Costco Wholesale Corporation (NASDAQ:COST) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, September 12th. The firm presently has a $176.00 price target on the retailer’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.38% from the stock’s previous close.
According to Zacks, “Costco continues to be one of the dominant retail wholesalers based on the breadth and quality of merchandise offered. The stock has outpaced the industry in a year. This came on the backdrop of continued sturdy comps performance and upbeat results in third-quarter fiscal 2017, thereby sidelining the woes, which have gripped the brick-and-mortar retailers for some time now. Major chains are grappling with soft store and mall traffic as consumers choose to shop online. But Costco seems somewhat unfazed by tough retail scenario. We believe that the hike in annual membership fees and increased penetration of Citi Visa co-brand card program will also benefit the stock in the near term. We are also encouraged by Costco’s expansion strategy, as it remains committed to opening new clubs and expanding e-Commerce capabilities. However, stiff competition and cautious consumer spending remain causes of concern. Of late, estimates have been stable.”
A number of other equities analysts also recently commented on the stock. Deutsche Bank AG reaffirmed a “hold” rating and set a $172.00 price objective on shares of Costco Wholesale Corporation in a report on Tuesday, September 5th. Guggenheim reaffirmed a “neutral” rating and set a $140.00 price objective on shares of Costco Wholesale Corporation in a report on Thursday, August 31st. Robert W. Baird reaffirmed a “buy” rating and set a $200.00 price objective on shares of Costco Wholesale Corporation in a report on Thursday, August 31st. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $185.00 price objective on shares of Costco Wholesale Corporation in a report on Thursday, August 31st. Finally, UBS AG reaffirmed a “buy” rating and set a $190.00 price objective on shares of Costco Wholesale Corporation in a report on Thursday, August 31st. Ten equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Costco Wholesale Corporation currently has a consensus rating of “Buy” and a consensus price target of $179.37.
Costco Wholesale Corporation (NASDAQ COST) traded up 0.36% during trading on Tuesday, reaching $161.49. The company had a trading volume of 1,003,551 shares. The stock has a market capitalization of $70.83 billion, a price-to-earnings ratio of 28.04 and a beta of 0.93. The firm has a 50-day moving average of $157.83 and a 200-day moving average of $165.14. Costco Wholesale Corporation has a 1-year low of $142.11 and a 1-year high of $183.18.
In other Costco Wholesale Corporation news, Director John W. Meisenbach sold 1,000 shares of Costco Wholesale Corporation stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $160.28, for a total value of $160,280.00. Following the transaction, the director now owns 5,974 shares of the company’s stock, valued at $957,512.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last ninety days, insiders sold 3,000 shares of company stock worth $477,120. Insiders own 0.74% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Intl Fcstone Inc. bought a new position in Costco Wholesale Corporation in the second quarter valued at approximately $208,000. Gs Investments Inc. bought a new position in Costco Wholesale Corporation in the second quarter valued at approximately $1,330,000. Achmea Investment Management B.V. bought a new stake in shares of Costco Wholesale Corporation in the second quarter worth $757,000. Lord Abbett & CO. LLC lifted its position in shares of Costco Wholesale Corporation by 0.6% in the second quarter. Lord Abbett & CO. LLC now owns 183,500 shares of the retailer’s stock worth $29,347,000 after purchasing an additional 1,100 shares in the last quarter. Finally, USA Financial Portformulas Corp bought a new stake in shares of Costco Wholesale Corporation in the second quarter worth $2,673,000. 72.35% of the stock is currently owned by hedge funds and other institutional investors.
Costco Wholesale Corporation Company Profile
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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