Ross Stores Remains On Track To Buy Back Total Of $1.05B In Common Stock During FY24
Portfolio Pulse from Benzinga Newsdesk
Ross Stores (ROST) is on track to repurchase a total of $1.05 billion in common stock during the fiscal year 2024.
May 23, 2024 | 8:12 pm
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POSITIVE IMPACT
Ross Stores (ROST) is on track to repurchase a total of $1.05 billion in common stock during the fiscal year 2024. This buyback program is likely to positively impact the stock price in the short term as it reduces the number of shares outstanding, potentially increasing earnings per share (EPS) and signaling confidence from the management.
Stock buybacks generally reduce the number of shares outstanding, which can increase EPS and often lead to a higher stock price. The significant amount of $1.05 billion indicates strong confidence from the management in the company's future performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100