Psagot Investment House Ltd. lessened its position in shares of Costco Wholesale Co. (NASDAQ:COST) by 1.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,565 shares of the retailer’s stock after selling 109 shares during the period. Psagot Investment House Ltd.’s holdings in Costco Wholesale were worth $2,528,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Horan Capital Advisors LLC. purchased a new stake in Costco Wholesale during the 1st quarter worth about $26,000. Arbor Wealth Management LLC purchased a new stake in Costco Wholesale during the 4th quarter worth about $33,000. Thor Advisors LLC purchased a new stake in Costco Wholesale during the 1st quarter worth about $35,000. C J Advisory Inc purchased a new stake in Costco Wholesale during the 1st quarter worth about $36,000. Finally, JNBA Financial Advisors lifted its holdings in Costco Wholesale by 484.6% during the 1st quarter. JNBA Financial Advisors now owns 152 shares of the retailer’s stock worth $37,000 after purchasing an additional 126 shares in the last quarter. 71.28% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Costco Wholesale stock traded down $2.00 during trading on Friday, hitting $272.80. 55,026 shares of the stock traded hands, compared to its average volume of 1,728,987. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.48 and a current ratio of 0.98. The company has a market capitalization of $120.85 billion, a PE ratio of 39.90, a price-to-earnings-growth ratio of 3.78 and a beta of 0.95. The business has a fifty day simple moving average of $273.30. Costco Wholesale Co. has a 52 week low of $189.51 and a 52 week high of $284.31.
Costco Wholesale declared that its board has initiated a stock repurchase program on Friday, April 26th that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the retailer to purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Susan L. Decker sold 2,790 shares of the firm’s stock in a transaction that occurred 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 directly owns 45,405 shares in the company, valued at approximately $11,561,021.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Richard A. Galanti sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $266.39, for a total value of $799,170.00. Following the transaction, the chief financial officer now owns 27,582 shares in the company, valued at $7,347,568.98. The disclosure for this sale can be found here. Insiders have sold a total of 28,136 shares of company stock worth $7,380,374 over the last quarter. Corporate insiders own 0.21% of the company’s stock.
Several analysts have weighed in on the company. Robert W. Baird raised their price target on Costco Wholesale from $270.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Gordon Haskett cut Costco Wholesale from an “accumulate” rating to a “hold” rating and set a $244.90 price target on the stock. in a report on Wednesday, May 29th. They noted that the move was a valuation call. Tigress Financial reaffirmed a “buy” rating on shares of Costco Wholesale in a report on Friday, June 28th. Deutsche Bank set a $252.00 price target on Costco Wholesale and gave the company a “hold” rating in a report on Monday, July 15th. Finally, Goldman Sachs Group assumed coverage on Costco Wholesale in a report on Thursday, July 11th. They issued a “buy” rating and a $290.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Costco Wholesale has a consensus rating of “Buy” and a consensus target price of $262.73.
About Costco Wholesale
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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