SignalPoint Asset Management LLC Trims Stock Holdings in Costco Wholesale Co. (NASDAQ:COST) (2024)

Posted by MarketBeat News on Jun 23rd, 2024

SignalPoint Asset Management LLC decreased its holdings in Costco Wholesale Co. (NASDAQ:COST – Free Report) by 2.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 935 shares of the retailer’s stock after selling 23 shares during the period. SignalPoint Asset Management LLC’s holdings in Costco Wholesale were worth $685,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of COST. Norges Bank purchased a new position in shares of Costco Wholesale in the fourth quarter worth about $3,628,694,000. International Assets Investment Management LLC increased its stake in shares of Costco Wholesale by 61,693.5% in the fourth quarter. International Assets Investment Management LLC now owns 3,105,124 shares of the retailer’s stock worth $2,049,630,000 after purchasing an additional 3,100,099 shares in the last quarter. Public Employees Retirement Association of Colorado increased its stake in shares of Costco Wholesale by 3,647.1% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 567,641 shares of the retailer’s stock worth $374,688,000 after purchasing an additional 552,492 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Costco Wholesale by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 40,360,168 shares of the retailer’s stock worth $26,640,940,000 after purchasing an additional 485,051 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd purchased a new position in shares of Costco Wholesale in the fourth quarter worth about $297,915,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Insider Activity at Costco Wholesale

In related news, EVP Russell D. Miller sold 785 shares of the company’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $722.86, for a total transaction of $567,445.10. Following the completion of the sale, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $7,228,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.18% of the stock is currently owned by company insiders.

Costco Wholesale Trading Down 1.6 %

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Shares of COST opened at $848.31 on Friday. The firm has a market cap of $376.08 billion, a price-to-earnings ratio of 52.56, a PEG ratio of 5.70 and a beta of 0.79. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.45 and a current ratio of 0.94. Costco Wholesale Co. has a fifty-two week low of $519.34 and a fifty-two week high of $873.96. The firm has a 50 day moving average price of $788.13 and a 200-day moving average price of $731.70.

Costco Wholesale (NASDAQ:COST – Get Free Report) last announced its quarterly earnings data on Thursday, May 30th. The retailer reported $3.78 earnings per share for the quarter, topping analysts’ consensus estimates of $3.70 by $0.08. The firm had revenue of $58.52 billion during the quarter, compared to analyst estimates of $58.16 billion. Costco Wholesale had a net margin of 2.83% and a return on equity of 30.02%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.43 EPS. As a group, equities research analysts forecast that Costco Wholesale Co. will post 15.98 earnings per share for the current year.

Costco Wholesale Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 10th. Investors of record on Friday, April 26th were issued a dividend of $1.16 per share. This is a positive change from Costco Wholesale’s previous quarterly dividend of $1.02. This represents a $4.64 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Thursday, April 25th. Costco Wholesale’s dividend payout ratio is currently 28.75%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on COST. TD Cowen lifted their target price on shares of Costco Wholesale from $777.00 to $850.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Tigress Financial boosted their price objective on shares of Costco Wholesale from $745.00 to $870.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Gordon Haskett cut shares of Costco Wholesale from a “buy” rating to an “accumulate” rating and set a $775.00 price objective for the company. in a research note on Wednesday, April 3rd. Telsey Advisory Group boosted their price objective on shares of Costco Wholesale from $850.00 to $900.00 and gave the company an “outperform” rating in a research note on Thursday, June 6th. Finally, Citigroup boosted their price objective on shares of Costco Wholesale from $710.00 to $800.00 and gave the company a “neutral” rating in a research note on Friday, May 31st. Seven investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $752.96.

View Our Latest Stock Analysis on COST

About Costco Wholesale

(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.

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