Envestnet Asset Management Inc. Has $52.36 Million Stock Position in Costco Wholesale Co. (NASDAQ:COST)
Envestnet Asset Management Inc. grew its position in shares of Costco Wholesale Co. (NASDAQ:COST) by 12.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 198,150 shares of the retailer’s stock after acquiring an additional 22,204 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Costco Wholesale were worth $52,363,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in COST. BKD Wealth Advisors LLC raised its stake in shares of Costco Wholesale by 2.6% during the 2nd quarter. BKD Wealth Advisors LLC now owns 1,533 shares of the retailer’s stock worth $405,000 after purchasing an additional 39 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its stake in shares of Costco Wholesale by 0.3% during the 2nd quarter. Ferguson Wellman Capital Management Inc. now owns 14,527 shares of the retailer’s stock worth $3,839,000 after purchasing an additional 40 shares in the last quarter. Kistler Tiffany Companies LLC raised its stake in shares of Costco Wholesale by 1.5% during the 1st quarter. Kistler Tiffany Companies LLC now owns 2,771 shares of the retailer’s stock worth $671,000 after purchasing an additional 41 shares in the last quarter. Canton Hathaway LLC raised its stake in shares of Costco Wholesale by 41.0% during the 2nd quarter. Canton Hathaway LLC now owns 141 shares of the retailer’s stock worth $37,000 after purchasing an additional 41 shares in the last quarter. Finally, Nachman Norwood & Parrott Inc raised its stake in shares of Costco Wholesale by 4.1% during the 1st quarter. Nachman Norwood & Parrott Inc now owns 1,109 shares of the retailer’s stock worth $269,000 after purchasing an additional 44 shares in the last quarter. 71.20% of the stock is owned by hedge funds and other institutional investors.
COST traded up $2.58 during trading hours on Friday, reaching $274.10. The company’s stock had a trading volume of 1,230,800 shares, compared to its average volume of 1,824,959. Costco Wholesale Co. has a 52 week low of $189.51 and a 52 week high of $284.31. The company’s 50-day moving average is $274.36 and its 200-day moving average is $247.55. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.48 and a current ratio of 0.98. The firm has a market cap of $117.93 billion, a PE ratio of 40.13, a price-to-earnings-growth ratio of 3.76 and a beta of 0.95.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, August 29th. Costco Wholesale’s dividend payout ratio (DPR) is presently 38.07%.
Costco Wholesale declared that its board has authorized a stock repurchase program on Friday, April 26th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the retailer to reacquire up to 3.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
A number of equities research analysts have recently issued reports on COST shares. Raymond James upped their price objective on Costco Wholesale from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday, July 18th. Oppenheimer upped their price objective on Costco Wholesale from $270.00 to $295.00 in a research note on Wednesday, July 10th. Nomura upped their price objective on Costco Wholesale from $235.00 to $256.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. BMO Capital Markets set a $275.00 price objective on Costco Wholesale and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Morgan Stanley upped their price objective on Costco Wholesale from $220.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Monday, June 3rd. Seven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $266.04.
In other Costco Wholesale news, VP Patrick J. Callans sold 2,000 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $252.15, for a total transaction of $504,300.00. Following the transaction, the vice president now owns 66,479 shares in the company, valued at approximately $16,762,679.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Susan L. Decker sold 2,790 shares of the stock in a transaction on Friday, June 7th. The stock was sold at an average price of $254.62, for a total value of $710,389.80. Following the transaction, the director now owns 45,405 shares in the company, valued at approximately $11,561,021.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,136 shares of company stock worth $7,380,374. 0.21% of the stock is owned by company insiders.
About Costco Wholesale
Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances.
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