OLD National Bancorp IN Purchases 8,603 Shares of Costco Wholesale Corporation $COST

Key Points

• OLD National Bancorp IN increased its stake in Costco Wholesale Corporation by 36.3%, now owning 32,322 shares valued at approximately $31.99 million.
• Insider transactions included EVP Teresa A. Jones selling 600 shares and EVP Russell D. Miller selling 3,381 shares, marking a decrease in their ownership by 20.26% and 25.77%, respectively.
• Despite recent price target reductions from various analysts, Costco's stock is regarded with a consensus rating of "Moderate Buy" and an average price target of $1,067.19.

OLD National Bancorp IN grew its position in shares of Costco Wholesale Corporation (NASDAQ:COST - Free Report) by 36.3% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,322 shares of the retailer's stock after buying an additional 8,603 shares during the quarter. Costco Wholesale accounts for approximately 0.6% of OLD National Bancorp IN's investment portfolio, making the stock its 23rd biggest holding. OLD National Bancorp IN's holdings in Costco Wholesale were worth $31,997,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Bulwark Capital Corp purchased a new position in Costco Wholesale in the second quarter valued at about $25,000. Anderson Financial Strategies LLC lifted its stake in Costco Wholesale by 900.0% in the first quarter. Anderson Financial Strategies LLC now owns 40 shares of the retailer's stock valued at $38,000 after purchasing an additional 36 shares during the last quarter. eCIO Inc. bought a new position in Costco Wholesale during the first quarter valued at $48,000. Aspect Partners LLC increased its position in Costco Wholesale by 24.4% in the first quarter. Aspect Partners LLC now owns 56 shares of the retailer's stock worth $53,000 after buying an additional 11 shares during the last quarter. Finally, Ransom Advisory Ltd bought a new stake in shares of Costco Wholesale in the first quarter valued at $61,000. 68.48% of the stock is owned by institutional investors.

Insider Buying and Selling at Costco Wholesale

In other news, EVP Teresa A. Jones sold 600 shares of the stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $992.05, for a total transaction 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 approximately $2,343,222.10. This represents a 20.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Russell D. Miller sold 3,381 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $915.00, for a total transaction of $3,093,615.00. Following the completion of the transaction, the executive vice president owned 9,740 shares in the company, valued at $8,912,100. This represents a 25.77% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,981 shares of company stock worth $7,588,685. 0.18% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on COST. Citigroup cut their price target on Costco Wholesale from $1,065.00 to $990.00 and set a "neutral" rating for the company in a research note on Monday, September 29th. Roth Capital set a $907.00 price objective on shares of Costco Wholesale and gave the company a "neutral" rating in a report on Friday, September 26th. Wolfe Research assumed coverage on shares of Costco Wholesale in a research report on Thursday, September 18th. They set a "peer perform" rating for the company. Truist Financial lowered their price target on shares of Costco Wholesale from $1,042.00 to $1,033.00 and set a "hold" rating on the stock in a research report on Friday, September 26th. Finally, Erste Group Bank cut Costco Wholesale from a "buy" rating to a "hold" rating in a report on Tuesday, August 5th. Nineteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $1,067.19.

Costco Wholesale Price Performance

COST stock opened at $915.38 on Monday. The firm has a market cap of $405.95 billion, a P/E ratio of 50.27, a P/E/G ratio of 5.55 and a beta of 0.98. The firm's fifty day moving average is $953.54 and its 200 day moving average is $972.15. Costco Wholesale Corporation has a 52 week low of $867.34 and a 52 week high of $1,078.23. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.55 and a current ratio of 1.03.

Costco Wholesale (NASDAQ:COST - Get Free Report) last posted its quarterly earnings results on Thursday, September 25th. The retailer reported $5.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.81 by $0.06. The business had revenue of $86.16 billion during the quarter, compared to analyst estimates of $86.01 billion. Costco Wholesale had a net margin of 2.94% and a return on equity of 30.09%. The company's revenue was up 8.1% on a year-over-year basis. During the same period in the prior year, the business posted $5.15 earnings per share. Research analysts predict that Costco Wholesale Corporation will post 18.03 earnings per share for the current year.

Costco Wholesale Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were paid a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Friday, August 1st. Costco Wholesale's payout ratio is 28.56%.

Costco Wholesale 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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