Oppenheimer Cuts Costco Wholesale (NASDAQ:COST) Price Target to $550.00

Costco Wholesale (NASDAQ:COSTGet Rating) had its price target cut by equities research analysts at Oppenheimer from $600.00 to $550.00 in a research report issued on Friday, The Fly reports. Oppenheimer’s price target would suggest a potential upside of 12.90% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $580.00 price target on shares of Costco Wholesale in a research note on Friday, July 29th. Credit Suisse Group dropped their price objective on shares of Costco Wholesale from $570.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, May 27th. Citigroup lifted their price target on shares of Costco Wholesale from $510.00 to $545.00 in a research note on Thursday, August 4th. Evercore ISI lifted their price objective on shares of Costco Wholesale to $585.00 in a report on Tuesday, September 6th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $580.00 price objective on shares of Costco Wholesale in a report on Monday, May 30th. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $574.64.

Costco Wholesale Price Performance

Costco Wholesale stock opened at $487.17 on Friday. The firm has a market capitalization of $215.80 billion, a PE ratio of 38.36, a P/E/G ratio of 3.72 and a beta of 0.70. The company has a quick ratio of 0.48, a current ratio of 1.04 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $529.73 and its 200 day simple moving average is $519.85. Costco Wholesale has a 52 week low of $406.51 and a 52 week high of $612.27.

Costco Wholesale (NASDAQ:COSTGet Rating) last released its quarterly earnings results on Thursday, September 22nd. The retailer reported $4.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.17 by $0.03. Costco Wholesale had a net margin of 2.60% and a return on equity of 29.71%. The company had revenue of $72.09 billion for the quarter, compared to analysts’ expectations of $72 billion. During the same period last year, the company earned $3.90 EPS. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. On average, equities research analysts predict that Costco Wholesale will post 13.09 EPS for the current fiscal year.

Insider Activity at Costco Wholesale

In related news, VP James P. Murphy sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $525.20, for a total value of $787,800.00. Following the completion of the sale, the vice president now owns 36,230 shares of the company’s stock, valued at approximately $19,027,996. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Costco Wholesale news, CFO Richard A. Galanti sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, July 14th. The stock was sold at an average price of $505.60, for a total transaction of $505,600.00. Following the completion of the sale, the chief financial officer now owns 25,750 shares of the company’s stock, valued at $13,019,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James P. Murphy sold 1,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $525.20, for a total value of $787,800.00. Following the sale, the vice president now directly owns 36,230 shares of the company’s stock, valued at approximately $19,027,996. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,800 shares of company stock valued at $1,449,904. 0.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Costco Wholesale

A number of large investors have recently added to or reduced their stakes in COST. Norges Bank bought a new stake in Costco Wholesale during the fourth quarter worth approximately $2,323,746,000. State Street Corp raised its stake in shares of Costco Wholesale by 10.2% in the fourth quarter. State Street Corp now owns 18,301,225 shares of the retailer’s stock valued at $10,389,605,000 after purchasing an additional 1,697,920 shares in the last quarter. Public Investment Fund acquired a new position in shares of Costco Wholesale in the second quarter valued at $496,810,000. BlackRock Inc. raised its stake in shares of Costco Wholesale by 3.1% in the fourth quarter. BlackRock Inc. now owns 31,078,322 shares of the retailer’s stock valued at $17,643,166,000 after purchasing an additional 944,199 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Costco Wholesale by 19.1% in the second quarter. Wells Fargo & Company MN now owns 3,045,401 shares of the retailer’s stock valued at $1,459,600,000 after purchasing an additional 488,601 shares in the last quarter. Institutional investors own 66.83% of the company’s stock.

About Costco Wholesale

(Get Rating)

Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories.

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