Penobscot Investment Management Company Inc. boosted its stake in Costco Wholesale Co. (NASDAQ:COST) by 19.0% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,885 shares of the retailer’s stock after purchasing an additional 940 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Costco Wholesale were worth $1,555,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Horan Capital Advisors LLC. purchased a new stake in Costco Wholesale in the 1st quarter worth about $26,000. Thor Advisors LLC purchased a new stake in Costco Wholesale in the 1st quarter worth about $35,000. C J Advisory Inc purchased a new stake in Costco Wholesale in the 1st quarter worth about $36,000. JNBA Financial Advisors raised its position in Costco Wholesale by 484.6% in the 1st quarter. JNBA Financial Advisors now owns 152 shares of the retailer’s stock worth $37,000 after purchasing an additional 126 shares during the period. Finally, Canton Hathaway LLC raised its position in Costco Wholesale by 41.0% in the 2nd quarter. Canton Hathaway LLC now owns 141 shares of the retailer’s stock worth $37,000 after purchasing an additional 41 shares during the period. Institutional investors and hedge funds own 71.20% of the company’s stock.
A number of analysts recently weighed in on the stock. Robert W. Baird increased their price objective on shares of Costco Wholesale from $270.00 to $290.00 and gave the stock an “outperform” rating in a research report on Thursday, July 11th. Barclays set a $275.00 target price on shares of Costco Wholesale and gave the stock a “hold” rating in a research note on Monday. Oppenheimer upped their target price on shares of Costco Wholesale from $270.00 to $295.00 in a research note on Wednesday, July 10th. Nomura upped their target price on shares of Costco Wholesale from $235.00 to $256.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. Finally, Citigroup dropped their target price on shares of Costco Wholesale from $243.00 to $241.00 and set a “neutral” rating on the stock in a research note on Friday, May 31st. Seven research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Costco Wholesale has a consensus rating of “Buy” and an average price target of $266.04.
Costco Wholesale (NASDAQ:COST) last released its quarterly earnings results on Thursday, May 30th. The retailer reported $1.89 EPS for the quarter, beating the consensus estimate of $1.83 by $0.06. Costco Wholesale had a net margin of 2.41% and a return on equity of 25.03%. The firm had revenue of $34.74 billion during the quarter, compared to the consensus estimate of $34.72 billion. During the same quarter in the prior year, the firm earned $1.70 EPS. Costco Wholesale’s revenue for the quarter was up 7.4% on a year-over-year basis. As a group, equities analysts forecast that Costco Wholesale Co. will post 8.04 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be given a $0.65 dividend. The ex-dividend date is Thursday, August 29th. This represents a $2.60 annualized dividend and a yield of 0.95%. Costco Wholesale’s dividend payout ratio (DPR) is 38.07%.
Costco Wholesale declared that its Board of Directors has approved a share buyback program on Friday, April 26th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the retailer to buy up to 3.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
In other Costco Wholesale news, VP Patrick J. Callans sold 2,000 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $252.15, for a total transaction of $504,300.00. Following the completion of the transaction, the vice president now owns 66,479 shares in the company, valued at approximately $16,762,679.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Susan L. Decker sold 2,790 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $254.62, for a total transaction of $710,389.80. Following the transaction, the director now owns 45,405 shares of the company’s stock, valued at approximately $11,561,021.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,136 shares of company stock valued at $7,380,374. 0.21% of the stock is owned by insiders.
Costco Wholesale Profile
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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