SKY Mountain Capital Management Inc. Invests $247,000 in Costco Wholesale Corporation (NASDAQ:COST)

SKY Mountain Capital Management Inc. bought a new position in Costco Wholesale Corporation (NASDAQ:COST) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 261 shares of the retailer’s stock, valued at approximately $247,000.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Costco Wholesale by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 42,201,610 shares of the retailer’s stock worth $38,668,069,000 after purchasing an additional 455,043 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Costco Wholesale by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 9,739,175 shares of the retailer’s stock worth $8,901,249,000 after purchasing an additional 252,118 shares during the last quarter. FMR LLC grew its holdings in shares of Costco Wholesale by 1.6% in the fourth quarter. FMR LLC now owns 9,457,824 shares of the retailer’s stock worth $8,665,921,000 after purchasing an additional 149,209 shares during the last quarter. GAMMA Investing LLC grew its holdings in Costco Wholesale by 106,402.1% during the 1st quarter. GAMMA Investing LLC now owns 8,160,190 shares of the retailer’s stock worth $7,717,744,000 after acquiring an additional 8,152,528 shares in the last quarter. Finally, Norges Bank bought a new position in Costco Wholesale during the 4th quarter worth about $5,182,316,000. Hedge funds and other institutional investors own 68.48% of the company’s stock.

Costco Wholesale Trading Down 0.3%

NASDAQ COST opened at $964.90 on Wednesday. The firm’s 50-day moving average is $1,002.24 and its two-hundred day moving average is $982.43. Costco Wholesale Corporation has a 12 month low of $793.00 and a 12 month high of $1,078.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.02 and a quick ratio of 0.52. The stock has a market capitalization of $427.91 billion, a P/E ratio of 54.76, a PEG ratio of 6.10 and a beta of 0.97.

Costco Wholesale (NASDAQ:COST) last issued its quarterly earnings results on Thursday, May 29th. The retailer reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.24 by $0.04. The business had revenue of $63.21 billion for the quarter, compared to analysts’ expectations of $62.93 billion. Costco Wholesale had a net margin of 2.92% and a return on equity of 30.48%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.78 earnings per share. On average, sell-side analysts anticipate that Costco Wholesale Corporation will post 18.03 earnings per share for the current year.

Insider Buying and Selling at Costco Wholesale

In other news, EVP Yoram Rubanenko sold 4,000 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $974.96, for a total transaction of $3,899,840.00. Following the sale, the executive vice president owned 5,774 shares of the company’s stock, valued at approximately $5,629,419.04. This represents a 40.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Pierre Riel sold 2,000 shares of the stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $1,014.15, for a total transaction of $2,028,300.00. Following the sale, the executive vice president directly owned 8,210 shares in the company, valued at $8,326,171.50. This represents a 19.59% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,547 shares of company stock valued at $13,396,790. Corporate insiders own 0.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on COST. Truist Financial increased their target price on shares of Costco Wholesale from $995.00 to $1,042.00 and gave the stock a “hold” rating in a report on Friday, May 30th. Telsey Advisory Group restated an “outperform” rating and set a $1,100.00 price objective on shares of Costco Wholesale in a research note on Thursday, July 10th. Morgan Stanley boosted their target price on shares of Costco Wholesale from $1,150.00 to $1,225.00 and gave the stock an “overweight” rating in a report on Friday, May 30th. Loop Capital lowered their price target on shares of Costco Wholesale from $1,115.00 to $1,110.00 and set a “buy” rating on the stock in a report on Thursday, May 29th. Finally, Stifel Nicolaus set a $1,035.00 price target on shares of Costco Wholesale in a report on Thursday, May 29th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,037.48.

Costco Wholesale Profile

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.