Costco Wholesale Corporation (NASDAQ:COST) Shares Bought by Pasadena Private Wealth LLC

Key Points

• Pasadena Private Wealth LLC significantly increased its stake in Costco Wholesale by 269.1% in Q1, owning 1,388 shares worth approximately $1.31 million.
• Costco reported a net revenue of $63.21 billion for the last quarter, exceeding analysts' expectations and marking an 8% year-over-year growth.
• The company declared a quarterly dividend of $1.30 per share, set to be paid on August 15, contributing to an annualized yield of 0.56%.

Pasadena Private Wealth LLC grew its stake in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 269.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,388 shares of the retailer's stock after buying an additional 1,012 shares during the quarter. Pasadena Private Wealth LLC's holdings in Costco Wholesale were worth $1,313,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in shares of Costco Wholesale by 12.3% in the fourth quarter. Brighton Jones LLC now owns 19,825 shares of the retailer's stock worth $18,165,000 after purchasing an additional 2,172 shares during the last quarter. Revolve Wealth Partners LLC grew its stake in shares of Costco Wholesale by 13.1% in the fourth quarter. Revolve Wealth Partners LLC now owns 1,123 shares of the retailer's stock worth $1,029,000 after purchasing an additional 130 shares during the last quarter. Bank Pictet & Cie Europe AG grew its stake in shares of Costco Wholesale by 45.0% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 117,254 shares of the retailer's stock worth $107,436,000 after purchasing an additional 36,384 shares during the last quarter. Highview Capital Management LLC DE grew its stake in shares of Costco Wholesale by 0.8% in the fourth quarter. Highview Capital Management LLC DE now owns 4,813 shares of the retailer's stock worth $4,410,000 after purchasing an additional 40 shares during the last quarter. Finally, Hudson Value Partners LLC grew its stake in shares of Costco Wholesale by 5.7% in the fourth quarter. Hudson Value Partners LLC now owns 8,501 shares of the retailer's stock worth $7,789,000 after purchasing an additional 455 shares during the last quarter. 68.48% of the stock is owned by institutional investors.

Costco Wholesale Stock Up 1.3%

NASDAQ:COST traded up $12.13 during midday trading on Thursday, reaching $939.64. 2,560,014 shares of the stock traded hands, compared to its average volume of 1,946,133. The business has a 50-day moving average of $984.46 and a two-hundred day moving average of $983.58. The stock has a market capitalization of $416.71 billion, a PE ratio of 53.30, a price-to-earnings-growth ratio of 5.77 and a beta of 0.97. Costco Wholesale Corporation has a 12-month low of $793.00 and a 12-month high of $1,078.23. The company has a debt-to-equity ratio of 0.21, a quick ratio of 0.52 and a current ratio of 1.02.

Costco Wholesale (NASDAQ:COST - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $62.93 billion. Costco Wholesale had a net margin of 2.92% and a return on equity of 30.48%. The business's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the company posted $3.78 earnings per share. On average, equities analysts forecast that Costco Wholesale Corporation will post 18.03 earnings per share for the current fiscal year.

Costco Wholesale Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Friday, August 1st will be issued a $1.30 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 0.6%. Costco Wholesale's dividend payout ratio (DPR) is currently 29.50%.

Insider Activity at Costco Wholesale

In related news, EVP Yoram Rubanenko sold 4,000 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $974.96, for a total transaction of $3,899,840.00. Following the completion of the transaction, the executive vice president owned 5,774 shares of the company's stock, valued at $5,629,419.04. This trade represents a 40.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Pierre Riel sold 2,000 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $1,014.15, for a total transaction of $2,028,300.00. Following the transaction, the executive vice president directly owned 8,210 shares of the company's stock, valued at approximately $8,326,171.50. This trade represents a 19.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 9,547 shares of company stock worth $9,472,510. Corporate insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on COST shares. Truist Financial raised their price objective on shares of Costco Wholesale from $995.00 to $1,042.00 and gave the stock a "hold" rating in a report on Friday, May 30th. Evercore ISI cut their target price on shares of Costco Wholesale from $1,075.00 to $1,060.00 and set an "outperform" rating for the company in a research report on Tuesday, June 17th. Morgan Stanley lifted their target price on shares of Costco Wholesale from $1,150.00 to $1,225.00 and gave the stock an "overweight" rating in a research report on Friday, May 30th. Telsey Advisory Group reissued an "outperform" rating and set a $1,100.00 price objective on shares of Costco Wholesale in a research report on Thursday, July 10th. Finally, Stifel Nicolaus set a $1,035.00 target price on shares of Costco Wholesale in a report on Thursday, May 29th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Costco Wholesale has a consensus rating of "Moderate Buy" and an average target price of $1,037.48.

Costco Wholesale 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.