Benjamin Edwards Inc. Makes New Investment in Costco Wholesale Co. (NASDAQ:COST)
Benjamin Edwards Inc. purchased a new position in shares of Costco Wholesale Co. (NASDAQ:COST) during the 3rd quarter, Holdings Channel reports. The fund purchased 388 shares of the retailer’s stock, valued at approximately $112,000.
A number of other large investors have also modified their holdings of COST. Neville Rodie & Shaw Inc. lifted its position in Costco Wholesale by 0.9% during the 2nd quarter. Neville Rodie & Shaw Inc. now owns 25,933 shares of the retailer’s stock worth $6,853,000 after buying an additional 235 shares in the last quarter. Park National Corp OH lifted its position in Costco Wholesale by 9.1% during the 2nd quarter. Park National Corp OH now owns 17,900 shares of the retailer’s stock worth $4,730,000 after buying an additional 1,496 shares in the last quarter. Private Trust Co. NA lifted its position in Costco Wholesale by 0.4% during the 2nd quarter. Private Trust Co. NA now owns 11,990 shares of the retailer’s stock worth $3,168,000 after buying an additional 44 shares in the last quarter. Beese Fulmer Investment Management Inc. bought a new stake in Costco Wholesale during the 2nd quarter worth about $4,462,000. Finally, Rockland Trust Co. lifted its position in Costco Wholesale by 8.8% during the 2nd quarter. Rockland Trust Co. now owns 1,882 shares of the retailer’s stock worth $497,000 after buying an additional 152 shares in the last quarter. 71.16% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have commented on COST. Royal Bank of Canada boosted their price target on shares of Costco Wholesale from $321.00 to $329.00 and gave the stock an “outperform” rating in a research report on Friday, October 4th. Robert W. Baird set a $325.00 price target on shares of Costco Wholesale and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Sanford C. Bernstein cut shares of Costco Wholesale from a “market perform” rating to an “underperform” rating and boosted their price target for the stock from $220.00 to $230.00 in a research report on Wednesday, September 18th. Gordon Haskett raised shares of Costco Wholesale from a “hold” rating to an “accumulate” rating and boosted their price target for the stock from $255.00 to $330.00 in a research report on Friday, September 20th. Finally, Edward Jones cut shares of Costco Wholesale from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. One investment analyst has rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $295.57.
Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings results on Thursday, October 3rd. The retailer reported $2.69 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.54 by $0.15. The business had revenue of $47.50 billion for the quarter, compared to analyst estimates of $47.71 billion. Costco Wholesale had a net margin of 2.40% and a return on equity of 25.00%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the business posted $2.36 EPS. Equities analysts anticipate that Costco Wholesale Co. will post 8.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, November 1st will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $2.60 annualized dividend and a dividend yield of 0.86%. Costco Wholesale’s dividend payout ratio is 31.75%.
In related news, insider Daniel M. Hines sold 5,000 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $298.46, for a total value of $1,492,300.00. Following the completion of the transaction, the insider now owns 22,277 shares of the company’s stock, valued at approximately $6,648,793.42. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan L. Decker sold 333 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $297.50, for a total transaction of $99,067.50. Following the completion of the transaction, the director now directly owns 41,470 shares of the company’s stock, valued at approximately $12,337,325. The disclosure for this sale can be found here. Insiders have sold a total of 33,093 shares of company stock worth $9,915,511 in the last quarter. 0.21% of the stock is currently owned by company insiders.
Costco Wholesale Company 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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