Costco Wholesale Corporation (NASDAQ:COST) Stock Holdings Lowered by Renaissance Investment Group LLC

Key Points

• Renaissance Investment Group LLC reduced its stake in Costco Wholesale Corporation by 10.4% in Q1, now holding approximately $19.8 million worth of the retailer's stock, which remains its largest holding.
• Costco recently reported a strong quarterly earnings result with $4.28 EPS, surpassing analysts' expectations, and announced a quarterly dividend of $1.30 per share.
• Several hedge funds, including GAMMA Investing LLC and Capital Research Global Investors, increased their positions in Costco, reflecting a growing interest from institutional investors in the company's stock.

Renaissance Investment Group LLC decreased its position in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 10.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,941 shares of the retailer's stock after selling 2,432 shares during the period. Costco Wholesale comprises 4.8% of Renaissance Investment Group LLC's portfolio, making the stock its biggest position. Renaissance Investment Group LLC's holdings in Costco Wholesale were worth $19,806,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of COST. GAMMA Investing LLC increased its holdings in shares of Costco Wholesale by 106,402.1% in the first quarter. GAMMA Investing LLC now owns 8,160,190 shares of the retailer's stock valued at $7,717,744,000 after purchasing an additional 8,152,528 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in shares of Costco Wholesale in the fourth quarter valued at approximately $95,452,000. Northern Trust Corp boosted its stake in Costco Wholesale by 12.6% in the fourth quarter. Northern Trust Corp now owns 5,257,809 shares of the retailer's stock valued at $4,817,573,000 after acquiring an additional 587,303 shares during the last quarter. Capital Research Global Investors grew its holdings in Costco Wholesale by 79.5% during the 4th quarter. Capital Research Global Investors now owns 775,541 shares of the retailer's stock worth $710,624,000 after acquiring an additional 343,390 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Costco Wholesale in the 4th quarter valued at $280,046,000. Institutional investors and hedge funds own 68.48% of the company's stock.

Costco Wholesale Price Performance

COST stock traded up $14.42 during midday trading on Friday, reaching $952.76. The stock had a trading volume of 1,952,063 shares, compared to its average volume of 2,210,222. The company's fifty day simple moving average is $984.46 and its 200 day simple moving average is $983.58. The company has a current ratio of 1.02, a quick ratio of 0.52 and a debt-to-equity ratio of 0.21. The company has a market cap of $422.53 billion, a price-to-earnings ratio of 54.06, a price-to-earnings-growth ratio of 5.77 and a beta of 0.97. Costco Wholesale Corporation has a 52-week low of $793.00 and a 52-week high of $1,078.23.

Costco Wholesale (NASDAQ:COST - Get Free Report) last issued its 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 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 company's revenue for the quarter was up 8.0% on a year-over-year basis. During the same period last year, the company earned $3.78 EPS. As a group, sell-side analysts predict that Costco Wholesale Corporation will post 18.03 earnings per share for the current fiscal year.

Costco Wholesale Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Friday, August 1st will be paid a dividend of $1.30 per share. The ex-dividend date is Friday, August 1st. This represents a $5.20 annualized dividend and a yield of 0.5%. Costco Wholesale's payout ratio is presently 29.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on COST. Telsey Advisory Group restated an "outperform" rating and set a $1,100.00 target price on shares of Costco Wholesale in a report on Thursday, July 10th. Loop Capital reduced their target price 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. Stifel Nicolaus set a $1,035.00 price target on shares of Costco Wholesale in a research report on Thursday, May 29th. Mizuho initiated coverage on shares of Costco Wholesale in a research report on Friday, April 11th. They set a "neutral" rating and a $975.00 price target on the stock. Finally, Morgan Stanley lifted their price target 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. 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, Costco Wholesale presently has an average rating of "Moderate Buy" and an average target price of $1,037.48.

Insiders Place Their Bets

In other news, EVP Pierre Riel sold 2,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $1,014.15, for a total value of $2,028,300.00. Following the transaction, the executive vice president owned 8,210 shares of the company's stock, valued at approximately $8,326,171.50. The trade was a 19.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Patrick J. Callans sold 3,000 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of $1,002.77, for a total value of $3,008,310.00. Following the transaction, the executive vice president directly owned 58,543 shares in the company, valued at $58,705,164.11. This represents a 4.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 9,547 shares of company stock worth $9,472,510 in the last three months. 0.18% of the stock is owned by company insiders.

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.