Narwhal Capital Management lifted its holdings in Costco Wholesale Corporation (NASDAQ:COST – Free Report) by 25.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,902 shares of the retailer’s stock after buying an additional 1,823 shares during the period. Narwhal Capital Management’s holdings in Costco Wholesale were worth $8,104,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. State Street Corp boosted its position in Costco Wholesale by 31.7% during the 2nd quarter. State Street Corp now owns 23,901,594 shares of the retailer’s stock worth $22,359,224,000 after acquiring an additional 5,749,362 shares during the period. Bank of America Corp DE grew its stake in Costco Wholesale by 11.5% during the 1st quarter. Bank of America Corp DE now owns 7,515,031 shares of the retailer’s stock valued at $7,488,203,000 after acquiring an additional 773,651 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Costco Wholesale by 5.5% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,068,312 shares of the retailer’s stock valued at $2,870,314,000 after acquiring an additional 160,893 shares in the last quarter. Amundi increased its holdings in shares of Costco Wholesale by 11.1% in the 1st quarter. Amundi now owns 2,839,016 shares of the retailer’s stock valued at $2,828,881,000 after purchasing an additional 283,360 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Costco Wholesale in the 2nd quarter valued at about $2,362,188,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on COST. Jefferies Financial Group reduced their price target on shares of Costco Wholesale from $1,130.00 to $1,100.00 in a research report on Friday, September 25th. Sanford C. Bernstein lowered their price objective on shares of Costco Wholesale from $1,144.00 to $1,143.00 and set an “outperform” rating on the stock in a research report on Friday, September 25th. Tigress Financial upped their price objective on shares of Costco Wholesale from $1,065.00 to $1,250.00 and gave the company a “buy” rating in a research note on Thursday, October 15th. Evercore reiterated an “outperform” rating on shares of Costco Wholesale in a research report on Tuesday, September 22nd. Finally, Oppenheimer reissued an “outperform” rating and set a $1,160.00 target price on shares of Costco Wholesale in a research note on Wednesday, September 16th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $1,091.84.
Get Our Latest Stock Analysis on Costco Wholesale
Key Costco Wholesale News
Here are the key news stories impacting Costco Wholesale this week:
- Positive Sentiment: Costco declared a $30-per-share special cash dividend, totaling about $13.3 billion, payable December 4 to shareholders of record November 24. The board also reauthorized a $4 billion share-repurchase program. The payout is a substantial one-time return of capital; the buyback provides ongoing flexibility to return cash and support per-share results. Costco dividend and repurchase announcement
- Positive Sentiment: Costco’s digital sales reportedly rose 22.5% in October, outpacing store comparable sales, while a separate report says it overtook Kroger in a grocery-market-share ranking. The growth suggests its online channels and membership model are drawing more spending, although the articles do not establish how much of that is already reflected in the stock. Costco digital sales report Costco grocery-share report
- Neutral Sentiment: Tumwater’s council approved a development agreement for a new Costco store. It may support local expansion, but the article provides no financial details to indicate a material near-term effect on company results. Tumwater Costco development agreement
- Negative Sentiment: Freedom Broker downgraded Costco from “buy” to “hold” and set a $1,050 price target, below the referenced share price. The higher target versus its prior estimate softens the message, but the downgrade could weigh on sentiment. Freedom Broker rating information
Costco Wholesale Stock Performance
Shares of COST stock opened at $1,066.14 on Wednesday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 0.62. Costco Wholesale Corporation has a fifty-two week low of $844.06 and a fifty-two week high of $1,096.50. The stock’s 50-day moving average is $957.28 and its two-hundred day moving average is $973.36. The firm has a market cap of $472.44 billion, a P/E ratio of 51.36, a PEG ratio of 4.71 and a beta of 0.85.
Costco Wholesale (NASDAQ:COST – Get Free Report) last posted its quarterly earnings results on Thursday, September 24th. The retailer reported $6.75 earnings per share for the quarter, topping analysts’ consensus estimates of $6.54 by $0.21. The company had revenue of $95.72 billion during the quarter, compared to the consensus estimate of $94.97 billion. Costco Wholesale had a return on equity of 27.60% and a net margin of 3.04%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $5.87 EPS. Analysts predict that Costco Wholesale Corporation will post 22.70 earnings per share for the current fiscal year.
Costco Wholesale Dividend Announcement
The company also recently disclosed a special dividend, which will be paid on Friday, December 4th. Investors of record on Tuesday, November 24th will be issued a $30.00 dividend. The ex-dividend date is Tuesday, November 24th. Costco Wholesale’s dividend payout ratio is currently 28.32%.
Insider Buying and Selling
In related news, EVP Claudine Adamo sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $915.93, for a total transaction of $2,015,046.00. Following the transaction, the executive vice president owned 7,134 shares of the company’s stock, valued at approximately $6,534,244.62. This trade represents a 23.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP William Richard Wilcox sold 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, October 13th. The shares were sold at an average price of $958.21, for a total transaction of $1,054,031.00. Following the transaction, the executive vice president directly owned 3,094 shares in the company, valued at approximately $2,964,701.74. The trade was a 26.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.10% of the company’s stock.
About Costco Wholesale
Costco Wholesale Corporation operates membership-based warehouse clubs that offer a broad selection of merchandise at generally low prices. Its products include groceries, fresh foods, appliances, electronics, apparel, furniture, and household goods, as well as its Kirkland Signature private-label line. The company also provides services such as gasoline stations, pharmacies, optical and hearing-aid centers, food courts, and travel offerings. Costco serves members through warehouses and online channels.
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