Corebridge Financial Inc. Has $125.99 Million Stake in Costco Wholesale Corporation $COST

Key Points

• Corebridge Financial Inc. reduced its stake in Costco Wholesale by 3.5%, holding 133,208 shares valued at approximately $125.99 million.
• Several analysts have raised their price targets for Costco, with Morgan Stanley increasing its target from $1,150 to $1,225 and a consensus target price of $1,050 among research analysts.
• Costco recently declared a quarterly dividend of $1.30 per share, reflecting an annualized yield of 0.5% and a dividend payout ratio of 29.50%.

Corebridge Financial Inc. lessened its stake in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 3.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 133,208 shares of the retailer's stock after selling 4,816 shares during the period. Costco Wholesale comprises approximately 0.7% of Corebridge Financial Inc.'s investment portfolio, making the stock its 16th largest holding. Corebridge Financial Inc.'s holdings in Costco Wholesale were worth $125,985,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Connective Capital Management LLC raised its holdings in Costco Wholesale by 76.0% during the first quarter. Connective Capital Management LLC now owns 4,526 shares of the retailer's stock worth $4,281,000 after acquiring an additional 1,955 shares in the last quarter. Luminist Capital LLC raised its holdings in Costco Wholesale by 9.4% during the first quarter. Luminist Capital LLC now owns 128 shares of the retailer's stock worth $122,000 after acquiring an additional 11 shares in the last quarter. Thematics Asset Management raised its stake in Costco Wholesale by 2.7% in the first quarter. Thematics Asset Management now owns 7,583 shares of the retailer's stock valued at $7,172,000 after buying an additional 201 shares during the period. Apexium Financial LP raised its stake in Costco Wholesale by 4.9% in the first quarter. Apexium Financial LP now owns 811 shares of the retailer's stock valued at $767,000 after buying an additional 38 shares during the period. Finally, Anson Funds Management LP raised its stake in Costco Wholesale by 5.5% in the first quarter. Anson Funds Management LP now owns 768 shares of the retailer's stock valued at $726,000 after buying an additional 40 shares during the period. Institutional investors own 68.48% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley upped their price objective on Costco Wholesale from $1,150.00 to $1,225.00 and gave the company an "overweight" rating in a research note on Friday, May 30th. Loop Capital dropped their price objective on Costco Wholesale from $1,115.00 to $1,110.00 and set a "buy" rating on the stock in a research note on Thursday, May 29th. Stifel Nicolaus set a $1,035.00 price objective on Costco Wholesale in a research note on Thursday, May 29th. Evercore ISI dropped their price objective on Costco Wholesale from $1,075.00 to $1,060.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 17th. Finally, Telsey Advisory Group restated an "outperform" rating and issued a $1,100.00 price objective on shares of Costco Wholesale in a research note on Monday, August 4th. Seventeen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Costco Wholesale has an average rating of "Moderate Buy" and a consensus target price of $1,050.00.

Insider Buying and Selling at Costco Wholesale

In related news, EVP Yoram Rubanenko sold 4,000 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $974.96, for a total transaction of $3,899,840.00. Following the sale, the executive vice president owned 5,774 shares of the company's stock, valued at $5,629,419.04. This represents a 40.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Teresa A. Jones sold 600 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $992.05, for a total value of $595,230.00. Following the sale, the executive vice president directly owned 2,362 shares in the company, valued at $2,343,222.10. This represents a 20.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,147 shares of company stock valued at $10,067,740 over the last ninety days. 0.18% of the stock is owned by corporate insiders.

Costco Wholesale Trading Down 1.1%

Shares of NASDAQ:COST opened at $958.54 on Monday. The company has a market capitalization of $425.09 billion, a P/E ratio of 54.37, a P/E/G ratio of 5.96 and a beta of 0.96. Costco Wholesale Corporation has a 1 year low of $867.16 and a 1 year high of $1,078.23. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.02 and a quick ratio of 0.52. The business's 50 day simple moving average is $969.85 and its 200 day simple moving average is $984.60.

Costco Wholesale (NASDAQ:COST - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The retailer reported $4.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.24 by $0.04. The business had revenue of $63.21 billion for the quarter, compared to the consensus estimate of $62.93 billion. Costco Wholesale had a return on equity of 30.48% and a net margin of 2.92%.The firm's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.78 earnings per share. On average, research analysts anticipate that Costco Wholesale Corporation will post 18.03 EPS for the current fiscal year.

Costco Wholesale Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 1st were given a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $5.20 dividend on an annualized basis and a yield of 0.5%. Costco Wholesale's dividend payout ratio is currently 29.50%.

Costco Wholesale Company Profile

Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Iceland, New Zealand, and Sweden. The company offers branded and private-label products in a range of merchandise categories.

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