QRG Capital Management Inc. Has $15.96 Million Position in Ross Stores, Inc. $ROST

Key Points

• QRG Capital Management increased its Ross Stores position by 14% in the second quarter, bringing its holdings to 74,973 shares worth approximately $15.96 million. Institutional investors collectively own 86.86% of the company.
• Analyst sentiment remains 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 strong quarterly results, with adjusted earnings of $2.66 per share and revenue of $6.26 billion, up 13.3% year over year. The company also declared a quarterly dividend of $0.445 per share, equivalent to a 0.8% annualized yield.

QRG Capital Management Inc. raised its position in shares of Ross Stores, Inc. (NASDAQ:ROST - Free Report) by 14.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,973 shares of the apparel retailer's stock after purchasing an additional 9,218 shares during the period. QRG Capital Management Inc.'s holdings in Ross Stores were worth $15,958,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Telsey Advisory Group boosted their price target on Ross Stores from $265.00 to $280.00 and gave the stock an "outperform" rating in a report on Friday, August 14th. Truist Financial lifted their price target on shares of Ross Stores from $290.00 to $310.00 and gave the stock a "buy" rating in a report on Friday, August 21st. Barclays increased their price objective on Ross Stores from $260.00 to $298.00 and gave the company an "overweight" rating in a report on Friday, August 21st. JPMorgan Chase & Co. lifted their target price on Ross Stores from $262.00 to $272.00 and gave the stock an "overweight" rating in a report on Friday, August 21st. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Ross Stores in a research report on Monday, July 6th. Fifteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $263.76.

Ross Stores Stock Performance

Shares of ROST opened at $233.98 on Thursday. 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 firm's fifty day simple moving average is $237.77 and its two-hundred day simple moving average is $227.27. Ross Stores, Inc. has a 12 month low of $146.00 and a 12 month high of $257.00. The stock has a market capitalization of $74.74 billion, a P/E ratio of 28.33, a price-to-earnings-growth ratio of 1.95 and a beta of 0.85.

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

Ross Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 8th will be paid a $0.445 dividend. The ex-dividend date is Tuesday, September 8th. This represents a $1.78 annualized dividend and a dividend yield of 0.8%. Ross Stores's payout ratio is currently 21.55%.

Insiders Place Their Bets

In related news, insider Stephen Brinkley sold 6,424 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $229.66, for a total transaction of $1,475,335.84. Following the transaction, 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 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, 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 transaction of $11,291,563.40. Following the transaction, the chief executive officer owned 134,349 shares in the company, valued at $30,830,408.52. This represents a 26.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.10% of the stock is owned by insiders.

Ross Stores Company Profile

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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