Meeder Asset Management Boosts Stake in Ross Stores by 2,768.5%

Meeder Asset Management Inc. significantly increased its investment in Ross Stores, Inc. by 2,768.5% during the third quarter of 2023. According to its latest 13F filing with the Securities and Exchange Commission (SEC), the institutional investor purchased an additional 4,568 shares, bringing its total holdings to 4,733 shares. As of the most recent filing, Meeder’s stake in Ross Stores is valued at approximately $721,000.

Other institutional investors have also made substantial adjustments to their positions in Ross Stores. For instance, Aspect Partners LLC raised its holdings by 251.7% in the second quarter, now owning 204 shares worth $26,000 after acquiring an additional 146 shares. Similarly, American National Bank & Trust purchased new shares valued at around $26,000 during the same period. E Fund Management Hong Kong Co. Ltd. boosted its stake by 162.6% in the third quarter, holding 239 shares worth $36,000 after acquiring 148 additional shares.

The trend of hedge funds increasing their investments continues, with Ameritas Advisory Services LLC and Elevation Point Wealth Partners LLC each purchasing new stakes valued at approximately $38,000 during the second quarter. Currently, approximately 86.86% of Ross Stores’ stock is owned by hedge funds and institutional investors.

Ross Stores Financial Overview

On Tuesday, shares of Ross Stores opened at $192.26. The company maintains a debt-to-equity ratio of 0.17, a quick ratio of 0.90, and a current ratio of 1.52. Over the past year, Ross Stores has seen a low of $122.36 and a high of $192.49. The stock’s fifty-day moving average is $175.96, while the 200-day moving average stands at $156.37. With a market capitalization of $62.19 billion, the company carries a price-to-earnings ratio of 30.04 and a price-to-earnings-growth ratio of 4.21.

Recently, Ross Stores announced a quarterly dividend of $0.405 per share, which was paid on December 31, 2023. Investors who were on record as of December 9, 2023 received this dividend. The company’s dividend yield stands at 0.8%, with a payout ratio of 25.31%.

Analyst Ratings and Market Sentiment

Ross Stores has garnered attention from various research analysts, leading to updates in ratings and target prices. Guggenheim upgraded the stock to a “strong-buy” rating in a report published on December 10, 2023. Cowen reaffirmed a “buy” rating on December 4, 2023, while BTIG Research initiated coverage with a “neutral” rating on October 14, 2023. JPMorgan Chase & Co. increased its price target for Ross Stores from $188.00 to $200.00 with an “overweight” rating as of November 21, 2023. Deutsche Bank Aktiengesellschaft set a target price of $221.00 for the company.

In total, one analyst rates the stock as a Strong Buy, fifteen analysts have issued a Buy rating, and five have given a Hold rating. According to MarketBeat.com, the average analyst rating is “Moderate Buy,” with a target price averaging $186.41.

Ross Stores, Inc. operates as an off-price retailer in the United States, headquartered in Dublin, California. The company sells a variety of products, including apparel, footwear, home fashions, and accessories, through its Ross Dress for Less and dd’s DISCOUNTS formats. Ross Stores focuses on purchasing excess inventory, closeouts, and overstocks, positioning itself as a value-oriented destination for brand-name merchandise at reduced prices.

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