Bank of New York Mellon Corp Takes $40.93 Million Position in PriceSmart, Inc. $PSMT

Key Points

• Bank of New York Mellon acquired 209,531 PriceSmart shares worth approximately $40.93 million, representing about 0.68% of the company. Institutional investors and hedge funds collectively own 80.46% of the stock.
• PriceSmart insiders sold 7,737 shares valued at approximately $1.51 million over the past three months, while insiders retain a 17.00% ownership stake.
• PriceSmart reported quarterly revenue of $1.48 billion, up 12.5% year over year, but earnings of $1.28 per share fell short of the $1.32 consensus estimate. Analysts maintain a “Buy” consensus with a $198 price target.

Bank of New York Mellon Corp purchased a new position in shares of PriceSmart, Inc. (NASDAQ:PSMT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 209,531 shares of the company's stock, valued at approximately $40,930,000. Bank of New York Mellon Corp owned about 0.68% of PriceSmart at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PSMT. Geneos Wealth Management Inc. raised its holdings in PriceSmart by 560.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 297 shares of the company's stock valued at $26,000 after buying an additional 252 shares during the last quarter. UMB Bank n.a. grew its holdings in PriceSmart by 76.0% during the 4th quarter. UMB Bank n.a. now owns 227 shares of the company's stock worth $28,000 after acquiring an additional 98 shares during the last quarter. CENTRAL TRUST Co acquired a new position in PriceSmart in the 4th quarter valued at approximately $32,000. Osaic Holdings Inc. increased its position in PriceSmart by 57.2% in the 2nd quarter. Osaic Holdings Inc. now owns 492 shares of the company's stock valued at $52,000 after acquiring an additional 179 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake in shares of PriceSmart by 45,600.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 457 shares of the company's stock valued at $56,000 after acquiring an additional 456 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at PriceSmart

In other PriceSmart news, Director Sherry S. Bahrambeygui sold 3,499 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $197.38, for a total transaction of $690,632.62. Following the sale, the director owned 32,150 shares of the company's stock, valued at approximately $6,345,767. This represents a 9.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Francisco Velasco sold 338 shares of the company's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $177.87, for a total transaction of $60,120.06. Following the sale, the executive vice president directly owned 75,321 shares in the company, valued at $13,397,346.27. This trade represents a 0.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,737 shares of company stock worth $1,506,176 over the last three months. 17.00% of the stock is owned by company insiders.

PriceSmart Stock Performance

Shares of PSMT stock opened at $169.34 on Friday. The stock has a market capitalization of $5.23 billion, a PE ratio of 32.50 and a beta of 0.76. The business's 50 day simple moving average is $185.62 and its 200 day simple moving average is $168.05. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.28 and a quick ratio of 0.53. PriceSmart, Inc. has a one year low of $106.87 and a one year high of $199.84.

PriceSmart (NASDAQ:PSMT - Get Free Report) last released its quarterly earnings results on Wednesday, July 8th. The company reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.04). The firm had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. PriceSmart had a return on equity of 12.16% and a net margin of 2.82%.The firm's revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.14 EPS.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Jefferies Financial Group reiterated a "buy" rating and set a $198.00 price target on shares of PriceSmart in a report on Wednesday, August 12th. Weiss Ratings restated a "buy (b)" rating on shares of PriceSmart in a report on Wednesday. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $198.00.

PriceSmart Company Profile

PriceSmart, Inc NASDAQ: PSMT is a U.S.-based retailer specializing in membership warehouse clubs. Founded in 1993, the company operates under a business model that offers bulk quantities of goods at discounted prices to individuals and businesses that purchase annual memberships. PriceSmart's value proposition centers on low-cost operations, high-volume purchasing, and a no-frills shopping environment designed to pass savings directly to its members.

The company's product assortment covers a broad range of merchandise categories, including groceries and fresh produce, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items.

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