Cinctive Capital Management LP Purchases New Shares in PriceSmart, Inc. $PSMT

Key Points

• Cinctive Capital Management LP acquired 94,486 shares of PriceSmart, Inc., valued at approximately $8.3 million, increasing its stake to 0.31% by the end of the last quarter.
• After missing the earnings per share estimate for the most recent quarter, PriceSmart reported a revenue of $1.32 billion, exceeding expectations with a year-over-year growth of 7.1%.
• Wall Street Zen downgraded PriceSmart from a "buy" rating to a "hold" in a recent research note, reflecting changes in analyst sentiment towards the stock.

Cinctive Capital Management LP purchased a new position in shares of PriceSmart, Inc. (NASDAQ:PSMT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 94,486 shares of the company's stock, valued at approximately $8,301,000. Cinctive Capital Management LP owned approximately 0.31% of PriceSmart as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in PriceSmart by 5.7% during the 1st quarter. American Century Companies Inc. now owns 1,300,921 shares of the company's stock worth $114,286,000 after acquiring an additional 70,225 shares in the last quarter. Copeland Capital Management LLC grew its holdings in PriceSmart by 25.8% during the 1st quarter. Copeland Capital Management LLC now owns 782,353 shares of the company's stock worth $68,730,000 after acquiring an additional 160,656 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in PriceSmart by 0.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 456,915 shares of the company's stock worth $40,140,000 after acquiring an additional 3,039 shares in the last quarter. Nuveen LLC acquired a new position in PriceSmart during the 1st quarter worth approximately $36,685,000. Finally, Northern Trust Corp grew its holdings in PriceSmart by 2.1% during the 1st quarter. Northern Trust Corp now owns 362,018 shares of the company's stock worth $31,803,000 after acquiring an additional 7,298 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling

In related news, EVP Francisco Velasco sold 550 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $106.31, for a total value of $58,470.50. Following the completion of the sale, the executive vice president owned 77,908 shares in the company, valued at $8,282,399.48. This represents a 0.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 17.10% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of PriceSmart from a "hold" rating to a "buy" rating in a report on Friday.

PriceSmart Stock Up 1.8%

Shares of NASDAQ:PSMT traded up $2.01 during trading on Monday, hitting $111.98. 177,985 shares of the company were exchanged, compared to its average volume of 233,081. The stock has a market capitalization of $3.44 billion, a P/E ratio of 23.62 and a beta of 0.79. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.28 and a quick ratio of 0.50. PriceSmart, Inc. has a 12-month low of $81.25 and a 12-month high of $114.01. The firm's 50 day moving average price is $108.27 and its 200-day moving average price is $100.52.

PriceSmart (NASDAQ:PSMT - Get Free Report) last issued its quarterly earnings data on Thursday, July 10th. The company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.02). The company had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.31 billion. PriceSmart had a return on equity of 12.46% and a net margin of 2.82%.The firm's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 EPS. On average, research analysts predict that PriceSmart, Inc. will post 5.28 earnings per share for the current fiscal year.

About PriceSmart

PriceSmart, Inc owns and operates U.S.-style membership shopping warehouse clubs in the United States, Central America, the Caribbean, and Colombia. The company provides basic and private label consumer products under the Member's Selection brand, including groceries, cleaning supplies, health and beauty aids, meat, produce, deli, seafood, and poultry.