Maryland State Retirement & Pension System Decreases Stock Position in Costco Wholesale Corporation (NASDAQ:COST)

Key Points

• The Maryland State Retirement & Pension System has reduced its ownership in Costco Wholesale Corporation by 13.1% in the first quarter, bringing its total holdings to $19.66 million after selling 3,142 shares.
• Costco recently reported earnings of $4.28 per share, surpassing analysts' expectations, with total revenue of $63.21 billion for the quarter, an 8% increase year-over-year.
• The company announced a quarterly dividend of $1.30 per share, which will be paid to stockholders on August 15, representing a 0.5% dividend yield.

Maryland State Retirement & Pension System trimmed its holdings in Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 13.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,783 shares of the retailer's stock after selling 3,142 shares during the period. Maryland State Retirement & Pension System's holdings in Costco Wholesale were worth $19,656,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Investment Management Corp VA ADV purchased a new position in shares of Costco Wholesale during the fourth quarter valued at about $25,000. Aspect Partners LLC raised its position in shares of Costco Wholesale by 24.4% during the 1st 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 purchased a new stake in shares of Costco Wholesale during the 4th quarter valued at about $58,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Costco Wholesale during the 4th quarter valued at about $59,000. Finally, Bank & Trust Co raised its position in shares of Costco Wholesale by 20.4% during the 1st 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. 68.48% of the stock is currently owned by hedge funds and other institutional investors.

Costco Wholesale Stock Up 0.4%

NASDAQ:COST traded up $3.53 during mid-day trading on Friday, reaching $980.98. The company's stock had a trading volume of 2,188,224 shares, compared to its average volume of 2,172,175. The stock has a fifty day moving average of $977.93 and a 200-day moving average of $984.85. Costco Wholesale Corporation has a 1 year low of $837.63 and a 1 year high of $1,078.23. The company has a quick ratio of 0.52, a current ratio of 1.02 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $435.05 billion, a PE ratio of 55.64, a price-to-earnings-growth ratio of 6.08 and a beta of 0.96.

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

Costco Wholesale Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Pierre Riel sold 2,000 shares of the company's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $1,014.15, for a total transaction of $2,028,300.00. Following the transaction, the executive vice president directly owned 8,210 shares of the company's stock, 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 hyperlink. Also, Director Susan L. Decker sold 547 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $980.00, for a total value of $536,060.00. Following the completion of the sale, the director owned 11,531 shares of the company's stock, valued at approximately $11,300,380. This trade represents a 4.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,547 shares of company stock worth $9,472,510 over the last ninety days. 0.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Costco Wholesale from $1,115.00 to $1,160.00 and gave the company an "overweight" rating in a research report on Thursday. Erste Group Bank cut shares of Costco Wholesale from a "buy" rating to a "hold" rating in a research note on Tuesday. Loop Capital dropped their price target on shares of Costco Wholesale from $1,115.00 to $1,110.00 and set a "buy" rating for the company in a research note on Thursday, May 29th. Morgan Stanley raised 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 note on Friday, May 30th. Finally, Stifel Nicolaus set a $1,035.00 price target on shares of Costco Wholesale in a research note on Thursday, May 29th. Ten analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $1,040.81.

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.