Pinnacle Bank Acquires New Stake in Costco Wholesale Co. (COST)
Pinnacle Bank acquired a new stake in shares of Costco Wholesale Co. (NASDAQ:COST) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,672 shares of the retailer’s stock, valued at approximately $341,000.
Several other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Costco Wholesale by 0.4% in the third quarter. Vanguard Group Inc. now owns 35,457,639 shares of the retailer’s stock valued at $8,328,292,000 after acquiring an additional 158,722 shares during the period. Vanguard Group Inc lifted its holdings in Costco Wholesale by 0.4% in the third quarter. Vanguard Group Inc now owns 35,457,639 shares of the retailer’s stock valued at $8,328,292,000 after acquiring an additional 158,722 shares during the period. Oregon Public Employees Retirement Fund lifted its holdings in Costco Wholesale by 20,897.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 33,652,688 shares of the retailer’s stock valued at $165,000 after acquiring an additional 33,492,419 shares during the period. BlackRock Inc. lifted its holdings in Costco Wholesale by 2.6% in the fourth quarter. BlackRock Inc. now owns 28,778,155 shares of the retailer’s stock valued at $5,862,398,000 after acquiring an additional 736,711 shares during the period. Finally, Jennison Associates LLC raised its stake in shares of Costco Wholesale by 1.1% in the fourth quarter. Jennison Associates LLC now owns 6,452,240 shares of the retailer’s stock worth $1,314,386,000 after buying an additional 67,206 shares during the period. 72.22% of the stock is currently owned by institutional investors.
COST has been the topic of several recent research reports. Argus reaffirmed a “buy” rating and issued a $245.00 price objective (down previously from $255.00) on shares of Costco Wholesale in a research note on Monday, December 24th. They noted that the move was a valuation call. Bank of America set a $255.00 price objective on Costco Wholesale and gave the stock a “buy” rating in a research note on Friday, March 8th. BidaskClub downgraded Costco Wholesale from a “strong-buy” rating to a “buy” rating in a research note on Friday, January 25th. Zacks Investment Research raised Costco Wholesale from a “hold” rating to a “buy” rating and set a $243.00 price objective on the stock in a research note on Monday, March 11th. Finally, UBS Group raised their price objective on Costco Wholesale to $280.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Seven analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Costco Wholesale currently has a consensus rating of “Buy” and a consensus target price of $246.57.
Costco Wholesale (NASDAQ:COST) last released its quarterly earnings results on Thursday, March 7th. The retailer reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.34. The business had revenue of $35.40 billion during the quarter. Costco Wholesale had a return on equity of 25.53% and a net margin of 2.34%. During the same quarter in the prior year, the business earned $1.59 EPS. As a group, research analysts forecast that Costco Wholesale Co. will post 7.9 EPS for the current fiscal year.
In related news, Director John W. Meisenbach bought 3,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was purchased at an average price of $242.65 per share, for a total transaction of $727,950.00. Following the acquisition, the director now owns 12,833 shares in the company, valued at $3,113,927.45. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Richard A. Galanti sold 4,188 shares of Costco Wholesale stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $230.47, for a total value of $965,208.36. Following the completion of the transaction, the vice president now owns 30,082 shares of the company’s stock, valued at approximately $6,932,998.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,587 shares of company stock valued at $2,004,576. Company insiders own 0.21% of the company’s stock.
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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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