Costco Wholesale Corporation’s Same Store Sales Numbers Beat Analysts’ Estimates, Stock Drops by 6% (NASDAQ:COST)
Costco Wholesale Corporation’s (NASDAQ:COST) same-store sales climbed 7.5% during the month of October. Costco Wholesale Corporation’s stock dropped by 6% in the first full-day of trading following the report.
A number of research analysts have issued reports on the company. Wells Fargo & Company set a $170.00 price target on Costco Wholesale Corporation and gave the stock a “hold” rating in a research report on Thursday, October 5th. Deutsche Bank AG set a $155.00 price target on Costco Wholesale Corporation and gave the stock a “hold” rating in a research report on Friday, October 6th. Citigroup Inc. boosted their price target on Costco Wholesale Corporation from $155.00 to $187.00 and gave the stock a “hold” rating in a research report on Friday, October 6th. Oppenheimer Holdings, Inc. set a $185.00 price target on Costco Wholesale Corporation and gave the stock a “buy” rating in a research report on Friday, October 6th. Finally, Morgan Stanley lowered Costco Wholesale Corporation from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $190.00 to $165.00 in a research report on Friday, October 6th. Twelve analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Costco Wholesale Corporation presently has a consensus rating of “Buy” and a consensus price target of $178.34.
In related news, insider John D. Mckay sold 8,111 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $172.78, for a total transaction of $1,401,418.58. Following the completion of the sale, the insider now owns 66,751 shares in the company, valued at approximately $11,533,237.78. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Richard A. Galanti sold 3,000 shares of the stock in a transaction that occurred on Friday, November 10th. The shares were sold at an average price of $170.95, for a total value of $512,850.00. Following the sale, the chief financial officer now owns 35,225 shares of the company’s stock, valued at approximately $6,021,713.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,842 shares of company stock worth $5,128,658. 0.74% of the stock is currently owned by insiders.
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Shares of Costco Wholesale Corporation (NASDAQ COST) opened at $170.98 on Friday. Costco Wholesale Corporation has a 52 week low of $149.52 and a 52 week high of $183.18. The firm has a market capitalization of $74,720.00, a P/E ratio of 29.46, a P/E/G ratio of 2.74 and a beta of 0.93. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.43 and a current ratio of 0.99.
Costco Wholesale Corporation (NASDAQ:COST) last announced its earnings results on Thursday, October 5th. The retailer reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.06. Costco Wholesale Corporation had a return on equity of 22.21% and a net margin of 2.08%. The firm had revenue of $42.30 billion during the quarter, compared to the consensus estimate of $41.55 billion. During the same quarter in the prior year, the company earned $1.77 EPS. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. equities analysts forecast that Costco Wholesale Corporation will post 6.45 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be given a $0.50 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.17%. Costco Wholesale Corporation’s dividend payout ratio is currently 32.89%.
Several hedge funds have recently made changes to their positions in COST. Delta Asset Management LLC TN lifted its position in shares of Costco Wholesale Corporation by 11.6% in the 2nd quarter. Delta Asset Management LLC TN now owns 627 shares of the retailer’s stock worth $100,000 after acquiring an additional 65 shares during the period. Almanack Investment Partners LLC. bought a new stake in shares of Costco Wholesale Corporation in the 2nd quarter worth approximately $101,000. Wealthcare Advisory Partners LLC bought a new stake in shares of Costco Wholesale Corporation in the 3rd quarter worth approximately $102,000. Jacobus Wealth Management Inc. bought a new stake in shares of Costco Wholesale Corporation in the 3rd quarter worth approximately $103,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Costco Wholesale Corporation in the 2nd quarter worth approximately $107,000. Institutional investors own 72.76% of the company’s stock.
About Costco Wholesale Corporation
Costco Wholesale Corporation is engaged in the operation of membership warehouses in the United States and Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Australia, Spain, and through its subsidiaries in Taiwan and Korea. As of August 28, 2016, the Company operated 715 warehouses across the world.
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