Garner Asset Management Corp Invests $1.12 Million in Costco Wholesale Co. (COST) Stock
Garner Asset Management Corp purchased a new stake in shares of Costco Wholesale Co. (NASDAQ:COST) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 7,028 shares of the retailer’s stock, valued at approximately $1,124,000. Costco Wholesale makes up approximately 1.1% of Garner Asset Management Corp’s holdings, making the stock its 25th largest holding.
A number of other hedge funds have also made changes to their positions in COST. Greenwood Capital Associates LLC lifted its position in Costco Wholesale by 0.9% during the first quarter. Greenwood Capital Associates LLC now owns 23,709 shares of the retailer’s stock valued at $3,976,000 after buying an additional 217 shares in the last quarter. Pacer Advisors Inc. lifted its position in Costco Wholesale by 6.4% during the first quarter. Pacer Advisors Inc. now owns 16,340 shares of the retailer’s stock valued at $2,740,000 after buying an additional 976 shares in the last quarter. RPG Investment Advisory LLC lifted its position in Costco Wholesale by 3.1% during the first quarter. RPG Investment Advisory LLC now owns 10,749 shares of the retailer’s stock valued at $1,802,000 after buying an additional 320 shares in the last quarter. Nordea Investment Management AB lifted its position in Costco Wholesale by 9.0% during the first quarter. Nordea Investment Management AB now owns 21,691 shares of the retailer’s stock valued at $3,637,000 after buying an additional 1,799 shares in the last quarter. Finally, Weik Investment Services Inc. lifted its position in Costco Wholesale by 0.5% during the first quarter. Weik Investment Services Inc. now owns 14,148 shares of the retailer’s stock valued at $2,372,000 after buying an additional 75 shares in the last quarter. 73.54% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Costco Wholesale Co. (NASDAQ:COST) opened at $171.62 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.43 and a debt-to-equity ratio of 0.59. Costco Wholesale Co. has a 12 month low of $150.00 and a 12 month high of $183.18. The firm has a market cap of $74,996.22, a price-to-earnings ratio of 29.49, a price-to-earnings-growth ratio of 2.74 and a beta of 0.93.
Costco Wholesale (NASDAQ:COST) last released its earnings results on Thursday, October 5th. The retailer reported $2.08 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.06. Costco Wholesale had a net margin of 2.08% and a return on equity of 22.21%. The firm had revenue of $42.30 billion during the quarter, compared to analyst estimates of $41.55 billion. During the same quarter in the previous year, the firm earned $1.77 earnings per share. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. equities research analysts forecast that Costco Wholesale Co. will post 6.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a dividend of $0.50 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.00 annualized dividend and a yield of 1.17%. Costco Wholesale’s payout ratio is 32.89%.
In other Costco Wholesale news, insider John D. Mckay sold 8,111 shares of the business’s stock in a transaction on Monday, November 13th. The shares were sold at an average price of $172.78, for a total transaction of $1,401,418.58. Following the completion of the sale, the insider now owns 66,751 shares in the company, valued at $11,533,237.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Richard A. Galanti sold 3,000 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $170.95, for a total transaction of $512,850.00. Following the sale, the chief financial officer now owns 35,225 shares of the company’s stock, valued at approximately $6,021,713.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 30,842 shares of company stock valued at $5,128,658. 0.74% of the stock is owned by insiders.
A number of analysts have recently issued reports on COST shares. Guggenheim reiterated a “hold” rating on shares of Costco Wholesale in a research note on Wednesday, November 22nd. Robert W. Baird reiterated a “buy” rating on shares of Costco Wholesale in a research note on Friday, November 17th. Vetr lowered shares of Costco Wholesale from a “buy” rating to a “hold” rating and set a $171.07 price objective on the stock. in a research note on Monday, November 6th. Oppenheimer Holdings, Inc. reiterated a “buy” rating on shares of Costco Wholesale in a research note on Friday, October 20th. Finally, TheStreet upgraded shares of Costco Wholesale from a “c” rating to a “b” rating in a research note on Monday, October 9th. Twelve analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $178.34.
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About Costco Wholesale
Costco Wholesale Corporation is engaged in the operation of membership warehouses in the United States and Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Australia, Spain, and through its subsidiaries in Taiwan and Korea. As of August 28, 2016, the Company operated 715 warehouses across the world.
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