First Citizens Bank & Trust Co. Boosts Stock Position in Costco Wholesale Corporation $COST

Key Points

• First Citizens Bank & Trust Co. increased its stake in Costco Wholesale by 25.6% in Q2, holding 21,924 shares valued at over $21.7 million.
• Costco reported $5.87 earnings per share, exceeding estimates, with a revenue of $86.16 billion for the quarter, up 8.1% from the prior year.
• The company declared a quarterly dividend of $1.30 to be paid on November 14th, representing a 0.6% dividend yield and a payout ratio of 28.56%.

First Citizens Bank & Trust Co. lifted its position in Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 25.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,924 shares of the retailer's stock after acquiring an additional 4,462 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in Costco Wholesale were worth $21,703,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in COST. Bulwark Capital Corp acquired a new stake in shares of Costco Wholesale during the second quarter worth $25,000. Anderson Financial Strategies LLC grew its position in shares of Costco Wholesale by 900.0% during the 1st quarter. Anderson Financial Strategies LLC now owns 40 shares of the retailer's stock valued at $38,000 after buying an additional 36 shares during the last quarter. Financial Connections Group Inc. raised its stake in Costco Wholesale by 975.0% during the second quarter. Financial Connections Group Inc. now owns 43 shares of the retailer's stock worth $42,000 after acquiring an additional 39 shares during the period. Frazier Financial Advisors LLC lifted its holdings in Costco Wholesale by 72.0% in the second quarter. Frazier Financial Advisors LLC now owns 43 shares of the retailer's stock worth $43,000 after acquiring an additional 18 shares during the last quarter. Finally, eCIO Inc. acquired a new position in Costco Wholesale in the first quarter valued at approximately $48,000. 68.48% of the stock is owned by institutional investors and hedge funds.

Costco Wholesale Trading Up 0.8%

NASDAQ:COST opened at $944.68 on Thursday. The stock has a fifty day simple moving average of $946.70 and a 200 day simple moving average of $971.28. The firm has a market capitalization of $418.66 billion, a price-to-earnings ratio of 51.88, a price-to-earnings-growth ratio of 5.69 and a beta of 0.98. Costco Wholesale Corporation has a 1-year low of $867.34 and a 1-year high of $1,078.23. The company has a quick ratio of 0.55, a current ratio of 1.03 and a debt-to-equity ratio of 0.20.

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

Costco Wholesale Dividend Announcement

The company also recently declared 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. This represents a $5.20 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Friday, October 31st. Costco Wholesale's dividend payout ratio is 28.56%.

Insider Buying and Selling

In other news, EVP Teresa A. Jones sold 600 shares of the firm's stock in a transaction 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 sale, the executive vice president 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Russell D. Miller sold 3,381 shares of the company's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $915.00, for a total value of $3,093,615.00. Following the transaction, the executive vice president directly owned 9,740 shares in the company, valued at $8,912,100. The trade was a 25.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COST. Wolfe Research began coverage on shares of Costco Wholesale in a research report on Thursday, September 18th. They issued a "peer perform" rating for the company. Mizuho lowered their price objective on shares of Costco Wholesale from $975.00 to $950.00 and set a "neutral" rating on the stock in a research note on Thursday, October 9th. Evercore ISI dropped their target price on Costco Wholesale from $1,060.00 to $1,025.00 and set an "outperform" rating on the stock in a report on Friday, September 26th. DA Davidson reaffirmed a "neutral" rating and set a $1,000.00 price target on shares of Costco Wholesale in a research note on Friday, September 26th. Finally, JPMorgan Chase & Co. dropped their price objective on Costco Wholesale from $1,160.00 to $1,050.00 and set an "overweight" rating on the stock in a research note on Friday, September 26th. Nineteen research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $1,068.15.

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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