Costco Wholesale Corporation (NASDAQ:COST) Stake Decreased by Meridian Wealth Management LLC

Key Points

• Meridian Wealth Management LLC reduced its stake in Costco Wholesale by 3.8%, now holding 18,063 shares valued at approximately $17.08 million, which represents 0.8% of their investment portfolio.
• Costco has recently announced a quarterly dividend of $1.30 per share, with the ex-dividend date set for August 1st, resulting in an annualized yield of 0.5%.
• Analysts maintain a consensus rating of "Moderate Buy" for Costco with an average target price of $1,050, reflecting overall positive sentiment despite some recent price target adjustments from various investment firms.

Meridian Wealth Management LLC lessened its holdings in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,063 shares of the retailer's stock after selling 704 shares during the period. Costco Wholesale accounts for about 0.8% of Meridian Wealth Management LLC's investment portfolio, making the stock its 17th biggest holding. Meridian Wealth Management LLC's holdings in Costco Wholesale were worth $17,084,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Investment Management Corp VA ADV bought a new stake in Costco Wholesale during the fourth quarter worth approximately $25,000. Aspect Partners LLC increased its holdings in shares of Costco Wholesale by 24.4% in the first quarter. Aspect Partners LLC now owns 56 shares of the retailer's stock valued at $53,000 after buying an additional 11 shares in the last quarter. Capital A Wealth Management LLC bought a new position in shares of Costco Wholesale in the fourth quarter valued at $58,000. Mascagni Wealth Management Inc. bought a new position in shares of Costco Wholesale in the fourth quarter valued at $59,000. Finally, Bank & Trust Co increased its holdings in shares of Costco Wholesale by 20.4% in the first quarter. Bank & Trust Co now owns 65 shares of the retailer's stock valued at $61,000 after buying an additional 11 shares in the last quarter. Institutional investors own 68.48% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $1,100.00 price target on shares of Costco Wholesale in a report on Monday, August 4th. Stifel Nicolaus set a $1,035.00 price target on Costco Wholesale in a report on Thursday, May 29th. Loop Capital dropped their price target on Costco Wholesale from $1,115.00 to $1,110.00 and set a "buy" rating on the stock in a report on Thursday, May 29th. Evercore ISI dropped their price target on Costco Wholesale from $1,075.00 to $1,060.00 and set an "outperform" rating on the stock in a report on Tuesday, June 17th. Finally, Erste Group Bank cut Costco Wholesale from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Ten analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $1,050.00.

Insider Buying and Selling at Costco Wholesale

In related news, EVP Pierre Riel sold 2,000 shares of the company's stock in a transaction on Friday, June 6th. The shares were sold at an average price of $1,014.15, for a total value of $2,028,300.00. Following the completion of the sale, the executive vice president directly owned 8,210 shares in the company, valued at approximately $8,326,171.50. This represents a 19.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Yoram Rubanenko sold 4,000 shares of the company's stock in a transaction 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 completion of 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 9,547 shares of company stock valued at $9,472,510. Company insiders own 0.18% of the company's stock.

Costco Wholesale Trading Up 0.4%

Costco Wholesale stock opened at $980.98 on Monday. The company's fifty day simple moving average is $977.93 and its 200-day simple moving average is $985.43. The company has a quick ratio of 0.52, a current ratio of 1.02 and a debt-to-equity ratio of 0.21. Costco Wholesale Corporation has a 12 month low of $837.63 and a 12 month high of $1,078.23. The stock has a market cap of $435.05 billion, a P/E ratio of 55.64, a P/E/G ratio of 6.10 and a beta of 0.96.

Costco Wholesale (NASDAQ:COST - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The retailer reported $4.28 EPS for the quarter, beating the consensus estimate of $4.24 by $0.04. Costco Wholesale had a net margin of 2.92% and a return on equity of 30.48%. The business had revenue of $63.21 billion for the quarter, compared to analysts' expectations of $62.93 billion. During the same period in the previous year, the company posted $3.78 EPS. Costco Wholesale's revenue was up 8.0% on a year-over-year basis. As a group, sell-side analysts forecast that Costco Wholesale Corporation will post 18.03 EPS for the current fiscal year.

Costco Wholesale Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be issued a $1.30 dividend. The ex-dividend date is 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%.

About Costco Wholesale

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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