Convergence Financial LLC Has $2.33 Million Stock Position in Costco Wholesale Co. (NASDAQ:COST)

Convergence Financial LLC grew its position in Costco Wholesale Co. (NASDAQ:COST) by 25.5% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,624 shares of the retailer’s stock after purchasing an additional 533 shares during the period. Convergence Financial LLC’s holdings in Costco Wholesale were worth $2,326,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Redmont Wealth Advisors LLC acquired a new stake in shares of Costco Wholesale during the first quarter worth $32,000. Financial Connections Group Inc. grew its stake in shares of Costco Wholesale by 557.1% during the second quarter. Financial Connections Group Inc. now owns 46 shares of the retailer’s stock worth $39,000 after purchasing an additional 39 shares during the period. Bank & Trust Co acquired a new stake in shares of Costco Wholesale during the second quarter worth $48,000. Ruedi Wealth Management Inc. grew its stake in shares of Costco Wholesale by 73.5% during the second quarter. Ruedi Wealth Management Inc. now owns 59 shares of the retailer’s stock worth $50,000 after purchasing an additional 25 shares during the period. Finally, Summit Securities Group LLC acquired a new stake in shares of Costco Wholesale during the second quarter worth $50,000. 68.48% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Pierre Riel sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $896.71, for a total value of $1,793,420.00. Following the transaction, the executive vice president now owns 10,210 shares of the company’s stock, valued at approximately $9,155,409.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Richard A. Galanti sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $863.88, for a total value of $431,940.00. Following the transaction, the executive vice president now owns 23,800 shares of the company’s stock, valued at approximately $20,560,344. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Pierre Riel sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $896.71, for a total value of $1,793,420.00. Following the completion of the transaction, the executive vice president now directly owns 10,210 shares in the company, valued at $9,155,409.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,636 shares of company stock valued at $11,238,510. 0.18% of the stock is owned by insiders.

Costco Wholesale Price Performance

Shares of NASDAQ COST opened at $891.22 on Friday. The business’s 50 day moving average price is $891.76 and its two-hundred day moving average price is $839.41. The company has a market cap of $394.87 billion, a PE ratio of 53.79, a price-to-earnings-growth ratio of 5.50 and a beta of 0.80. The company has a quick ratio of 0.44, a current ratio of 0.97 and a debt-to-equity ratio of 0.25. Costco Wholesale Co. has a twelve month low of $540.23 and a twelve month high of $923.83.

Costco Wholesale (NASDAQ:COST) last announced its quarterly earnings results on Thursday, September 26th. The retailer reported $5.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.05 by $0.10. The firm had revenue of $79.70 billion for the quarter, compared to the consensus estimate of $79.91 billion. Costco Wholesale had a return on equity of 31.05% and a net margin of 2.90%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.86 earnings per share. On average, analysts predict that Costco Wholesale Co. will post 17.75 EPS for the current year.

Costco Wholesale Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be given a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend is Friday, November 1st. Costco Wholesale’s dividend payout ratio (DPR) is presently 28.00%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on COST shares. TD Cowen lifted their target price on Costco Wholesale from $925.00 to $975.00 and gave the stock a “buy” rating in a report on Monday, September 30th. StockNews.com lowered Costco Wholesale from a “buy” rating to a “hold” rating in a report on Friday, September 27th. Telsey Advisory Group reiterated an “outperform” rating and set a $1,000.00 target price on shares of Costco Wholesale in a report on Thursday, October 10th. Stifel Nicolaus lifted their target price on Costco Wholesale from $925.00 to $935.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, DA Davidson reiterated a “neutral” rating and set a $880.00 target price on shares of Costco Wholesale in a report on Thursday, October 10th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $894.57.

Costco Wholesale Company 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.