Costco Wholesale (NASDAQ:COST) Price Target Raised to $289.00

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Costco Wholesale (NASDAQ:COST) had its price objective raised by Stifel Nicolaus from $261.00 to $289.00 in a research note issued to investors on Thursday, The Fly reports. They currently have a buy rating on the retailer’s stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley downgraded shares of Meili from an equal weight rating to an underweight rating and lowered their target price for the stock from $14.00 to $4.20 in a report on Monday, June 3rd. Goldman Sachs Group raised shares of Altria Group from a neutral rating to a buy rating and set a $59.00 price objective for the company in a research report on Thursday. Evercore ISI started coverage on shares of Polarityte in a research report on Wednesday, March 20th. They set an outperform rating and a $26.00 price objective for the company. Oppenheimer lifted their price objective on shares of Costco Wholesale from $270.00 to $295.00 in a research report on Wednesday. Finally, Nomura lifted their price objective on shares of Visa from $151.00 to $175.00 in a research report on Thursday, April 11th. Seven equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $259.39.

Shares of COST opened at $279.44 on Thursday. The firm has a market capitalization of $122.89 billion, a P/E ratio of 40.91, a price-to-earnings-growth ratio of 3.92 and a beta of 0.94. Costco Wholesale has a 1-year low of $189.51 and a 1-year high of $280.00. The stock’s fifty day moving average price is $258.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.48 and a current ratio of 0.98.

Costco Wholesale (NASDAQ:COST) last issued its earnings results on Thursday, May 30th. The retailer reported $1.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.83 by $0.06. The business had revenue of $34.74 billion for the quarter, compared to the consensus estimate of $34.72 billion. Costco Wholesale had a net margin of 2.41% and a return on equity of 25.03%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.70 earnings per share. On average, analysts predict that Costco Wholesale will post 8.04 earnings per share for the current year.

Costco Wholesale announced that its Board of Directors has initiated a share buyback plan on Friday, April 26th that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the retailer to reacquire up to 3.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

In other news, Director Susan L. Decker sold 1,646 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $268.25, for a total value of $441,539.50. Following the completion of the sale, the director now owns 41,803 shares of the company’s stock, valued at $11,213,654.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Susan L. Decker sold 2,790 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $254.62, for a total transaction of $710,389.80. Following the completion of the sale, the director now directly owns 45,405 shares of the company’s stock, valued at approximately $11,561,021.10. The disclosure for this sale can be found here. In the last three months, insiders sold 28,136 shares of company stock valued at $7,380,374. 0.21% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in COST. Horan Capital Advisors LLC. bought a new stake in Costco Wholesale during the first quarter worth about $26,000. ERTS Wealth Advisors LLC bought a new stake in Costco Wholesale during the fourth quarter worth about $30,000. Arbor Wealth Management LLC bought a new stake in Costco Wholesale during the fourth quarter worth about $33,000. Thor Advisors LLC bought a new stake in Costco Wholesale during the first quarter worth about $35,000. Finally, PRW Wealth Management LLC bought a new stake in Costco Wholesale during the fourth quarter worth about $36,000. 71.08% of the stock is owned by institutional investors.

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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Analyst Recommendations for Costco Wholesale (NASDAQ:COST)

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