Investors Buy Costco Wholesale Corp. (COST) on Weakness
Investors purchased shares of Costco Wholesale Corp. (NASDAQ:COST) on weakness during trading hours on Friday. $88.19 million flowed into the stock on the tick-up and $72.02 million flowed out of the stock on the tick-down, for a money net flow of $16.17 million into the stock. Of all equities tracked, Costco Wholesale Corp. had the 5th highest net in-flow for the day. Costco Wholesale Corp. traded down ($0.93) for the day and closed at $163.93
COST has been the topic of several recent analyst reports. Wolfe Research downgraded shares of Costco Wholesale Corp. from an “outperform” rating to a “peer perform” rating in a report on Friday, April 29th. JPMorgan Chase & Co. reiterated a “focus list” rating and issued a $180.00 target price on shares of Costco Wholesale Corp. in a report on Monday, May 2nd. Royal Bank Of Canada started coverage on shares of Costco Wholesale Corp. in a report on Monday, May 2nd. They issued an “outperform” rating and a $169.00 target price on the stock. Zacks Investment Research lowered shares of Costco Wholesale Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $173.00 price target on shares of Costco Wholesale Corp. in a research report on Thursday, May 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. Costco Wholesale Corp. has a consensus rating of “Buy” and a consensus price target of $173.47.
The stock’s 50-day moving average price is $167.21 and its 200 day moving average price is $155.75. The stock has a market capitalization of $71.81 billion and a PE ratio of 30.98.
Costco Wholesale Corp. (NASDAQ:COST) last posted its quarterly earnings results on Wednesday, May 25th. The retailer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.01. During the same quarter last year, the company earned $1.11 earnings per share. On average, equities analysts forecast that Costco Wholesale Corp. will post $5.30 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 26th. Stockholders of record on Friday, August 12th were paid a $0.45 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.10%.
In other news, CFO Richard A. Galanti sold 2,400 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $167.08, for a total value of $400,992.00. Following the sale, the chief financial officer now directly owns 30,536 shares in the company, valued at approximately $5,101,954.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Douglas W. Schutt sold 14,656 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $166.76, for a total transaction of $2,444,034.56. Following the completion of the sale, the vice president now owns 40,184 shares in the company, valued at $6,701,083.84. The disclosure for this sale can be found here.
Other large investors recently bought and sold shares of the company. Bronfman E.L. Rothschild L.P. bought a new stake in Costco Wholesale Corp. during the fourth quarter worth $1,791,000. Marshall Wace LLP bought a new stake in Costco Wholesale Corp. during the fourth quarter worth $1,985,000. Venturi Wealth Management LLC bought a new stake in Costco Wholesale Corp. during the fourth quarter worth $4,120,000. Pittenger & Anderson Inc. increased its stake in Costco Wholesale Corp. by 10.2% in the fourth quarter. Pittenger & Anderson Inc. now owns 41,605 shares of the retailer’s stock worth $6,719,000 after buying an additional 3,850 shares during the last quarter. Finally, KBC Group NV increased its stake in Costco Wholesale Corp. by 2.3% in the fourth quarter. KBC Group NV now owns 41,964 shares of the retailer’s stock worth $6,777,000 after buying an additional 959 shares during the last quarter.
Costco Wholesale Corporation (Costco) is engaged in the operation of membership warehouses in the United States (U.S.) and Puerto Rico, Canada, United Kingdom (U.K.), Mexico, Japan, Australia, Spain, and through majority-owned subsidiaries in Taiwan and Korea. The Company operated 663 membership warehouses and an average warehouse is approximately 144,000 square feet.
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