Patrick M Sweeney & Associates Inc. Decreases Holdings in Costco Wholesale Co. (NASDAQ:COST)

Patrick M Sweeney & Associates Inc. decreased its stake in Costco Wholesale Co. (NASDAQ:COST) by 0.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,570 shares of the retailer’s stock after selling 12 shares during the period. Costco Wholesale makes up 1.8% of Patrick M Sweeney & Associates Inc.’s portfolio, making the stock its 11th biggest position. Patrick M Sweeney & Associates Inc.’s holdings in Costco Wholesale were worth $2,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Frank Rimerman Advisors LLC acquired a new stake in shares of Costco Wholesale during the fourth quarter valued at about $26,000. Wetzel Investment Advisors Inc. purchased a new position in shares of Costco Wholesale during the 4th quarter valued at approximately $30,000. Redmont Wealth Advisors LLC purchased a new position in shares of Costco Wholesale during the 1st quarter valued at approximately $32,000. Vima LLC bought a new stake in shares of Costco Wholesale in the fourth quarter worth $34,000. Finally, DSM Capital Partners LLC acquired a new stake in Costco Wholesale in the fourth quarter valued at $36,000. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

Costco Wholesale Price Performance

Costco Wholesale stock traded up $14.64 during midday trading on Thursday, hitting $877.35. The company’s stock had a trading volume of 1,921,167 shares, compared to its average volume of 1,990,293. Costco Wholesale Co. has a 12 month low of $530.56 and a 12 month high of $896.67. The company has a quick ratio of 0.45, a current ratio of 0.94 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $388.96 billion, a PE ratio of 54.36, a price-to-earnings-growth ratio of 5.73 and a beta of 0.78. The stock’s 50-day moving average price is $847.25 and its 200-day moving average price is $780.08.

Costco Wholesale (NASDAQ:COST) last released its earnings results on Thursday, May 30th. The retailer reported $3.78 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.08. The business had revenue of $58.52 billion for the quarter, compared to the consensus estimate of $58.16 billion. Costco Wholesale had a net margin of 2.83% and a return on equity of 30.02%. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $3.43 EPS. Analysts anticipate that Costco Wholesale Co. will post 15.98 earnings per share for the current fiscal year.

Costco Wholesale Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Friday, July 26th. Costco Wholesale’s dividend payout ratio is presently 28.75%.

Insider Buying and Selling

In related news, insider Daniel M. Hines sold 1,500 shares of Costco Wholesale stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $844.20, for a total value of $1,266,300.00. Following the transaction, the insider now owns 12,492 shares of the company’s stock, valued at approximately $10,545,746.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Daniel M. Hines sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $844.20, for a total value of $1,266,300.00. Following the completion of the transaction, the insider now owns 12,492 shares of the company’s stock, valued at approximately $10,545,746.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Susan L. Decker sold 620 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $876.50, for a total transaction of $543,430.00. Following the sale, the director now directly owns 11,775 shares in the company, valued at $10,320,787.50. The disclosure for this sale can be found here. Insiders have sold 4,970 shares of company stock worth $4,249,526 in the last three months. 0.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Tigress Financial upped their price target on Costco Wholesale from $870.00 to $975.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. StockNews.com raised shares of Costco Wholesale from a “hold” rating to a “buy” rating in a report on Sunday, June 2nd. Evercore ISI dropped their price objective on shares of Costco Wholesale from $920.00 to $915.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Citigroup lifted their target price on Costco Wholesale from $710.00 to $800.00 and gave the company a “neutral” rating in a research note on Friday, May 31st. Finally, Truist Financial upped their target price on Costco Wholesale from $815.00 to $873.00 and gave the company a “buy” rating in a report on Friday, May 31st. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $824.50.

About Costco Wholesale

Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden. The company offers branded and private-label products in a range of merchandise categories.