Rice Partnership LLC lifted its holdings in Costco Wholesale Co. (NASDAQ:COST) by 4.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,499 shares of the retailer’s stock after purchasing an additional 67 shares during the period. Rice Partnership LLC’s holdings in Costco Wholesale were worth $363,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc grew its stake in Costco Wholesale by 0.4% in the third quarter. Vanguard Group Inc now owns 35,457,639 shares of the retailer’s stock worth $8,328,292,000 after purchasing an additional 158,722 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in Costco Wholesale by 36.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 264,960 shares of the retailer’s stock valued at $53,533,000 after acquiring an additional 70,591 shares during the period. Ocean Capital Management LLC acquired a new position in Costco Wholesale in the fourth quarter valued at approximately $10,278,000. Ellis Investment Partners LLC acquired a new position in Costco Wholesale in the fourth quarter valued at approximately $512,000. Finally, Peterson Wealth Advisors LLC boosted its stake in Costco Wholesale by 6.9% in the fourth quarter. Peterson Wealth Advisors LLC now owns 1,217 shares of the retailer’s stock valued at $248,000 after acquiring an additional 79 shares during the period. 71.08% of the stock is owned by institutional investors and hedge funds.
In other news, Director John W. Meisenbach acquired 3,000 shares of the stock in a transaction on Monday, April 1st. The shares were purchased at an average cost of $242.65 per share, for a total transaction of $727,950.00. Following the transaction, the director now owns 12,833 shares in the company, valued at approximately $3,113,927.45. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Roland Michael Vachris sold 3,700 shares of Costco Wholesale stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $267.25, for a total transaction of $988,825.00. Following the transaction, the vice president now owns 13,578 shares in the company, valued at $3,628,720.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,490 shares of company stock worth $6,938,835. 0.21% of the stock is currently owned by company insiders.
Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings results on Thursday, May 30th. The retailer reported $1.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.83 by $0.06. The firm had revenue of $34.74 billion for the quarter, compared to analyst estimates of $34.72 billion. Costco Wholesale had a net margin of 2.41% and a return on equity of 25.03%. The firm’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.70 earnings per share. As a group, analysts anticipate that Costco Wholesale Co. will post 8.04 earnings per share for the current year.
Costco Wholesale declared that its board has authorized a stock repurchase program on Friday, April 26th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the retailer to repurchase up to 3.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
COST has been the subject of a number of research reports. Bank of America set a $255.00 target price on Costco Wholesale and gave the company a “buy” rating in a research note on Friday, March 8th. Raymond James lifted their price target on Costco Wholesale from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Evercore ISI initiated coverage on Costco Wholesale in a report on Wednesday, March 20th. They set an “outperform” rating and a $260.00 target price on the stock. Morgan Stanley boosted their target price on Costco Wholesale from $220.00 to $230.00 and gave the stock an “equal weight” rating in a report on Monday, June 3rd. Finally, BidaskClub cut Costco Wholesale from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 11th. 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 $253.27.
Costco Wholesale 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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