Panagora Asset Management Inc. boosted its position in Costco Wholesale Co. (NASDAQ:COST) by 17.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 294,604 shares of the retailer’s stock after buying an additional 43,598 shares during the quarter. Costco Wholesale makes up about 0.6% of Panagora Asset Management Inc.’s investment portfolio, making the stock its 28th biggest holding. Panagora Asset Management Inc. owned approximately 0.07% of Costco Wholesale worth $103,842,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of the company. Montrusco Bolton Investments Inc. bought a new position in shares of Costco Wholesale during the first quarter valued at approximately $34,642,000. Financial Insights Inc. grew its holdings in shares of Costco Wholesale by 8.9% during the first quarter. Financial Insights Inc. now owns 2,154 shares of the retailer’s stock valued at $759,000 after purchasing an additional 176 shares during the last quarter. Meristem Family Wealth LLC grew its holdings in shares of Costco Wholesale by 2.8% during the first quarter. Meristem Family Wealth LLC now owns 3,203 shares of the retailer’s stock valued at $1,129,000 after purchasing an additional 86 shares during the last quarter. Oak Ridge Investments LLC grew its holdings in shares of Costco Wholesale by 0.4% during the first quarter. Oak Ridge Investments LLC now owns 38,608 shares of the retailer’s stock valued at $13,609,000 after purchasing an additional 162 shares during the last quarter. Finally, E Fund Management Co. Ltd. acquired a new position in shares of Costco Wholesale during the first quarter worth approximately $1,850,000. 65.57% of the stock is owned by institutional investors.
Several equities analysts have recently issued reports on COST shares. DA Davidson boosted their price objective on Costco Wholesale from $325.00 to $350.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 1st. Loop Capital boosted their price objective on Costco Wholesale from $415.00 to $425.00 and gave the stock a “buy” rating in a research report on Friday, May 28th. They noted that the move was a valuation call. Royal Bank of Canada boosted their price objective on Costco Wholesale from $425.00 to $453.00 and gave the stock an “outperform” rating in a research report on Friday, May 28th. Stifel Nicolaus boosted their price objective on Costco Wholesale from $390.00 to $410.00 and gave the stock a “buy” rating in a research report on Friday, May 28th. Finally, Telsey Advisory Group upped their target price on Costco Wholesale from $395.00 to $415.00 and gave the stock an “outperform” rating in a research report on Friday, May 28th. Nine equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $401.00.
Costco Wholesale (NASDAQ:COST) last released its earnings results on Wednesday, May 26th. The retailer reported $2.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.28 by $0.47. Costco Wholesale had a net margin of 2.53% and a return on equity of 27.30%. The business had revenue of $44.38 billion during the quarter, compared to analysts’ expectations of $43.82 billion. During the same quarter last year, the company earned $1.89 earnings per share. The firm’s revenue was up 21.8% on a year-over-year basis. On average, equities analysts forecast that Costco Wholesale Co. will post 10.37 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, May 14th. Investors of record on Friday, April 30th were paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 0.83%. The ex-dividend date was Thursday, April 29th. This is a boost from Costco Wholesale’s previous quarterly dividend of $0.70. Costco Wholesale’s dividend payout ratio (DPR) is presently 35.71%.
In related news, CFO Richard A. Galanti sold 2,230 shares of the stock in a transaction dated Thursday, April 29th. The shares were sold at an average price of $372.06, for a total value of $829,693.80. Following the completion of the transaction, the chief financial officer now owns 22,871 shares of the company’s stock, valued at $8,509,384.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Patrick J. Callans sold 2,500 shares of the stock in a transaction dated Monday, June 7th. The stock was sold at an average price of $384.31, for a total transaction of $960,775.00. Following the completion of the transaction, the vice president now directly owns 59,718 shares of the company’s stock, valued at approximately $22,950,224.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,030 shares of company stock valued at $3,227,959. 0.22% of the stock is owned by corporate insiders.
Costco Wholesale Profile
Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories.
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