Notis McConarty Edward cut its stake in Costco Wholesale Co. (NASDAQ:COST) by 1.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,167 shares of the retailer’s stock after selling 50 shares during the quarter. Notis McConarty Edward’s holdings in Costco Wholesale were worth $837,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in COST. Norges Bank purchased a new position in Costco Wholesale in the fourth quarter valued at about $868,633,000. Thoroughbred Financial Services LLC raised its position in Costco Wholesale by 31,276.3% in the second quarter. Thoroughbred Financial Services LLC now owns 843,708 shares of the retailer’s stock valued at $84,371,000 after purchasing an additional 841,019 shares during the period. Ellis Investment Partners LLC raised its position in Costco Wholesale by 24,131.7% in the first quarter. Ellis Investment Partners LLC now owns 610,154 shares of the retailer’s stock valued at $610,000 after purchasing an additional 607,636 shares during the period. FMR LLC raised its position in Costco Wholesale by 5.0% in the first quarter. FMR LLC now owns 10,924,782 shares of the retailer’s stock valued at $2,645,326,000 after purchasing an additional 518,843 shares during the period. Finally, Geode Capital Management LLC raised its position in Costco Wholesale by 6.8% in the fourth quarter. Geode Capital Management LLC now owns 6,036,155 shares of the retailer’s stock valued at $1,227,757,000 after purchasing an additional 386,144 shares during the period. 71.28% of the stock is currently owned by institutional investors.
NASDAQ:COST traded down $7.33 during mid-day trading on Monday, reaching $265.17. The stock had a trading volume of 1,425,297 shares, compared to its average volume of 1,530,776. The stock has a market cap of $119.84 billion, a P/E ratio of 38.82, a price-to-earnings-growth ratio of 3.82 and a beta of 0.95. Costco Wholesale Co. has a 1-year low of $189.51 and a 1-year high of $284.31. The business has a 50 day simple moving average of $272.18. The company has a quick ratio of 0.48, a current ratio of 0.98 and a debt-to-equity ratio of 0.32.
Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings results on Thursday, May 30th. The retailer reported $1.89 EPS for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.06. The business had revenue of $34.74 billion during the quarter, compared to the consensus estimate of $34.72 billion. Costco Wholesale had a return on equity of 25.03% and a net margin of 2.41%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period last year, the firm earned $1.70 earnings per share. As a group, analysts predict that Costco Wholesale Co. will post 8.04 EPS for the current fiscal year.
Costco Wholesale declared that its Board of Directors has approved a share buyback plan on Friday, April 26th that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the retailer to purchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, VP Roland Michael Vachris sold 3,700 shares of Costco Wholesale stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $267.25, for a total value of $988,825.00. Following the completion of the transaction, the vice president now directly owns 13,578 shares in the company, valued at $3,628,720.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Susan L. Decker sold 1,646 shares of Costco Wholesale stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $268.25, for a total value of $441,539.50. Following the completion of the transaction, the director now owns 41,803 shares of the company’s stock, valued at $11,213,654.75. The disclosure for this sale can be found here. Insiders sold 28,136 shares of company stock valued at $7,380,374 over the last quarter. Insiders own 0.21% of the company’s stock.
Several research analysts have commented on the company. BMO Capital Markets set a $275.00 price objective on Costco Wholesale and gave the company a “buy” rating in a research report on Friday, May 31st. Zacks Investment Research upgraded Costco Wholesale from a “hold” rating to a “buy” rating and set a $272.00 target price for the company in a research note on Tuesday, June 11th. Stifel Nicolaus raised their target price on Costco Wholesale from $261.00 to $289.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Goldman Sachs Group initiated coverage on Costco Wholesale in a research note on Thursday, July 11th. They set a “buy” rating and a $290.00 target price for the company. Finally, Raymond James raised their target price on Costco Wholesale from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, July 18th. Seven investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $262.73.
About Costco Wholesale
Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances.
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