Perennial Advisors LLC raised its position in Costco Wholesale Co. (NASDAQ:COST) by 1.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,883 shares of the retailer’s stock after acquiring an additional 233 shares during the quarter. Costco Wholesale makes up about 1.8% of Perennial Advisors LLC’s investment portfolio, making the stock its 26th largest holding. Perennial Advisors LLC’s holdings in Costco Wholesale were worth $3,120,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Lenox Wealth Management Inc. lifted its stake in shares of Costco Wholesale by 125.9% during the 4th quarter. Lenox Wealth Management Inc. now owns 122 shares of the retailer’s stock worth $25,000 after buying an additional 68 shares during the last quarter. Horan Capital Advisors LLC. acquired a new stake in shares of Costco Wholesale during the 1st quarter worth about $26,000. ERTS Wealth Advisors LLC acquired a new stake in shares of Costco Wholesale during the 4th quarter worth about $30,000. Arbor Wealth Management LLC acquired a new stake in shares of Costco Wholesale during the 4th quarter worth about $33,000. Finally, PRW Wealth Management LLC acquired a new stake in shares of Costco Wholesale during the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 71.32% of the company’s stock.
NASDAQ:COST opened at $248.53 on Friday. Costco Wholesale Co. has a 52 week low of $189.51 and a 52 week high of $251.01. The stock has a market cap of $109.94 billion, a P/E ratio of 36.39, a price-to-earnings-growth ratio of 3.52 and a beta of 0.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.46 and a current ratio of 0.96.
Costco Wholesale declared that its board has approved a stock repurchase plan on Friday, April 26th that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the retailer to purchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be issued a $0.65 dividend. This is a positive change from Costco Wholesale’s previous quarterly dividend of $0.57. This represents a $2.60 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend is Thursday, May 9th. Costco Wholesale’s dividend payout ratio (DPR) is currently 38.07%.
In other Costco Wholesale news, VP Richard A. Galanti sold 4,188 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $230.47, for a total value of $965,208.36. Following the transaction, the vice president now directly owns 30,082 shares of the company’s stock, valued at approximately $6,932,998.54. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John W. Meisenbach bought 3,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was purchased at an average cost of $242.65 per share, for a total transaction of $727,950.00. Following the completion of the acquisition, the director now owns 12,833 shares in the company, valued at $3,113,927.45. The disclosure for this purchase can be found here. Over the last three months, insiders sold 8,587 shares of company stock worth $2,004,576. Insiders own 0.21% of the company’s stock.
A number of analysts have recently issued reports on COST shares. BidaskClub upgraded shares of Costco Wholesale from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 9th. Citigroup raised their target price on shares of Costco Wholesale from $242.00 to $243.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Loop Capital raised their price target on shares of Costco Wholesale from $260.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, April 1st. UBS Group raised their price target on shares of Costco Wholesale to $280.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Finally, Nomura raised their price target on shares of Costco Wholesale from $230.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Eight analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Costco Wholesale currently has an average rating of “Buy” and an average price target of $249.90.
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About Costco Wholesale
Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances.
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