Cadence Capital Management LLC bought a new stake in Costco Wholesale Co. (NASDAQ:COST) during the first quarter, according to its most recent filing with the SEC. The firm bought 1,444 shares of the retailer’s stock, valued at approximately $350,000.
Other large investors have also recently bought and sold shares of the company. Horan Capital Advisors LLC. acquired a new stake in Costco Wholesale in the 1st quarter worth $26,000. ERTS Wealth Advisors LLC acquired a new stake in Costco Wholesale in the 4th quarter worth $30,000. Arbor Wealth Management LLC acquired a new stake in Costco Wholesale in the 4th quarter worth $33,000. PRW Wealth Management LLC acquired a new stake in Costco Wholesale in the 4th quarter worth $36,000. Finally, C J Advisory Inc acquired a new stake in Costco Wholesale in the 1st quarter worth $36,000. Institutional investors and hedge funds own 71.14% of the company’s stock.
In related news, Director Susan L. Decker sold 2,350 shares of Costco Wholesale stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $240.00, for a total transaction of $564,000.00. Following the completion of the transaction, the director now directly owns 46,239 shares of the company’s stock, valued at approximately $11,097,360. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John W. Meisenbach purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were purchased at an average cost of $242.65 per share, with a total value of $727,950.00. Following the completion of the acquisition, the director now directly owns 12,833 shares in the company, valued at $3,113,927.45. The disclosure for this purchase can be found here. Insiders have sold a total of 12,140 shares of company stock valued at $3,056,340 over the last three months. 0.21% of the stock is currently owned by insiders.
Several research firms have issued reports on COST. Stifel Nicolaus raised their price target on shares of Costco Wholesale from $247.00 to $261.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Robert W. Baird raised their price target on shares of Costco Wholesale from $250.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 24th. Zacks Investment Research lowered shares of Costco Wholesale from a “buy” rating to a “hold” rating in a research report on Tuesday, May 7th. Morgan Stanley raised their price objective on shares of Costco Wholesale from $220.00 to $230.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Finally, Loop Capital raised their price objective on shares of Costco Wholesale from $260.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, April 1st. Seven investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $252.13.
Shares of COST stock opened at $257.23 on Thursday. Costco Wholesale Co. has a 12-month low of $189.51 and a 12-month high of $259.61. The stock has a market cap of $113.07 billion, a P/E ratio of 32.67, a PEG ratio of 3.61 and a beta of 0.91. 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 announced its quarterly earnings results on Thursday, May 30th. The retailer reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.06. Costco Wholesale had a net margin of 2.41% and a return on equity of 25.03%. The firm had revenue of $34.74 billion during the quarter, compared to the consensus estimate of $34.72 billion. During the same period last year, the firm posted $1.70 EPS. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. On average, equities research analysts expect that Costco Wholesale Co. will post 8.04 EPS for the current fiscal year.
Costco Wholesale declared that its Board of Directors has initiated a stock repurchase plan on Friday, April 26th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the retailer to purchase up to 3.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, May 24th. Investors of record on Friday, May 10th were issued a dividend of $0.65 per share. This is an increase from Costco Wholesale’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 1.01%. The ex-dividend date was Thursday, May 9th. Costco Wholesale’s dividend payout ratio (DPR) is currently 38.07%.
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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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