Legal & General Group Plc Buys Shares of 60,704 PriceSmart, Inc. $PSMT

Key Points

• Legal & General Group Plc acquired 60,704 PriceSmart shares worth approximately $11.9 million in the second quarter, joining other institutional investors that increased their holdings. Institutions and hedge funds collectively own 80.46% of the stock.
• PriceSmart’s quarterly revenue rose 12.5% year over year to $1.48 billion, exceeding estimates, although earnings per share of $1.28 fell short of the $1.32 consensus forecast.
• Analysts maintain a consensus “Buy” rating with an average $198 price target, while shares recently traded at $170.01. Company insiders have sold 7,737 shares worth about $1.5 million over the past 90 days.

Legal & General Group Plc purchased a new position in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 60,704 shares of the company's stock, valued at approximately $11,858,000. Legal & General Group Plc owned approximately 0.20% of PriceSmart at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Advisors Asset Management Inc. grew its position in shares of PriceSmart by 124.2% in the 1st quarter. Advisors Asset Management Inc. now owns 668 shares of the company's stock valued at $59,000 after purchasing an additional 370 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in PriceSmart by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,917 shares of the company's stock valued at $1,310,000 after buying an additional 648 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in PriceSmart by 41.7% in the first quarter. Goldman Sachs Group Inc. now owns 182,919 shares of the company's stock valued at $16,069,000 after buying an additional 53,874 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of PriceSmart by 12.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 70,642 shares of the company's stock valued at $6,206,000 after buying an additional 7,717 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in shares of PriceSmart by 34.7% in the first quarter. Intech Investment Management LLC now owns 18,673 shares of the company's stock valued at $1,640,000 after buying an additional 4,806 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

PriceSmart Trading Up 0.4%

NASDAQ PSMT opened at $170.01 on Tuesday. PriceSmart, Inc. has a 52 week low of $106.87 and a 52 week high of $199.84. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.53 and a current ratio of 1.28. The stock's 50 day moving average price is $185.36 and its two-hundred day moving average price is $168.24. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 32.63 and a beta of 0.76.

PriceSmart (NASDAQ:PSMT - Get Free Report) last issued its quarterly earnings results on Wednesday, July 8th. The company reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.04). PriceSmart had a return on equity of 12.16% and a net margin of 2.82%.The business had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the business earned $1.14 earnings per share. PriceSmart's revenue was up 12.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PSMT shares. Weiss Ratings restated a "buy (b)" rating on shares of PriceSmart in a report on Wednesday, August 26th. Jefferies Financial Group reiterated a "buy" rating and set a $198.00 target price on shares of PriceSmart in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, PriceSmart currently has a consensus rating of "Buy" and an average price target of $198.00.

Insider Buying and Selling

In related news, Director Sherry S. Bahrambeygui sold 3,499 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $197.38, for a total value of $690,632.62. Following the completion of the transaction, the director owned 32,150 shares of the company's stock, valued at approximately $6,345,767. This trade represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Francisco Velasco sold 338 shares of PriceSmart stock in a transaction on Monday, August 17th. The shares were sold at an average price of $177.87, for a total transaction of $60,120.06. Following the completion of the sale, the executive vice president owned 75,321 shares in the company, valued at $13,397,346.27. The trade was a 0.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 7,737 shares of company stock worth $1,506,176. 17.00% of the stock is owned by insiders.

PriceSmart Company Profile

PriceSmart, Inc NASDAQ: PSMT is a U.S.-based retailer specializing in membership warehouse clubs. Founded in 1993, the company operates under a business model that offers bulk quantities of goods at discounted prices to individuals and businesses that purchase annual memberships. PriceSmart's value proposition centers on low-cost operations, high-volume purchasing, and a no-frills shopping environment designed to pass savings directly to its members.

The company's product assortment covers a broad range of merchandise categories, including groceries and fresh produce, household essentials, electronics, appliances, office supplies, furniture, and health and beauty items.

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