Summit Financial Strategies Inc. Boosts Stock Position in Costco Wholesale Co. (NASDAQ:COST)

Summit Financial Strategies Inc. increased its stake in Costco Wholesale Co. (NASDAQ:COST) by 3.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 397 shares of the retailer’s stock after buying an additional 13 shares during the quarter. Summit Financial Strategies Inc.’s holdings in Costco Wholesale were worth $337,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Frank Rimerman Advisors LLC bought a new stake in Costco Wholesale during the 4th quarter worth approximately $26,000. Wetzel Investment Advisors Inc. purchased a new stake in shares of Costco Wholesale in the fourth quarter worth $30,000. Redmont Wealth Advisors LLC bought a new stake in Costco Wholesale during the first quarter valued at $32,000. Vima LLC purchased a new position in Costco Wholesale during the fourth quarter worth about $34,000. Finally, DSM Capital Partners LLC bought a new position in Costco Wholesale in the 4th quarter worth about $36,000. 68.48% of the stock is currently owned by institutional investors.

Costco Wholesale Stock Down 0.8 %

Costco Wholesale stock traded down $6.76 during trading hours on Friday, hitting $870.59. 1,516,332 shares of the stock traded hands, compared to its average volume of 1,987,382. Costco Wholesale Co. has a one year low of $530.56 and a one year high of $896.67. The company has a market cap of $385.96 billion, a PE ratio of 53.94, a PEG ratio of 5.73 and a beta of 0.78. The firm’s 50-day moving average price is $848.44 and its two-hundred day moving average price is $782.54. The company has a current ratio of 0.94, a quick ratio of 0.45 and a debt-to-equity ratio of 0.27.

Costco Wholesale (NASDAQ:COST) last issued its quarterly earnings results on Thursday, May 30th. The retailer reported $3.78 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.08. The company had revenue of $58.52 billion for the quarter, compared to analysts’ expectations of $58.16 billion. Costco Wholesale had a return on equity of 30.02% and a net margin of 2.83%. The firm’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $3.43 earnings per share. On average, research analysts forecast that Costco Wholesale Co. will post 15.98 EPS for the current year.

Costco Wholesale Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Friday, July 26th were paid a $1.16 dividend. The ex-dividend date was Friday, July 26th. This represents a $4.64 annualized dividend and a dividend yield of 0.53%. Costco Wholesale’s payout ratio is 28.75%.

Insider Activity at Costco Wholesale

In other Costco Wholesale news, insider Daniel M. Hines sold 1,500 shares of Costco Wholesale stock in a transaction on Friday, July 12th. The stock was sold at an average price of $844.20, for a total transaction of $1,266,300.00. Following the completion of the transaction, the insider now owns 12,492 shares in the company, valued at $10,545,746.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Costco Wholesale news, insider Daniel M. Hines sold 1,500 shares of Costco Wholesale stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $844.20, for a total value of $1,266,300.00. Following the completion of the transaction, the insider now directly owns 12,492 shares of the company’s stock, valued at $10,545,746.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard A. Galanti sold 500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $874.05, for a total transaction of $437,025.00. Following the sale, the executive vice president now owns 22,900 shares in the company, valued at approximately $20,015,745. The disclosure for this sale can be found here. Insiders sold a total of 4,970 shares of company stock valued at $4,249,526 in the last three months. Company insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on COST shares. Roth Mkm reiterated a “neutral” rating and set a $676.00 price target (up previously from $650.00) on shares of Costco Wholesale in a research report on Friday, May 31st. Gordon Haskett raised shares of Costco Wholesale from an “accumulate” rating to a “buy” rating and set a $925.00 price target on the stock in a report on Thursday, August 8th. StockNews.com upgraded shares of Costco Wholesale from a “hold” rating to a “buy” rating in a research report on Sunday, June 2nd. Stifel Nicolaus upped their target price on shares of Costco Wholesale from $900.00 to $950.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Finally, Telsey Advisory Group reissued an “outperform” rating and set a $925.00 price target on shares of Costco Wholesale in a research note on Monday, August 5th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Costco Wholesale presently has a consensus rating of “Moderate Buy” and an average price target of $824.50.

About Costco Wholesale

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.