State Board of Administration of Florida Retirement System cut its position in Costco Wholesale Co. (NASDAQ:COST) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 575,979 shares of the retailer’s stock after selling 12,514 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.13% of Costco Wholesale worth $152,208,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Perigon Wealth Management LLC lifted its position in Costco Wholesale by 1.4% during the 2nd quarter. Perigon Wealth Management LLC now owns 5,754 shares of the retailer’s stock worth $1,520,000 after acquiring an additional 81 shares during the period. Magnus Financial Group LLC acquired a new stake in Costco Wholesale during the 2nd quarter worth approximately $258,000. EULAV Asset Management lifted its position in Costco Wholesale by 12.3% during the 2nd quarter. EULAV Asset Management now owns 73,000 shares of the retailer’s stock worth $19,291,000 after acquiring an additional 8,000 shares during the period. GWM Advisors LLC lifted its position in Costco Wholesale by 7.2% during the 2nd quarter. GWM Advisors LLC now owns 5,095 shares of the retailer’s stock worth $1,346,000 after acquiring an additional 344 shares during the period. Finally, Meeder Asset Management Inc. lifted its position in Costco Wholesale by 3,414.5% during the 2nd quarter. Meeder Asset Management Inc. now owns 16,202 shares of the retailer’s stock worth $4,281,000 after acquiring an additional 15,741 shares during the period. 71.21% of the stock is owned by hedge funds and other institutional investors.
In related news, insider James C. Klauer sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $255.53, for a total value of $1,277,650.00. Following the completion of the transaction, the insider now directly owns 48,310 shares of the company’s stock, valued at approximately $12,344,654.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Susan L. Decker sold 2,790 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $254.62, for a total value of $710,389.80. Following the completion of the transaction, the director now directly owns 45,405 shares of the company’s stock, valued at $11,561,021.10. The disclosure for this sale can be found here. Insiders sold a total of 28,136 shares of company stock valued at $7,380,374 over the last three months. Insiders own 0.21% of the company’s stock.
A number of analysts have weighed in on the company. Loop Capital increased their price objective on Costco Wholesale to $300.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. They noted that the move was a valuation call. Citigroup decreased their price objective on Costco Wholesale from $243.00 to $241.00 and set a “neutral” rating for the company in a research report on Friday, May 31st. Wells Fargo & Co increased their price objective on Costco Wholesale from $225.00 to $240.00 and gave the stock a “market perform” rating in a research report on Thursday, May 9th. They noted that the move was a valuation call. Evercore ISI reaffirmed a “buy” rating on shares of Costco Wholesale in a research report on Sunday, August 11th. Finally, Tigress Financial reaffirmed a “buy” rating on shares of Costco Wholesale in a research report on Friday, June 28th. Seven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $266.04.
Shares of COST traded down $1.40 during mid-day trading on Tuesday, hitting $274.21. The company’s stock had a trading volume of 307,360 shares, compared to its average volume of 1,806,306. The company has a current ratio of 0.98, a quick ratio of 0.48 and a debt-to-equity ratio of 0.32. The firm has a 50-day simple moving average of $274.99 and a 200 day simple moving average of $247.96. The firm has a market capitalization of $120.55 billion, a P/E ratio of 40.15, a P/E/G ratio of 3.84 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.
Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings results on Thursday, May 30th. The retailer reported $1.89 EPS for the quarter, beating the consensus estimate of $1.83 by $0.06. The business had revenue of $34.74 billion during the quarter, compared to analysts’ expectations of $34.72 billion. Costco Wholesale had a return on equity of 25.03% and a net margin of 2.41%. The company’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm earned $1.70 EPS. As a group, sell-side analysts predict that Costco Wholesale Co. will post 8.04 EPS for the current fiscal year.
Costco Wholesale declared that its board has authorized a stock repurchase plan on Friday, April 26th that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the retailer to purchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be issued a $0.65 dividend. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $2.60 annualized dividend and a dividend yield of 0.95%. Costco Wholesale’s dividend payout ratio is currently 38.07%.
Costco Wholesale Company Profile
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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