Magellan Asset Management Ltd Has $695 Million Holdings in Costco Wholesale Corporation (COST)

Magellan Asset Management Ltd lowered its stake in shares of Costco Wholesale Corporation (NASDAQ:COST) by 0.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,345,633 shares of the retailer’s stock after selling 16,943 shares during the period. Costco Wholesale Corporation makes up approximately 2.9% of Magellan Asset Management Ltd’s portfolio, making the stock its 17th biggest holding. Magellan Asset Management Ltd owned about 0.99% of Costco Wholesale Corporation worth $694,997,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its stake in Costco Wholesale Corporation by 4.1% during the 1st quarter. Alliancebernstein L.P. now owns 3,248,905 shares of the retailer’s stock valued at $544,809,000 after purchasing an additional 129,106 shares during the last quarter. Mechanics Bank Trust Department boosted its stake in Costco Wholesale Corporation by 4.8% during the 2nd quarter. Mechanics Bank Trust Department now owns 33,556 shares of the retailer’s stock valued at $5,366,000 after purchasing an additional 1,529 shares during the last quarter. Cadinha & Co. LLC boosted its stake in shares of Costco Wholesale Corporation by 7.3% in the 2nd quarter. Cadinha & Co. LLC now owns 124,642 shares of the retailer’s stock worth $19,934,000 after buying an additional 8,518 shares during the last quarter. Stephens Inc. AR boosted its stake in shares of Costco Wholesale Corporation by 3.1% in the 1st quarter. Stephens Inc. AR now owns 44,405 shares of the retailer’s stock worth $7,446,000 after buying an additional 1,350 shares during the last quarter. Finally, Intersect Capital LLC boosted its stake in shares of Costco Wholesale Corporation by 143.4% in the 2nd quarter. Intersect Capital LLC now owns 5,382 shares of the retailer’s stock worth $861,000 after buying an additional 3,171 shares during the last quarter. Institutional investors and hedge funds own 72.76% of the company’s stock.

A number of equities analysts have recently weighed in on COST shares. TheStreet upgraded Costco Wholesale Corporation from a “c” rating to a “b” rating in a research note on Monday, October 9th. Robert W. Baird set a $200.00 target price on Costco Wholesale Corporation and gave the stock a “buy” rating in a research note on Thursday, July 27th. Stifel Nicolaus set a $173.00 target price on Costco Wholesale Corporation and gave the stock a “buy” rating in a research note on Thursday, August 3rd. Oppenheimer Holdings, Inc. restated a “buy” rating on shares of Costco Wholesale Corporation in a research note on Thursday, August 24th. Finally, Cowen and Company set a $180.00 target price on Costco Wholesale Corporation and gave the stock a “buy” rating in a research note on Saturday, July 22nd. Twelve investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $178.34.

Costco Wholesale Corporation (NASDAQ COST) opened at $170.98 on Friday. The firm has a market cap of $73,851.24, a price-to-earnings ratio of 29.04, a PEG ratio of 2.70 and a beta of 0.93. Costco Wholesale Corporation has a 1-year low of $149.52 and a 1-year high of $183.18. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.99 and a quick ratio of 0.43.

Costco Wholesale Corporation (NASDAQ:COST) last released its quarterly earnings results on Thursday, October 5th. The retailer reported $2.08 earnings per share for the quarter, topping the consensus estimate of $2.02 by $0.06. Costco Wholesale Corporation had a net margin of 2.08% and a return on equity of 22.21%. The firm had revenue of $42.30 billion for the quarter, compared to analysts’ expectations of $41.55 billion. During the same quarter in the prior year, the firm posted $1.77 earnings per share. The business’s quarterly revenue was up 15.7% on a year-over-year basis. research analysts expect that Costco Wholesale Corporation will post 6.45 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be given a $0.50 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.00 annualized dividend and a yield of 1.17%. Costco Wholesale Corporation’s dividend payout ratio (DPR) is presently 32.89%.

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In related news, Director John W. Meisenbach sold 1,000 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $157.59, for a total value of $157,590.00. Following the completion of the transaction, the director now directly owns 6,974 shares in the company, valued at $1,099,032.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Richard A. Galanti sold 5,000 shares of the company’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $160.58, for a total transaction of $802,900.00. Following the completion of the transaction, the vice president now owns 41,396 shares of the company’s stock, valued at $6,647,369.68. The disclosure for this sale can be found here. Insiders sold 30,842 shares of company stock valued at $5,128,658 over the last quarter. 0.74% of the stock is owned by company insiders.

Costco Wholesale Corporation 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.

Institutional Ownership by Quarter for Costco Wholesale Corporation (NASDAQ:COST)

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