Summit Wealth Partners LLC Buys New Position in Costco Wholesale Co. (NASDAQ:COST)

Summit Wealth Partners LLC bought a new stake in shares of Costco Wholesale Co. (NASDAQ:COST) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 242 shares of the retailer’s stock, valued at approximately $206,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. SS&H Financial Advisors Inc. increased its position in shares of Costco Wholesale by 5.4% during the second quarter. SS&H Financial Advisors Inc. now owns 2,907 shares of the retailer’s stock worth $2,470,000 after buying an additional 150 shares during the period. Cannon Financial Strategists Inc. bought a new stake in Costco Wholesale during the second quarter valued at $212,000. Heritage Wealth Management Inc. acquired a new stake in Costco Wholesale during the 2nd quarter worth about $1,534,000. Lazari Capital Management Inc. raised its position in shares of Costco Wholesale by 11.7% in the 2nd quarter. Lazari Capital Management Inc. now owns 804 shares of the retailer’s stock worth $683,000 after acquiring an additional 84 shares in the last quarter. Finally, Cim LLC lifted its stake in shares of Costco Wholesale by 35.9% in the 2nd quarter. Cim LLC now owns 22,265 shares of the retailer’s stock valued at $19,726,000 after purchasing an additional 5,879 shares during the period. Institutional investors own 68.48% of the company’s stock.

Costco Wholesale Stock Performance

Shares of COST opened at $877.38 on Wednesday. The stock has a 50 day moving average of $871.96 and a 200 day moving average of $819.44. The company has a market capitalization of $388.97 billion, a price-to-earnings ratio of 54.36, a PEG ratio of 5.47 and a beta of 0.80. Costco Wholesale Co. has a 12 month low of $540.23 and a 12 month high of $923.83. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.27.

Costco Wholesale (NASDAQ:COST) last announced its earnings results on Thursday, September 26th. The retailer reported $5.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.05 by $0.10. The firm had revenue of $79.70 billion during the quarter, compared to analyst estimates of $79.91 billion. Costco Wholesale had a return on equity of 30.02% and a net margin of 2.83%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period last year, the firm posted $4.86 EPS. As a group, sell-side analysts forecast that Costco Wholesale Co. will post 16.02 earnings per share for the current year.

Costco Wholesale Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Stockholders of record on Friday, July 26th were given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Friday, July 26th. Costco Wholesale’s dividend payout ratio is currently 28.75%.

Insider Transactions at Costco Wholesale

In related news, insider Daniel M. Hines sold 1,500 shares of the company’s stock in a transaction that occurred 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 transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Kenneth D. Denman sold 350 shares of Costco Wholesale stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $851.53, for a total value of $298,035.50. Following the completion of the transaction, the director now owns 5,920 shares in the company, valued at $5,041,057.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel M. Hines sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $844.20, for a total transaction of $1,266,300.00. Following the sale, the insider now owns 12,492 shares in the company, valued at $10,545,746.40. The disclosure for this sale can be found here. Insiders sold a total of 4,974 shares of company stock worth $4,252,856 in the last quarter. Insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

COST has been the subject of a number of research analyst reports. Truist Financial downgraded Costco Wholesale from a “buy” rating to a “hold” rating and set a $873.00 target price for the company. in a report on Tuesday, September 24th. Telsey Advisory Group lifted their price objective on shares of Costco Wholesale from $925.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Friday, September 27th. Bank of America increased their target price on shares of Costco Wholesale from $874.00 to $962.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Morgan Stanley lifted their price target on shares of Costco Wholesale from $855.00 to $950.00 and gave the company an “overweight” rating in a research note on Monday, September 9th. Finally, Evercore ISI increased their price objective on shares of Costco Wholesale from $915.00 to $925.00 and gave the stock an “outperform” rating in a research report on Friday, September 6th. Ten investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $883.04.

Costco Wholesale Company 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.