American International Group Inc. increased its stake in Costco Wholesale Co. (NASDAQ:COST) by 6.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 175,995 shares of the retailer’s stock after purchasing an additional 10,407 shares during the period. American International Group Inc.’s holdings in Costco Wholesale were worth $41,338,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in COST. Bank of New York Mellon Corp boosted its stake in shares of Costco Wholesale by 55,048.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 5,504,928 shares of the retailer’s stock worth $1,292,998,000 after buying an additional 5,494,946 shares during the last quarter. FMR LLC boosted its stake in shares of Costco Wholesale by 13.5% during the 2nd quarter. FMR LLC now owns 10,570,895 shares of the retailer’s stock worth $2,209,107,000 after buying an additional 1,256,873 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Costco Wholesale by 3.4% during the 3rd quarter. BlackRock Inc. now owns 28,041,444 shares of the retailer’s stock worth $6,586,376,000 after buying an additional 919,651 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Costco Wholesale by 141.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 495,820 shares of the retailer’s stock worth $116,459,000 after buying an additional 290,701 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Costco Wholesale by 1,582.4% during the 2nd quarter. Marshall Wace LLP now owns 250,388 shares of the retailer’s stock worth $52,326,000 after buying an additional 235,505 shares during the last quarter. 71.82% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently commented on COST. Cowen restated a “buy” rating and set a $240.00 price objective on shares of Costco Wholesale in a research note on Friday, August 10th. Telsey Advisory Group increased their price objective on shares of Costco Wholesale from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 7th. Loop Capital increased their price objective on shares of Costco Wholesale to $250.00 and gave the stock a “buy” rating in a research note on Thursday, August 9th. BidaskClub downgraded shares of Costco Wholesale from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 15th. Finally, Barclays downgraded shares of Costco Wholesale from an “overweight” rating to an “equal weight” rating and set a $240.00 price objective for the company. in a research note on Monday, September 17th. Eight investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $237.94.
Costco Wholesale (NASDAQ:COST) last released its quarterly earnings results on Thursday, October 4th. The retailer reported $2.36 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.34 by $0.02. The firm had revenue of $44.41 billion for the quarter, compared to analysts’ expectations of $44.17 billion. Costco Wholesale had a net margin of 2.21% and a return on equity of 24.67%. The business’s revenue was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.08 EPS. As a group, equities analysts forecast that Costco Wholesale Co. will post 7.68 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, November 23rd. Shareholders of record on Friday, November 9th were issued a $0.57 dividend. The ex-dividend date was Thursday, November 8th. This represents a $2.28 annualized dividend and a yield of 1.04%. Costco Wholesale’s dividend payout ratio is currently 33.38%.
In other Costco Wholesale news, insider W Craig Jelinek sold 22,500 shares of the stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $223.52, for a total value of $5,029,200.00. Following the transaction, the insider now directly owns 322,958 shares of the company’s stock, valued at approximately $72,187,572.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John W. Meisenbach sold 3,000 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $235.81, for a total transaction of $707,430.00. Following the completion of the transaction, the director now directly owns 8,654 shares in the company, valued at $2,040,699.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 64,312 shares of company stock worth $14,547,272. Insiders own 0.74% of the company’s stock.
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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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