Kayne Anderson Rudnick Investment Management LLC Cuts Position in Costco Wholesale Corporation (COST)
Kayne Anderson Rudnick Investment Management LLC decreased its position in shares of Costco Wholesale Corporation (NASDAQ:COST) by 2.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 137,306 shares of the retailer’s stock after selling 3,600 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in Costco Wholesale Corporation were worth $23,025,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Main Street Research LLC increased its stake in Costco Wholesale Corporation by 4.9% in the first quarter. Main Street Research LLC now owns 64,704 shares of the retailer’s stock worth $10,850,000 after buying an additional 3,023 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Costco Wholesale Corporation by 1.3% in the first quarter. Bank of New York Mellon Corp now owns 6,254,387 shares of the retailer’s stock worth $1,048,798,000 after buying an additional 79,201 shares during the last quarter. Swiss National Bank increased its stake in Costco Wholesale Corporation by 26.2% in the first quarter. Swiss National Bank now owns 1,597,008 shares of the retailer’s stock worth $267,802,000 after buying an additional 331,400 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in Costco Wholesale Corporation by 3.5% in the first quarter. Gamco Investors INC. ET AL now owns 31,724 shares of the retailer’s stock worth $5,320,000 after buying an additional 1,060 shares during the last quarter. Finally, Warren Averett Asset Management LLC bought a new stake in Costco Wholesale Corporation during the first quarter worth $1,292,000. 74.14% of the stock is currently owned by institutional investors.
Shares of Costco Wholesale Corporation (COST) traded up 0.01% during trading on Friday, reaching $156.65. 1,876,068 shares of the company were exchanged. The stock’s 50-day moving average is $155.55 and its 200-day moving average is $167.61. Costco Wholesale Corporation has a 52-week low of $142.11 and a 52-week high of $183.18. The firm has a market cap of $68.71 billion, a price-to-earnings ratio of 27.20 and a beta of 0.93.
Costco Wholesale Corporation (NASDAQ:COST) last released its quarterly earnings results on Thursday, May 25th. The retailer reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.31 by $0.09. Costco Wholesale Corporation had a net margin of 2.06% and a return on equity of 20.45%. The business had revenue of $28.86 billion for the quarter, compared to analysts’ expectations of $28.57 billion. During the same period in the previous year, the company earned $1.24 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts predict that Costco Wholesale Corporation will post $5.77 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a dividend of $0.50 per share. The ex-dividend date is Wednesday, August 16th. This is a boost from Costco Wholesale Corporation’s previous quarterly dividend of $0.45. This represents a $2.00 annualized dividend and a yield of 1.28%. Costco Wholesale Corporation’s payout ratio is 34.66%.
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Several research analysts have recently commented on COST shares. Vetr raised Costco Wholesale Corporation from a “hold” rating to a “buy” rating and set a $168.75 target price on the stock in a report on Tuesday, July 11th. Robert W. Baird set a $200.00 target price on Costco Wholesale Corporation and gave the stock a “buy” rating in a report on Thursday, July 27th. Stifel Nicolaus reissued a “buy” rating and issued a $185.00 target price on shares of Costco Wholesale Corporation in a report on Thursday, May 4th. BidaskClub downgraded Costco Wholesale Corporation from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 20th. Finally, Cowen and Company set a $180.00 target price on Costco Wholesale Corporation and gave the stock a “buy” rating in a report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $179.11.
In other Costco Wholesale Corporation news, Director John W. Meisenbach sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $159.25, for a total value of $159,250.00. Following the transaction, the director now directly owns 4,974 shares in the company, valued at $792,109.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Daniel M. Hines sold 5,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $181.32, for a total transaction of $906,600.00. Following the completion of the transaction, the insider now owns 28,786 shares in the company, valued at $5,219,477.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,000 shares of company stock worth $2,677,430. 0.74% of the stock is owned by corporate insiders.
About Costco Wholesale Corporation
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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