Zacks Investment Research Upgrades Costco Wholesale Corporation (COST) to Buy

Zacks Investment Research upgraded shares of Costco Wholesale Corporation (NASDAQ:COST) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $180.00 price objective on the retailer’s stock.

According to Zacks, “Costco continues to be one of the dominant retail wholesalers based on the breadth and quality of merchandise offered. The stock has outpaced the industry in a year. This came on the backdrop of continued sturdy comps performance and upbeat results in third-quarter fiscal 2017, thereby sidelining the woes, which have gripped the brick-and-mortar retailers for some time now. Major chains are grappling with soft store and mall traffic as consumers choose to shop online. But Costco seems somewhat unfazed by tough retail scenario. We believe that the hike in annual membership fees and increased penetration of Citi Visa co-brand card program will also benefit the stock in the near term. We are also encouraged by Costco’s expansion strategy, as it remains committed to opening new clubs and expanding e-Commerce capabilities. However, stiff competition and cautious consumer spending remain causes of concern. Of late, estimates have been stable.”

Other equities analysts also recently issued research reports about the stock. Citigroup Inc. increased their price target on shares of Costco Wholesale Corporation from $196.00 to $201.00 and gave the stock a buy rating in a report on Tuesday, May 30th. BMO Capital Markets set a $195.00 price objective on shares of Costco Wholesale Corporation and gave the stock a buy rating in a research note on Friday, May 26th. Oppenheimer Holdings, Inc. set a $185.00 price objective on shares of Costco Wholesale Corporation and gave the stock a buy rating in a research note on Saturday, May 27th. Royal Bank Of Canada raised their price objective on shares of Costco Wholesale Corporation from $182.00 to $190.00 and gave the stock a buy rating in a research note on Friday, May 26th. Finally, Stifel Nicolaus raised their price objective on shares of Costco Wholesale Corporation from $185.00 to $191.00 and gave the stock a buy rating in a research note on Friday, May 26th. Ten analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Costco Wholesale Corporation has an average rating of Buy and an average target price of $179.37.

Shares of Costco Wholesale Corporation (NASDAQ COST) opened at 161.29 on Tuesday. The company has a market capitalization of $70.74 billion, a price-to-earnings ratio of 28.00 and a beta of 0.93. Costco Wholesale Corporation has a 1-year low of $142.11 and a 1-year high of $183.18. The firm’s 50-day moving average is $157.91 and its 200-day moving average is $165.08.

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The business also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 1.24%. The ex-dividend date of this dividend was Wednesday, August 16th. This is a boost from Costco Wholesale Corporation’s previous quarterly dividend of $0.45. Costco Wholesale Corporation’s dividend payout ratio (DPR) is presently 34.66%.

In related news, Director John W. Meisenbach sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $159.25, for a total transaction of $159,250.00. Following the completion of the sale, the director now owns 4,974 shares in the company, valued at $792,109.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold a total of 3,000 shares of company stock valued at $477,120 in the last quarter. Company insiders own 0.74% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. lifted its stake in Costco Wholesale Corporation by 0.3% during the second quarter. Westside Investment Management Inc. now owns 1,114 shares of the retailer’s stock worth $168,000 after purchasing an additional 3 shares during the last quarter. Brightworth lifted its stake in Costco Wholesale Corporation by 0.3% during the second quarter. Brightworth now owns 1,334 shares of the retailer’s stock worth $213,000 after purchasing an additional 4 shares during the last quarter. Pioneer Trust Bank N A OR lifted its stake in Costco Wholesale Corporation by 0.4% during the second quarter. Pioneer Trust Bank N A OR now owns 1,659 shares of the retailer’s stock worth $266,000 after purchasing an additional 7 shares during the last quarter. SVA Plumb Wealth Management LLC lifted its stake in Costco Wholesale Corporation by 0.3% during the second quarter. SVA Plumb Wealth Management LLC now owns 2,527 shares of the retailer’s stock worth $404,000 after purchasing an additional 7 shares during the last quarter. Finally, Cetera Investment Advisers lifted its stake in Costco Wholesale Corporation by 0.5% during the second quarter. Cetera Investment Advisers now owns 1,390 shares of the retailer’s stock worth $223,000 after purchasing an additional 7 shares during the last quarter. Hedge funds and other institutional investors own 72.35% of the company’s stock.

Costco Wholesale Corporation Company Profile

Costco Wholesale Corporation is engaged in the operation of membership warehouses in the United States and Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Australia, Spain, and through its subsidiaries in Taiwan and Korea. As of August 28, 2016, the Company operated 715 warehouses across the world.

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Analyst Recommendations for Costco Wholesale Corporation (NASDAQ:COST)

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