Costco Wholesale Co. Shares Climb 0% Following May Same Store Sales Report (NASDAQ:COST) (2024)

Posted by MarketBeat News on Jun 11th, 2024

Costco Wholesale’s (NASDAQ:COST – Free Report) same-store sales climbed 10% during the month of May. Costco Wholesale’s stock climbed by 0% in the first day of trading following the report.

Wall Street Analyst Weigh In

Several brokerages have weighed in on COST. Citigroup boosted their price objective on Costco Wholesale from $710.00 to $800.00 and gave the company a “neutral” rating in a research report on Friday, May 31st. Evercore ISI increased their price target on shares of Costco Wholesale from $845.00 to $860.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. Wells Fargo & Company raised their price target on shares of Costco Wholesale from $750.00 to $775.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. BMO Capital Markets reaffirmed an “outperform” rating and set a $875.00 price objective (up from $800.00) on shares of Costco Wholesale in a research note on Friday, May 31st. Finally, Loop Capital increased their target price on shares of Costco Wholesale from $840.00 to $890.00 and gave the stock a “buy” rating in a report on Monday, June 3rd. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $750.00.

View Our Latest Research Report on Costco Wholesale

Insiders Place Their Bets

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In other news, EVP Russell D. Miller sold 785 shares of Costco Wholesale stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $722.86, for a total transaction of $567,445.10. Following the completion of the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at $7,228,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.18% of the company’s stock.

Costco Wholesale Price Performance

Shares of NASDAQ:COST opened at $848.34 on Tuesday. The company has a market capitalization of $376.24 billion, a PE ratio of 52.56, a PEG ratio of 5.60 and a beta of 0.79. The business has a fifty day moving average price of $762.80 and a 200-day moving average price of $716.03. Costco Wholesale has a 1-year low of $516.00 and a 1-year high of $850.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.94 and a quick ratio of 0.45.

Costco Wholesale Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 10th. Shareholders of record on Friday, April 26th were paid a dividend of $1.16 per share. This represents a $4.64 annualized dividend and a yield of 0.55%. This is an increase from Costco Wholesale’s previous quarterly dividend of $1.02. The ex-dividend date was Thursday, April 25th. Costco Wholesale’s dividend payout ratio (DPR) is currently 28.75%.

Institutional Trading of Costco Wholesale

A number of institutional investors and hedge funds have recently modified their holdings of COST. Norges Bank purchased a new position in Costco Wholesale in the 4th quarter worth about $3,628,694,000. International Assets Investment Management LLC lifted its position in Costco Wholesale by 61,693.5% during the fourth quarter. International Assets Investment Management LLC now owns 3,105,124 shares of the retailer’s stock valued at $2,049,630,000 after purchasing an additional 3,100,099 shares during the period. Global Assets Advisory LLC purchased a new stake in Costco Wholesale in the first quarter worth approximately $510,353,000. Public Employees Retirement Association of Colorado grew its position in Costco Wholesale by 3,647.1% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 567,641 shares of the retailer’s stock worth $374,688,000 after purchasing an additional 552,492 shares during the period. Finally, Vanguard Group Inc. raised its stake in Costco Wholesale by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 40,360,168 shares of the retailer’s stock valued at $26,640,940,000 after buying an additional 485,051 shares during the last quarter. Institutional investors own 68.48% of the company’s stock.

About Costco Wholesale

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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.