Costco Wholesale Corporation $COST Stock: Commonwealth Equity Services LLC Trims Holdings

Commonwealth Equity Services LLC cut its stake in Costco Wholesale Corporation (NASDAQ:COST) by 4.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 326,263 shares of the retailer’s stock after selling 15,328 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Costco Wholesale were worth $297,010,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its position in shares of Costco Wholesale by 31.7% in the second quarter. State Street Corp now owns 23,901,594 shares of the retailer’s stock valued at $22,359,224,000 after acquiring an additional 5,749,362 shares in the last quarter. Bank of America Corp DE boosted its stake in shares of Costco Wholesale by 11.5% in the first quarter. Bank of America Corp DE now owns 7,515,031 shares of the retailer’s stock worth $7,488,203,000 after acquiring an additional 773,651 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Costco Wholesale by 5.5% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,068,312 shares of the retailer’s stock worth $2,870,314,000 after purchasing an additional 160,893 shares in the last quarter. Amundi increased its position in shares of Costco Wholesale by 11.1% during the first quarter. Amundi now owns 2,839,016 shares of the retailer’s stock worth $2,828,881,000 after purchasing an additional 283,360 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Costco Wholesale during the second quarter worth approximately $2,362,188,000. 68.48% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting Costco Wholesale

Here are the key news stories impacting Costco Wholesale this week:

• Positive Sentiment: JPMorgan raised its price target to $1,150 from $1,015 and maintained an Overweight rating, citing potential upside from the current level. JPMorgan analyst recommendations
• Positive Sentiment: October net sales increased 12.6% year over year to $24.50 billion. U.S. comparable sales also rose 12.6%; Bank of America noted that U.S. comps were up 8.1% after adjusting for gasoline price changes and maintained its Buy rating. The strong sales momentum is a key near-term catalyst. Costco October sales results Bank of America rating and U.S. comparable sales
• Negative Sentiment: Valuation concerns persist after Costco’s rally: some commentary argues the stock’s elevated earnings multiple leaves limited room for disappointment. Citi maintained a Hold rating and $1,020 price target, below the recently quoted share price. Citi rating and price target Costco valuation discussion

Insider Buying and Selling at Costco Wholesale

In other news, EVP Claudine Adamo sold 2,200 shares of the business’s stock in a transaction dated 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. The trade was a 23.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP William Richard Wilcox sold 1,100 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 3,094 shares of the company’s stock, valued at $2,964,701.74. This represents a 26.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.10% of the stock is owned by insiders.

Costco Wholesale Price Performance

COST stock opened at $1,065.59 on Friday. Costco Wholesale Corporation has a 1 year low of $844.06 and a 1 year high of $1,096.50. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.06 and a quick ratio of 0.62. The firm has a market capitalization of $472.19 billion, a PE ratio of 51.33, a price-to-earnings-growth ratio of 4.47 and a beta of 0.85. The business has a 50 day simple moving average of $950.04 and a 200-day simple moving average of $972.05.

Costco Wholesale (NASDAQ:COST) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $94.97 billion. Costco Wholesale had a return on equity of 27.60% and a net margin of 3.04%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.87 earnings per share. Equities research analysts anticipate that Costco Wholesale Corporation will post 22.70 earnings per share for the current fiscal year.

Costco Wholesale Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a dividend of $1.47 per share. This represents a $5.88 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, October 30th. Costco Wholesale’s payout ratio is currently 28.32%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price objective on Costco Wholesale from $1,091.00 to $1,079.00 and set a “buy” rating on the stock in a report on Monday, September 28th. Mizuho lowered their target price on shares of Costco Wholesale from $1,100.00 to $1,065.00 and set an “outperform” rating on the stock in a research note on Friday, September 25th. Robert W. Baird set a $1,175.00 target price on shares of Costco Wholesale in a report on Friday, September 25th. DA Davidson increased their target price on shares of Costco Wholesale from $1,000.00 to $1,040.00 and gave the company a “neutral” rating in a research report on Friday, September 25th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $1,000.00 price target on shares of Costco Wholesale in a research note on Friday, October 9th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Costco Wholesale has an average rating of “Moderate Buy” and an average price target of $1,090.55.

About Costco Wholesale

Costco Wholesale Corporation operates a membership-based warehouse retail business under the Costco name. The company sells merchandise in bulk and at competitive prices through warehouse clubs and e-commerce platforms, serving individual consumers, businesses and other organizations.

Its product selection includes groceries and fresh foods, household supplies, appliances, electronics, furniture, apparel, health and beauty products, jewelry, automotive products and prescription drugs. Costco also provides services such as optical care, pharmacy services, hearing-aid sales, travel offerings and fuel sales, depending on location.

The company traces its roots to Price Club, which opened in San Diego in 1976.