. has a 1 year low of $157.73 and a 1 year high of $257.00. The stock has a market cap of $75.71 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 2.19 and a beta of 0.85. The business's fifty day moving average is $231.07 and its 200-day moving average is $223.35. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.98 and a current ratio of 1.61.

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

Ross Stores Dividend Announcement

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

Ross Stores Company Profile

Ross Stores, Inc is an off-price retailer operating Ross Dress for Less and dd's DISCOUNTS. Its stores offer name-brand and designer merchandise at discounted prices, with product selection and availability varying by location and season.

Ross Dress for Less sells apparel, footwear, accessories, home fashions, furnishings, and other merchandise for the whole family. dd's DISCOUNTS offers a similar off-price assortment, including clothing, shoes, home goods, and related products.

The company traces its origins to a department store founded in San Bruno, California, in 1950.

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