Costco Wholesale Corporation $COST Shares Sold by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC reduced its stake in Costco by 10.5%, selling 267 shares and holding 2,276 shares valued at approximately $2.25 million as of the latest SEC filing.
• Institutional investors collectively own 68.48% of Costco's stock, with multiple firms adjusting their positions during the second quarter.
• Costco reported an EPS of $5.87 for the last quarter, exceeding expectations, and declared a quarterly dividend of $1.30 per share.

Drive Wealth Management LLC lowered its stake in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 10.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,276 shares of the retailer's stock after selling 267 shares during the quarter. Drive Wealth Management LLC's holdings in Costco Wholesale were worth $2,253,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in COST. Canvas Wealth Advisors LLC raised its holdings in Costco Wholesale by 6.1% in the second quarter. Canvas Wealth Advisors LLC now owns 1,609 shares of the retailer's stock valued at $1,503,000 after acquiring an additional 93 shares in the last quarter. Princeton Global Asset Management LLC increased its position in shares of Costco Wholesale by 18.3% in the 2nd quarter. Princeton Global Asset Management LLC now owns 1,028 shares of the retailer's stock worth $1,018,000 after purchasing an additional 159 shares during the last quarter. Schnieders Capital Management LLC increased its position in shares of Costco Wholesale by 2.2% in the 2nd quarter. Schnieders Capital Management LLC now owns 8,502 shares of the retailer's stock worth $8,416,000 after purchasing an additional 182 shares during the last quarter. Evermay Wealth Management LLC raised its stake in shares of Costco Wholesale by 1.0% in the 2nd quarter. Evermay Wealth Management LLC now owns 1,846 shares of the retailer's stock valued at $1,828,000 after purchasing an additional 18 shares in the last quarter. Finally, FLC Capital Advisors lifted its position in shares of Costco Wholesale by 14.3% during the second quarter. FLC Capital Advisors now owns 1,669 shares of the retailer's stock worth $1,652,000 after purchasing an additional 209 shares during the last quarter. Institutional investors own 68.48% of the company's stock.

Insider Transactions at Costco Wholesale

In other news, EVP Russell D. Miller sold 3,381 shares of Costco Wholesale stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $915.00, for a total transaction of $3,093,615.00. Following the sale, the executive vice president owned 9,740 shares of the company's stock, valued at approximately $8,912,100. The trade was a 25.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 completion of the transaction, the executive vice president directly owned 2,362 shares of the company's stock, valued at $2,343,222.10. This trade represents a 20.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.18% of the company's stock.

Wall Street Analyst Weigh In

COST has been the subject of several research analyst reports. JPMorgan Chase & Co. lowered their price objective on Costco Wholesale from $1,160.00 to $1,050.00 and set an "overweight" rating for the company in a report on Friday, September 26th. Oppenheimer reiterated an "outperform" rating and issued a $1,130.00 target price on shares of Costco Wholesale in a research report on Friday, September 26th. Erste Group Bank lowered Costco Wholesale from a "buy" rating to a "hold" rating in a research report on Tuesday, August 5th. Sanford C. Bernstein raised their price objective on Costco Wholesale from $1,137.00 to $1,140.00 and gave the stock an "outperform" rating in a research note on Friday, September 26th. Finally, Morgan Stanley decreased their price objective on shares of Costco Wholesale from $1,225.00 to $1,130.00 and set an "overweight" rating for the company in a report on Friday, September 26th. Nineteen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, Costco Wholesale currently has an average rating of "Moderate Buy" and an average target price of $1,068.15.

Costco Wholesale Trading Up 1.2%

Shares of NASDAQ COST opened at $936.33 on Monday. Costco Wholesale Corporation has a 12-month low of $867.34 and a 12-month high of $1,078.23. The company has a market cap of $414.96 billion, a price-to-earnings ratio of 51.42, a price-to-earnings-growth ratio of 5.68 and a beta of 0.98. The company has a current ratio of 1.03, a quick ratio of 0.55 and a debt-to-equity ratio of 0.20. The stock's 50 day simple moving average is $949.51 and its 200 day simple moving average is $971.56.

Costco Wholesale (NASDAQ:COST - Get Free Report) last issued its quarterly earnings data on Thursday, September 25th. The retailer reported $5.87 EPS for the quarter, topping analysts' consensus estimates of $5.81 by $0.06. The firm had revenue of $86.16 billion during the quarter, compared to the consensus estimate of $86.01 billion. Costco Wholesale had a return on equity of 30.09% and a net margin of 2.94%.The firm's revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $5.15 EPS. Equities research analysts expect that Costco Wholesale Corporation will post 18.03 EPS for the current year.

Costco Wholesale Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $1.30 dividend. The ex-dividend date is Friday, October 31st. This represents a $5.20 annualized dividend and a yield of 0.6%. Costco Wholesale's dividend payout ratio (DPR) is currently 28.56%.

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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