Institute for Wealth Management LLC. Reduces Position in Costco Wholesale Co. (NASDAQ:COST)

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Institute for Wealth Management LLC. lessened its holdings in shares of Costco Wholesale Co. (NASDAQ:COST) by 1.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,821 shares of the retailer’s stock after selling 194 shares during the period. Costco Wholesale comprises approximately 0.6% of Institute for Wealth Management LLC.’s investment portfolio, making the stock its 28th biggest position. Institute for Wealth Management LLC.’s holdings in Costco Wholesale were worth $2,860,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Regent Investment Management LLC boosted its position in shares of Costco Wholesale by 43.5% during the first quarter. Regent Investment Management LLC now owns 1,485 shares of the retailer’s stock valued at $360,000 after buying an additional 450 shares during the period. Great Valley Advisor Group Inc. purchased a new stake in shares of Costco Wholesale in the second quarter valued at approximately $470,000. Beese Fulmer Investment Management Inc. purchased a new stake in shares of Costco Wholesale in the second quarter valued at approximately $4,462,000. Raymond James & Associates boosted its holdings in shares of Costco Wholesale by 8.5% in the first quarter. Raymond James & Associates now owns 467,707 shares of the retailer’s stock valued at $113,252,000 after purchasing an additional 36,675 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Costco Wholesale by 17.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 182,589 shares of the retailer’s stock valued at $44,218,000 after purchasing an additional 27,026 shares during the period. Institutional investors and hedge funds own 71.20% of the company’s stock.

A number of analysts recently issued reports on COST shares. Evercore ISI reiterated a “buy” rating on shares of Costco Wholesale in a report on Sunday, August 11th. Goldman Sachs Group started coverage on Costco Wholesale in a report on Thursday, July 11th. They issued a “buy” rating and a $290.00 price target for the company. Tigress Financial reiterated a “buy” rating on shares of Costco Wholesale in a report on Friday, June 28th. Robert W. Baird boosted their price target on Costco Wholesale from $270.00 to $290.00 and gave the company an “outperform” rating in a report on Thursday, July 11th. Finally, Oppenheimer boosted their price target on Costco Wholesale from $270.00 to $295.00 in a report on Wednesday, July 10th. Seven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Costco Wholesale currently has an average rating of “Buy” and a consensus target price of $266.04.

Costco Wholesale stock traded up $2.58 during mid-day trading on Friday, reaching $274.10. 1,230,800 shares of the company were exchanged, compared to its average volume of 1,822,696. The business has a fifty day moving average of $274.36 and a 200 day moving average of $247.55. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.48 and a current ratio of 0.98. The firm has a market cap of $119.41 billion, a P/E ratio of 40.13, a PEG ratio of 3.81 and a beta of 0.95. Costco Wholesale Co. has a 12-month low of $189.51 and a 12-month high of $284.31.

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

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.65 per share. The ex-dividend date is Thursday, August 29th. This represents a $2.60 dividend on an annualized basis and a yield of 0.95%. Costco Wholesale’s dividend payout ratio is currently 38.07%.

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

In other news, VP Patrick J. Callans sold 2,000 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $252.15, for a total transaction of $504,300.00. Following the transaction, the vice president now directly owns 66,479 shares of the company’s stock, valued at $16,762,679.85. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Susan L. Decker sold 1,646 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $268.25, for a total value of $441,539.50. Following the transaction, the director now directly owns 41,803 shares in the company, valued at $11,213,654.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,136 shares of company stock valued at $7,380,374. 0.21% of the stock is owned by company insiders.

Costco Wholesale Company Profile

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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Institutional Ownership by Quarter for Costco Wholesale (NASDAQ:COST)

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