Royal Bank of Canada Cuts Stock Position in PriceSmart, Inc. $PSMT

Key Points

• Royal Bank of Canada reduced its PriceSmart position by 17.8%, selling 39,648 shares and retaining 183,657 shares valued at approximately $27.6 million. Institutional investors collectively own 80.46% of the company.
• PriceSmart shares opened at $193.37, near their 52-week high of $199.84, with a $5.97 billion market capitalization and a P/E ratio of 37.12.
• Quarterly revenue rose 12.5% year over year to $1.48 billion, exceeding estimates, although earnings per share of $1.28 missed consensus by $0.04. The stock maintains a consensus “Buy” rating, while insiders sold 7,737 shares worth roughly $1.5 million during the quarter.

Royal Bank of Canada cut its position in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) by 17.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 183,657 shares of the company's stock after selling 39,648 shares during the quarter. Royal Bank of Canada owned approximately 0.59% of PriceSmart worth $27,640,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PSMT. UMB Bank n.a. grew its position in shares of PriceSmart by 76.0% in the 4th quarter. UMB Bank n.a. now owns 227 shares of the company's stock worth $28,000 after buying an additional 98 shares during the last quarter. CENTRAL TRUST Co purchased a new stake in PriceSmart during the fourth quarter valued at approximately $32,000. Geneos Wealth Management Inc. boosted its stake in PriceSmart by 560.0% in the first quarter. Geneos Wealth Management Inc. now owns 297 shares of the company's stock valued at $26,000 after acquiring an additional 252 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in PriceSmart by 45,600.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 457 shares of the company's stock valued at $56,000 after acquiring an additional 456 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in PriceSmart by 57.2% in the second quarter. Osaic Holdings Inc. now owns 492 shares of the company's stock worth $52,000 after purchasing an additional 179 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

PriceSmart Stock Down 1.9%

NASDAQ:PSMT opened at $193.37 on Wednesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.28 and a quick ratio of 0.53. The company's fifty day moving average price is $185.56 and its 200-day moving average price is $164.21. PriceSmart, Inc. has a 1-year low of $105.46 and a 1-year high of $199.84. The firm has a market capitalization of $5.97 billion, a P/E ratio of 37.12 and a beta of 0.76.

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

Analyst Ratings Changes

Separately, Weiss Ratings downgraded PriceSmart from a "buy (b+)" rating to a "buy (b)" rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat.com, PriceSmart currently has a consensus rating of "Buy".

Insider Buying and Selling at PriceSmart

In other news, EVP Francisco Velasco sold 338 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $158.56, for a total value of $53,593.28. Following the completion of the transaction, the executive vice president owned 75,659 shares of the company's stock, valued at $11,996,491.04. The trade was a 0.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sherry S. Bahrambeygui sold 3,499 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $197.38, for a total value of $690,632.62. Following the sale, the director directly owned 32,150 shares in the company, valued at approximately $6,345,767. This trade represents a 9.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,737 shares of company stock worth $1,499,649. Insiders own 17.00% of the company's stock.

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.

Want to see what other hedge funds are holding PSMT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PriceSmart, Inc. (NASDAQ:PSMT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source