Granite Investment Partners LLC Cuts Holdings in Costco Wholesale Co. (NASDAQ:COST)

Granite Investment Partners LLC trimmed its holdings in shares of Costco Wholesale Co. (NASDAQ:COST) by 0.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,248 shares of the retailer’s stock after selling 72 shares during the period. Granite Investment Partners LLC’s holdings in Costco Wholesale were worth $17,211,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of COST. Wulff Hansen & CO. raised its stake in shares of Costco Wholesale by 99,208.6% during the 2nd quarter. Wulff Hansen & CO. now owns 1,474,733 shares of the retailer’s stock worth $1,253,508,000 after buying an additional 1,473,248 shares in the last quarter. Global Assets Advisory LLC purchased a new position in shares of Costco Wholesale during the 1st quarter worth approximately $510,353,000. Assenagon Asset Management S.A. increased its stake in Costco Wholesale by 287.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 836,247 shares of the retailer’s stock valued at $710,802,000 after purchasing an additional 620,341 shares in the last quarter. Strategic Financial Concepts LLC increased its stake in Costco Wholesale by 51,747.5% in the 2nd quarter. Strategic Financial Concepts LLC now owns 619,578 shares of the retailer’s stock valued at $5,266,000 after purchasing an additional 618,383 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its stake in Costco Wholesale by 3,647.1% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 567,641 shares of the retailer’s stock valued at $374,688,000 after purchasing an additional 552,492 shares in the last quarter. 68.48% of the stock is owned by hedge funds and other institutional investors.

Costco Wholesale Price Performance

Shares of Costco Wholesale stock opened at $900.74 on Friday. Costco Wholesale Co. has a twelve month low of $540.23 and a twelve month high of $923.83. The stock has a market capitalization of $399.33 billion, a P/E ratio of 55.81, a PEG ratio of 5.56 and a beta of 0.80. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average price is $863.57 and its 200 day moving average price is $809.87.

Costco Wholesale Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were issued a $1.16 dividend. This represents a $4.64 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Friday, July 26th. Costco Wholesale’s payout ratio is currently 28.75%.

Insider Activity at Costco Wholesale

In related news, insider Daniel M. Hines sold 1,500 shares of Costco Wholesale stock in a transaction on Friday, July 12th. The stock was sold at an average price of $844.20, for a total value of $1,266,300.00. Following the transaction, the insider now owns 12,492 shares in the company, valued at $10,545,746.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Costco Wholesale news, insider Daniel M. Hines sold 1,500 shares of the firm’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $844.20, for a total value of $1,266,300.00. Following the transaction, the insider now directly owns 12,492 shares of the company’s stock, valued at $10,545,746.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Richard A. Galanti sold 500 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $863.88, for a total value of $431,940.00. Following the completion of the transaction, the executive vice president now directly owns 23,800 shares in the company, valued at $20,560,344. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 4,974 shares of company stock worth $4,252,856. 0.18% of the stock is owned by insiders.

Analysts Set New Price Targets

COST has been the subject of several research analyst reports. Bank of America raised their price objective on Costco Wholesale from $874.00 to $962.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. DA Davidson reaffirmed a “neutral” rating and issued a $780.00 price objective on shares of Costco Wholesale in a research note on Friday, September 6th. Wells Fargo & Company raised their price objective on Costco Wholesale from $775.00 to $800.00 and gave the company an “equal weight” rating in a research note on Thursday, July 11th. Tigress Financial raised their price objective on Costco Wholesale from $870.00 to $975.00 and gave the company a “buy” rating in a research note on Tuesday, June 25th. Finally, Argus raised their price objective on Costco Wholesale from $805.00 to $900.00 and gave the company a “buy” rating in a research note on Tuesday, May 28th. Eight analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $844.52.

Costco Wholesale Profile

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