JPMorgan Chase & Co. Issues Positive Forecast for Costco Wholesale (NASDAQ:COST) Stock Price

Costco Wholesale (NASDAQ:COST) had its price target upped by analysts at JPMorgan Chase & Co. from $1,015.00 to $1,150.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the retailer’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 7.92% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company decreased their target price on Costco Wholesale from $1,000.00 to $950.00 and set an “equal weight” rating for the company in a research note on Friday, September 25th. Truist Financial lowered their target price on Costco Wholesale from $1,011.00 to $955.00 and set a “hold” rating for the company in a report on Friday, September 25th. Evercore reissued an “outperform” rating on shares of Costco Wholesale in a research note on Tuesday, September 22nd. Robert W. Baird set a $1,175.00 price target on Costco Wholesale in a report on Friday, September 25th. Finally, DA Davidson raised their price objective on shares of Costco Wholesale from $1,000.00 to $1,040.00 and gave the stock a “neutral” rating in a research report on Friday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $1,090.55.

Costco Wholesale Trading Up 1.8%

Costco Wholesale stock traded up $19.12 during trading hours on Thursday, reaching $1,065.59. 4,728,502 shares of the company’s stock were exchanged, compared to its average volume of 2,212,839. The company has a quick ratio of 0.62, a current ratio of 1.06 and a debt-to-equity ratio of 0.11. The firm’s 50 day simple moving average is $947.85 and its 200 day simple moving average is $971.54. Costco Wholesale has a twelve month low of $844.06 and a twelve month high of $1,096.50. The firm has a market capitalization of $472.19 billion, a PE ratio of 51.33, a PEG ratio of 4.36 and a beta of 0.85.

Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings data on Thursday, September 24th. The retailer reported $6.75 earnings per share for the quarter, topping the consensus estimate of $6.54 by $0.21. The firm had revenue of $95.72 billion during the quarter, compared to analyst estimates of $94.97 billion. Costco Wholesale had a return on equity of 27.60% and a net margin of 3.04%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the company posted $5.87 EPS. Research analysts predict that Costco Wholesale will post 22.70 earnings per share for the current year.

Insider Transactions at Costco Wholesale

In related news, EVP William Richard Wilcox sold 1,100 shares of the business’s stock in a transaction dated Tuesday, October 13th. The stock was sold at an average price of $958.21, for a total value of $1,054,031.00. Following the completion of the sale, the executive vice president directly owned 3,094 shares of the company’s stock, valued at $2,964,701.74. The trade was a 26.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Claudine Adamo sold 2,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $915.93, for a total value of $2,015,046.00. Following the transaction, the executive vice president directly owned 7,134 shares in the company, valued at approximately $6,534,244.62. This trade represents a 23.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.10% of the company’s stock.

Institutional Investors Weigh In On Costco Wholesale

Several hedge funds and other institutional investors have recently modified their holdings of COST. Contravisory Investment Management Inc. boosted its stake in Costco Wholesale by 107.7% during the 3rd quarter. Contravisory Investment Management Inc. now owns 27 shares of the retailer’s stock valued at $25,000 after purchasing an additional 14 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new stake in Costco Wholesale during the 2nd quarter worth approximately $28,000. Burk Holdings LLC purchased a new stake in shares of Costco Wholesale in the second quarter worth approximately $30,000. Manning & Napier Advisors LLC purchased a new stake in shares of Costco Wholesale in the second quarter worth approximately $30,000. Finally, John Boyer Inc. purchased a new stake in shares of Costco Wholesale in the third quarter worth approximately $32,000. Institutional investors own 68.48% of the company’s stock.

Key Stories Impacting Costco Wholesale

Here are the key news stories impacting Costco Wholesale this week:

• Positive Sentiment: October net sales rose 12.6% year over year to $24.50 billion. U.S. comparable sales also showed strength: Bank of America cited 8.1% growth excluding changes in gasoline prices and maintained its Buy rating. Costco retains BofA buy as October U.S. comps rise 8.1%
• Neutral Sentiment: Jim Cramer’s favorable view, rooted in Costco’s durable business and loyal membership base, highlights the case for looking beyond its high P/E. The article nevertheless notes that business quality and share price are separate considerations after a recent rally. Jim Cramer says Costco is still a great value
• Negative Sentiment: Valuation concerns may temper the sales-driven optimism. Citi maintained a Hold rating and $1,020 price target, while other coverage warns that Costco’s elevated earnings multiple leaves little room for disappointment. Citi maintains Hold and $1,020 price target

About Costco Wholesale

Costco Wholesale Corporation operates a membership-based warehouse retail business under the Costco name. The company sells merchandise in bulk and at competitive prices through warehouse clubs and e-commerce platforms, serving individual consumers, businesses and other organizations.

Its product selection includes groceries and fresh foods, household supplies, appliances, electronics, furniture, apparel, health and beauty products, jewelry, automotive products and prescription drugs. Costco also provides services such as optical care, pharmacy services, hearing-aid sales, travel offerings and fuel sales, depending on location.

The company traces its roots to Price Club, which opened in San Diego in 1976.