Summit Place Financial Advisors LLC Lowers Position in Costco Wholesale Co. (NASDAQ:COST)

29 Oct 2024, 15:43 by Kim Johansen · The Markets Daily

Summit Place Financial Advisors LLC reduced its position in shares of Costco Wholesale Co. (NASDAQ:COST – Free Report) by 5.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,248 shares of the retailer’s stock after selling 122 shares during the period. Summit Place Financial Advisors LLC’s holdings in Costco Wholesale were worth $1,993,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in COST. Family Investment Center Inc. grew its stake in Costco Wholesale by 21.5% in the 3rd quarter. Family Investment Center Inc. now owns 452 shares of the retailer’s stock valued at $401,000 after acquiring an additional 80 shares during the last quarter. FCG Investment Co raised its position in shares of Costco Wholesale by 2.1% during the 3rd quarter. FCG Investment Co now owns 2,827 shares of the retailer’s stock worth $2,506,000 after purchasing an additional 59 shares during the last quarter. Greenspring Advisors LLC grew its holdings in Costco Wholesale by 105.8% during the 3rd quarter. Greenspring Advisors LLC now owns 776 shares of the retailer’s stock valued at $688,000 after buying an additional 399 shares during the last quarter. Salomon & Ludwin LLC increased its position in Costco Wholesale by 2.8% during the third quarter. Salomon & Ludwin LLC now owns 765 shares of the retailer’s stock worth $678,000 after buying an additional 21 shares in the last quarter. Finally, Peterson Wealth Advisors LLC lifted its position in shares of Costco Wholesale by 3.9% in the third quarter. Peterson Wealth Advisors LLC now owns 422 shares of the retailer’s stock valued at $374,000 after acquiring an additional 16 shares in the last quarter. Institutional investors and hedge funds own 68.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Redburn Atlantic downgraded shares of Costco Wholesale from a “buy” rating to a “neutral” rating and boosted their target price for the company from $860.00 to $890.00 in a research note on Tuesday, September 10th. Wells Fargo & Company boosted their price objective on shares of Costco Wholesale from $800.00 to $850.00 and gave the company an “equal weight” rating in a research report on Friday, September 27th. Robert W. Baird raised their target price on shares of Costco Wholesale from $850.00 to $975.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft boosted their price target on Costco Wholesale from $925.00 to $927.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Finally, Bank of America raised their price objective on Costco Wholesale from $874.00 to $962.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Ten investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, Costco Wholesale has an average rating of “Moderate Buy” and an average target price of $894.57.

View Our Latest Research Report on Costco Wholesale

Costco Wholesale Price Performance

COST stock opened at $890.96 on Tuesday. The stock’s 50 day moving average is $892.14 and its two-hundred day moving average is $841.35. Costco Wholesale Co. has a 52-week low of $543.64 and a 52-week high of $923.83. The company has a market capitalization of $394.76 billion, a PE ratio of 53.77, a P/E/G ratio of 5.48 and a beta of 0.80. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 0.25.

Costco Wholesale (NASDAQ:COST – Get Free Report) last posted its quarterly earnings results on Thursday, September 26th. The retailer reported $5.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.05 by $0.10. The firm had revenue of $79.70 billion for the quarter, compared to analysts’ expectations of $79.91 billion. Costco Wholesale had a net margin of 2.90% and a return on equity of 31.05%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the company posted $4.86 earnings per share. Analysts predict that Costco Wholesale Co. will post 17.75 earnings per share for the current fiscal year.

Costco Wholesale Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend is Friday, November 1st. Costco Wholesale’s payout ratio is currently 28.00%.

Insider Transactions at Costco Wholesale

In related news, EVP Richard A. Galanti sold 500 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $863.88, for a total transaction of $431,940.00. Following the transaction, the executive vice president now directly owns 23,800 shares in the company, valued at $20,560,344. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Richard A. Galanti sold 500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $863.88, for a total value of $431,940.00. Following the transaction, the executive vice president now directly owns 23,800 shares in the company, valued at approximately $20,560,344. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Susan L. Decker sold 620 shares of Costco Wholesale stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $876.50, for a total transaction of $543,430.00. Following the completion of the transaction, the director now directly owns 11,775 shares of the company’s stock, valued at $10,320,787.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,636 shares of company stock worth $11,238,510. 0.18% of the stock is currently owned by corporate insiders.

Costco Wholesale Company Profile

(Free Report)

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.