Costco Wholesale (NASDAQ:COST) Price Target Raised to $290.00

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Costco Wholesale (NASDAQ:COST) had its price target boosted by Robert W. Baird from $270.00 to $290.00 in a research report released on Thursday, BenzingaRatingsTable reports. Robert W. Baird currently has an outperform rating on the retailer’s stock.

Other analysts have also recently issued reports about the company. Wells Fargo & Co reduced their price target on Teva Pharmaceutical Industries from $18.00 to $17.00 and set a market perform rating for the company in a report on Thursday, May 9th. Stifel Nicolaus raised their price target on Estee Lauder Companies from $157.00 to $180.00 and gave the company a buy rating in a report on Thursday, April 11th. Gordon Haskett cut Costco Wholesale from an accumulate rating to a hold rating and set a $244.90 price target for the company. in a report on Wednesday, May 29th. They noted that the move was a valuation call. Morgan Stanley cut Meili from an equal weight rating to an underweight rating and reduced their price target for the company from $14.00 to $4.20 in a report on Monday, June 3rd. Finally, Citigroup set a $27.00 price target on StoneCo and gave the company a hold rating in a report on Friday, May 31st. Seven analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Costco Wholesale currently has an average rating of Buy and an average target price of $259.39.

Costco Wholesale stock opened at $279.44 on Thursday. Costco Wholesale has a twelve month low of $189.51 and a twelve month high of $280.00. The stock’s 50 day moving average is $258.90. The company has a quick ratio of 0.48, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. The firm has a market cap of $122.89 billion, a PE ratio of 40.91, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94.

Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings data on Thursday, May 30th. The retailer reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.06. Costco Wholesale had a return on equity of 25.03% and a net margin of 2.41%. The company had revenue of $34.74 billion during the quarter, compared to analysts’ expectations of $34.72 billion. During the same period last year, the firm earned $1.70 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities analysts predict that Costco Wholesale will post 8.04 EPS for the current year.

Costco Wholesale declared that its Board of Directors has initiated a stock repurchase program 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 programs are typically an indication that the company’s board believes its stock is undervalued.

In related news, insider James C. Klauer sold 5,000 shares of Costco Wholesale stock in a transaction on Friday, June 7th. The stock was sold at an average price of $255.53, for a total transaction of $1,277,650.00. Following the completion of the transaction, the insider now directly owns 48,310 shares of the company’s stock, valued at $12,344,654.30. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Richard A. Galanti sold 3,000 shares of Costco Wholesale stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $266.39, for a total value of $799,170.00. Following the transaction, the chief financial officer now directly owns 27,582 shares of the company’s stock, valued at $7,347,568.98. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,136 shares of company stock valued at $7,380,374. 0.21% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of COST. BlackRock Inc. increased its position in Costco Wholesale by 2.6% during the fourth quarter. BlackRock Inc. now owns 28,778,155 shares of the retailer’s stock worth $5,862,398,000 after buying an additional 736,711 shares in the last quarter. FMR LLC increased its position in Costco Wholesale by 5.0% during the first quarter. FMR LLC now owns 10,924,782 shares of the retailer’s stock worth $2,645,326,000 after buying an additional 518,843 shares in the last quarter. Northern Trust Corp increased its position in Costco Wholesale by 3.4% during the fourth quarter. Northern Trust Corp now owns 6,230,704 shares of the retailer’s stock worth $1,269,257,000 after buying an additional 202,554 shares in the last quarter. Geode Capital Management LLC increased its position in Costco Wholesale by 6.8% during the fourth quarter. Geode Capital Management LLC now owns 6,036,155 shares of the retailer’s stock worth $1,227,757,000 after buying an additional 386,144 shares in the last quarter. Finally, Norges Bank purchased a new position in Costco Wholesale during the fourth quarter worth $868,633,000. 71.08% of the stock is owned by hedge funds and other institutional investors.

About Costco Wholesale

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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