Oppenheimer Raises Costco Wholesale (COST) Price Target to $270.00

Costco Wholesale (NASDAQ:COST) had its target price upped by Oppenheimer from $245.00 to $270.00 in a research note issued to investors on Wednesday, April 17th, The Fly reports. The firm presently has an “outperform” rating on the retailer’s stock. Oppenheimer’s price objective points to a potential upside of 9.30% from the company’s current price. Oppenheimer also issued estimates for Costco Wholesale’s FY2021 earnings at $8.65 EPS.

A number of other analysts have also recently weighed in on COST. Argus reaffirmed a “buy” rating and set a $245.00 price target (down from $255.00) on shares of Costco Wholesale in a research report on Monday, December 24th. They noted that the move was a valuation call. Barclays reaffirmed a “hold” rating and set a $225.00 price target on shares of Costco Wholesale in a research report on Wednesday, January 9th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Costco Wholesale in a research report on Friday, January 11th. TheStreet cut shares of Costco Wholesale from an “a” rating to a “c” rating in a research report on Wednesday, January 16th. Finally, BidaskClub cut shares of Costco Wholesale from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 25th. Eight investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $249.90.

Shares of NASDAQ COST traded up $3.55 during trading on Wednesday, hitting $247.02. 2,029,022 shares of the company traded hands, compared to its average volume of 1,404,551. The company has a quick ratio of 0.46, a current ratio of 0.96 and a debt-to-equity ratio of 0.34. Costco Wholesale has a 1 year low of $189.51 and a 1 year high of $248.70. The stock has a market capitalization of $107.10 billion, a PE ratio of 36.17, a P/E/G ratio of 3.44 and a beta of 0.94.

Costco Wholesale (NASDAQ:COST) last announced its quarterly earnings results on Thursday, March 7th. The retailer reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.34. Costco Wholesale had a net margin of 2.34% and a return on equity of 25.53%. The firm had revenue of $35.40 billion during the quarter. During the same period last year, the company posted $1.59 earnings per share. Equities research analysts expect that Costco Wholesale will post 7.91 EPS for the current fiscal year.

Costco Wholesale announced that its Board of Directors has initiated a share repurchase plan on Friday, April 26th that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the retailer to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

In related news, VP Richard A. Galanti sold 4,188 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $230.47, for a total transaction of $965,208.36. Following the sale, the vice president now owns 30,082 shares in the company, valued at $6,932,998.54. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan L. Decker sold 2,350 shares of the stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $240.00, for a total transaction of $564,000.00. Following the sale, the director now owns 46,239 shares in the company, valued at approximately $11,097,360. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,587 shares of company stock worth $2,004,576. Company insiders own 0.21% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COST. Oregon Public Employees Retirement Fund raised its stake in Costco Wholesale by 20,897.6% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 33,652,688 shares of the retailer’s stock worth $165,000 after acquiring an additional 33,492,419 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Costco Wholesale by 55,048.5% in the third quarter. Bank of New York Mellon Corp now owns 5,504,928 shares of the retailer’s stock valued at $1,292,998,000 after purchasing an additional 5,494,946 shares during the period. Norges Bank acquired a new stake in shares of Costco Wholesale in the fourth quarter valued at approximately $868,633,000. BlackRock Inc. increased its stake in shares of Costco Wholesale by 2.6% in the fourth quarter. BlackRock Inc. now owns 28,778,155 shares of the retailer’s stock valued at $5,862,398,000 after purchasing an additional 736,711 shares during the period. Finally, Ellis Investment Partners LLC increased its stake in shares of Costco Wholesale by 24,131.7% in the first quarter. Ellis Investment Partners LLC now owns 610,154 shares of the retailer’s stock valued at $610,000 after purchasing an additional 607,636 shares during the period. Hedge funds and other institutional investors own 72.21% of the company’s stock.

About Costco Wholesale

Costco Wholesale Corporation, together with its subsidiaries, operates membership warehouses. It offers branded and private-label products in a range of merchandise categories. The company provides dry and packaged foods, and groceries; snack foods, candies, alcoholic and nonalcoholic beverages, and cleaning supplies; appliances, electronics, health and beauty aids, hardware, and garden and patio products; meat, bakery, deli, and produces; and apparel and small appliances.

Featured Article: Why investors pay attention to retained earnings

The Fly

Analyst Recommendations for Costco Wholesale (NASDAQ:COST)

Receive News & Ratings for Costco Wholesale Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Costco Wholesale and related companies with MarketBeat.com's FREE daily email newsletter.