Ross Stores executive chairman sells $1.48 million in stock

Michael Balmuth, Executive Chairman of Ross Stores, Inc. (NASDAQ:ROST), a prominent specialty retail company with a market capitalization of $42.9 billion and strong financial health according to InvestingPro metrics, sold 11,261 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $131.60, totaling approximately $1.48 million. This transaction was conducted under a pre-established 10b5-1 plan initiated on April 12, 2024. Following this sale, Balmuth retains direct ownership of 59,790 shares in the company. The shares were sold in multiple transactions, with prices ranging from $127.90 to $132.82. The company maintains strong fundamentals with a healthy current ratio of 1.62 and has maintained dividend payments for 32 consecutive years. For deeper insights into Ross Stores’ valuation and 12 additional exclusive ProTips, visit InvestingPro.

In other recent news, Ross Stores, Inc. reported revenues of $21.1 billion for fiscal 2024, reflecting its robust position in the off-price retail sector. The company is actively expanding its retail footprint, having recently opened 19 new stores across 14 states, with plans to inaugurate approximately 90 new locations this year. In a strategic move, Ross Stores appointed Jim Conroy as the new CEO to drive growth, though Bernstein analysts have adjusted their stock price target from $163 to $147, maintaining a Market Perform rating due to the challenging retail environment.

UBS also revised its price target for Ross Stores to $163, down from $168, while maintaining a Neutral rating, citing stable fundamentals but cautious near-term growth potential. Additionally, TD Cowen reduced its price target from $175 to $169, yet retained a Buy rating, acknowledging the company’s consistent performance in same-store sales growth. UBS identified Ross Stores as a "crowded long," indicating significant investor interest, though it noted no immediate catalysts to elevate the stock’s price-to-earnings ratio.

These developments highlight the strategic initiatives and market dynamics surrounding Ross Stores, as it navigates economic pressures and seeks to maintain its competitive edge in the retail sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.