The Manufacturers Life Insurance Company Takes Position in PriceSmart, Inc. $PSMT

The Manufacturers Life Insurance Company bought a new position in PriceSmart, Inc. (NASDAQ:PSMT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 13,998 shares of the company's stock, valued at approximately $2,734,000.

Several other hedge funds also recently made changes to their positions in PSMT. BlackRock Inc. purchased a new stake in PriceSmart during the 2nd quarter valued at $814,722,000. State Street Corp increased its position in shares of PriceSmart by 2.4% in the second quarter. State Street Corp now owns 1,045,998 shares of the company's stock valued at $109,872,000 after acquiring an additional 24,512 shares during the period. Geode Capital Management LLC increased its position in shares of PriceSmart by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 763,261 shares of the company's stock valued at $93,640,000 after acquiring an additional 7,095 shares during the period. Invesco Ltd. increased its position in shares of PriceSmart by 13.3% in the third quarter. Invesco Ltd. now owns 624,985 shares of the company's stock valued at $75,742,000 after acquiring an additional 73,419 shares during the period. Finally, Morgan Stanley raised its stake in shares of PriceSmart by 1.7% during the fourth quarter. Morgan Stanley now owns 495,799 shares of the company's stock valued at $60,820,000 after acquiring an additional 8,428 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

PriceSmart Stock Performance

Shares of PSMT stock opened at $172.07 on Thursday. The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of 33.03 and a beta of 0.76. The stock has a fifty day moving average of $184.77 and a 200 day moving average of $168.48. PriceSmart, Inc. has a 52 week low of $107.21 and a 52 week high of $199.84. The company has a quick ratio of 0.53, a current ratio of 1.28 and a debt-to-equity ratio of 0.08.

PriceSmart (NASDAQ:PSMT - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.48 billion for the quarter, compared to analysts' expectations of $1.43 billion. During the same period in the previous year, the firm posted $1.14 earnings per share. The firm's revenue for the quarter was up 12.5% compared to the same quarter last year.

Insider Activity

In related news, Director Sherry S. Bahrambeygui sold 3,499 shares of the stock in a transaction dated 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 directly owned 32,150 shares of the company's stock, valued at $6,345,767. This represents a 9.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Beatriz V. Infante sold 800 shares of PriceSmart stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $195.98, for a total value of $156,784.00. Following the sale, the director directly owned 11,210 shares in the company, valued at approximately $2,196,935.80. The trade was a 6.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 7,737 shares of company stock valued at $1,506,176. Corporate insiders own 17.00% of the company's stock.

PriceSmart 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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