Free Trial

Costco Wholesale Corporation (NASDAQ:COST) Shares Bought by Manhattan West Asset Management LLC

Costco Wholesale logo with Retail/Wholesale background

Key Points

  • Manhattan West Asset Management LLC increased its position in Costco Wholesale by 8.3% during the 1st quarter, acquiring an additional 417 shares, bringing their total holdings to 5,435 shares valued at approximately $5.14 million.
  • Multiple institutional investors, including Vanguard Group and GAMMA Investing LLC, have also significantly increased their stakes in Costco, reflecting strong interest from the investment community.
  • Costco's recent quarterly earnings topped expectations, with an EPS of $4.28, and the company has announced a quarterly dividend of $1.30 per share, set to be paid on August 15th.
  • Looking to Export and Analyze Costco Wholesale Data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Manhattan West Asset Management LLC raised its position in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 8.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,435 shares of the retailer's stock after buying an additional 417 shares during the quarter. Costco Wholesale comprises 1.3% of Manhattan West Asset Management LLC's portfolio, making the stock its 21st biggest holding. Manhattan West Asset Management LLC's holdings in Costco Wholesale were worth $5,141,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in COST. Covestor Ltd increased its holdings in Costco Wholesale by 8.6% during the 1st quarter. Covestor Ltd now owns 126 shares of the retailer's stock worth $119,000 after purchasing an additional 10 shares during the period. Frank Rimerman Advisors LLC increased its holdings in shares of Costco Wholesale by 0.8% in the 1st quarter. Frank Rimerman Advisors LLC now owns 7,752 shares of the retailer's stock valued at $7,332,000 after acquiring an additional 62 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of Costco Wholesale in the 1st quarter valued at $9,458,000. Cynosure Group LLC increased its holdings in shares of Costco Wholesale by 5.4% in the 1st quarter. Cynosure Group LLC now owns 433 shares of the retailer's stock valued at $410,000 after acquiring an additional 22 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Costco Wholesale in the 1st quarter valued at $1,646,000. Hedge funds and other institutional investors own 68.48% of the company's stock.

Insider Buying and Selling

In other news, Director Susan L. Decker sold 547 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $980.00, for a total transaction of $536,060.00. Following the transaction, the director directly owned 11,531 shares in the company, valued at $11,300,380. The trade was a 4.53% decrease in their position. 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 company's stock in a transaction that occurred 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 transaction, the executive vice president owned 8,210 shares in the company, valued at $8,326,171.50. This represents a 19.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,547 shares of company stock valued at $9,472,510. 0.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Erste Group Bank downgraded Costco Wholesale from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Loop Capital lowered their price objective on Costco Wholesale from $1,115.00 to $1,110.00 and set a "buy" rating for the company in a research report on Thursday, May 29th. Truist Financial raised their price objective on Costco Wholesale from $995.00 to $1,042.00 and gave the stock a "hold" rating in a research report on Friday, May 30th. Wall Street Zen raised Costco Wholesale from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Finally, Evercore ISI lowered their price objective on 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. Ten analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $1,050.00.

View Our Latest Analysis on Costco Wholesale

Costco Wholesale Price Performance

NASDAQ:COST traded up $3.53 during trading hours on Friday, hitting $980.98. 2,188,224 shares of the stock were exchanged, compared to its average volume of 2,172,175. The company 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. The firm's fifty day moving average price is $977.93 and its 200 day moving average price is $985.13. Costco Wholesale Corporation has a 52-week low of $837.63 and a 52-week high of $1,078.23. The company has a current ratio of 1.02, a quick ratio of 0.52 and a debt-to-equity ratio of 0.21.

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

Costco Wholesale Announces Dividend

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

Costco Wholesale Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Costco Wholesale (NASDAQ:COST)

Should You Invest $1,000 in Costco Wholesale Right Now?

Before you consider Costco Wholesale, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Costco Wholesale wasn't on the list.

While Costco Wholesale currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Stocks to Buy And Hold Forever Cover

Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Growth Stocks That Could Pop Before Summer Ends
3 Buy-the-Dip Stocks Poised to Rebound Soon
Quantum Boom: 3 Strong Picks with Lower Risk

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines