JPMorgan Chase & Co. Reduces Position in PriceSmart, Inc. $PSMT

JPMorgan Chase & Co. lessened its holdings in shares of PriceSmart, Inc. (NASDAQ:PSMT) by 21.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,888 shares of the company’s stock after selling 13,522 shares during the quarter. JPMorgan Chase & Co.’s holdings in PriceSmart were worth $6,046,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Mirabella Financial Services LLP purchased a new stake in shares of PriceSmart during the 3rd quarter valued at approximately $3,464,000. CIBC Bancorp USA Inc. purchased a new position in PriceSmart in the 3rd quarter valued at approximately $332,000. Advisory Services Network LLC bought a new stake in PriceSmart during the 3rd quarter valued at $127,000. CANADA LIFE ASSURANCE Co raised its holdings in PriceSmart by 1.6% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 28,617 shares of the company’s stock valued at $3,509,000 after acquiring an additional 452 shares during the period. Finally, Progeny 3 Inc. purchased a new stake in shares of PriceSmart during the third quarter worth $27,825,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

PriceSmart Price Performance

Shares of NASDAQ:PSMT opened at $150.50 on Wednesday. The company has a 50 day moving average of $149.10 and a 200 day moving average of $132.40. The company has a current ratio of 1.33, a quick ratio of 0.55 and a debt-to-equity ratio of 0.11. The stock has a market cap of $4.64 billion, a P/E ratio of 30.71 and a beta of 0.73. PriceSmart, Inc. has a 12 month low of $81.25 and a 12 month high of $158.01.

PriceSmart (NASDAQ:PSMT) last posted its earnings results on Wednesday, January 7th. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.01. PriceSmart had a net margin of 2.79% and a return on equity of 12.20%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.36 billion. During the same period in the prior year, the company posted $1.21 EPS. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. As a group, sell-side analysts forecast that PriceSmart, Inc. will post 5.28 EPS for the current fiscal year.

PriceSmart Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 17th will be given a $0.70 dividend. This represents a dividend yield of 89.0%. The ex-dividend date is Monday, August 17th. PriceSmart’s dividend payout ratio (DPR) is 28.57%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PSMT shares. Wall Street Zen cut PriceSmart from a “buy” rating to a “hold” rating in a research report on Sunday, January 11th. Weiss Ratings raised PriceSmart from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, March 10th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat, the company has an average rating of “Strong Buy”.

Insiders Place Their Bets

In other PriceSmart news, Director Beatriz V. Infante sold 1,995 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $136.87, for a total value of $273,055.65. Following the transaction, the director directly owned 10,879 shares in the company, valued at $1,489,008.73. This represents a 15.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Paul Kovaleski sold 4,255 shares of the firm’s stock in a transaction dated Monday, January 12th. The shares were sold at an average price of $136.86, for a total value of $582,339.30. Following the completion of the sale, the executive vice president directly owned 38,854 shares in the company, valued at approximately $5,317,558.44. The trade was a 9.87% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 16,671 shares of company stock worth $2,283,051. 17.00% of the stock is currently owned by corporate insiders.

About PriceSmart

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.