TCI Wealth Advisors Inc. Lowers Stake in Costco Wholesale Co. (NASDAQ:COST)

TCI Wealth Advisors Inc. cut its position in shares of Costco Wholesale Co. (NASDAQ:COST) by 3.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,803 shares of the retailer’s stock after selling 269 shares during the quarter. Costco Wholesale makes up 0.9% of TCI Wealth Advisors Inc.’s investment portfolio, making the stock its 24th largest position. TCI Wealth Advisors Inc.’s holdings in Costco Wholesale were worth $2,062,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Regent Investment Management LLC lifted its position in Costco Wholesale by 43.5% in the first quarter. Regent Investment Management LLC now owns 1,485 shares of the retailer’s stock worth $360,000 after purchasing an additional 450 shares during the period. Beese Fulmer Investment Management Inc. bought a new stake in Costco Wholesale during the second quarter worth $4,462,000. Raymond James & Associates increased its position in Costco Wholesale by 8.5% in the first quarter. Raymond James & Associates now owns 467,707 shares of the retailer’s stock worth $113,252,000 after buying an additional 36,675 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in Costco Wholesale by 17.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 182,589 shares of the retailer’s stock worth $44,218,000 after buying an additional 27,026 shares during the last quarter. Finally, Horizon Investments LLC purchased a new stake in Costco Wholesale in the first quarter worth $401,000. Institutional investors and hedge funds own 71.27% of the company’s stock.

A number of analysts have issued reports on the company. BidaskClub downgraded Costco Wholesale from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 24th. Gordon Haskett cut Costco Wholesale from an “accumulate” rating to a “hold” rating and set a $244.90 price target on the stock. in a report on Wednesday, May 29th. They noted that the move was a valuation call. Loop Capital increased their price target on Costco Wholesale to $300.00 and gave the company a “buy” rating in a report on Thursday, July 11th. They noted that the move was a valuation call. Telsey Advisory Group reissued an “outperform” rating and set a $265.00 price target (up from $250.00) on shares of Costco Wholesale in a report on Tuesday, April 9th. Finally, Raymond James increased their price target on Costco Wholesale from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Thursday, July 18th. Seven investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. Costco Wholesale currently has a consensus rating of “Buy” and a consensus price target of $262.73.

In other news, VP Roland Michael Vachris sold 3,700 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $267.25, for a total transaction of $988,825.00. Following the completion of the transaction, the vice president now directly owns 13,578 shares in the company, valued at approximately $3,628,720.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Susan L. Decker sold 1,646 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $268.25, for a total value of $441,539.50. Following the transaction, the director now owns 41,803 shares of the company’s stock, valued at $11,213,654.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,136 shares of company stock valued at $7,380,374. Corporate insiders own 0.21% of the company’s stock.

NASDAQ COST traded down $2.98 during trading hours on Friday, hitting $271.59. 66,815 shares of the company’s stock traded hands, compared to its average volume of 1,354,026. Costco Wholesale Co. has a 52-week low of $189.51 and a 52-week high of $284.31. The company has a market cap of $120.23 billion, a P/E ratio of 39.76, a PEG ratio of 3.92 and a beta of 0.94. The company has a quick ratio of 0.48, a current ratio of 0.98 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average is $271.93.

Costco Wholesale (NASDAQ:COST) last announced its quarterly earnings data on Thursday, May 30th. The retailer reported $1.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.83 by $0.06. The firm had revenue of $34.74 billion during the quarter, compared to analysts’ expectations of $34.72 billion. Costco Wholesale had a net margin of 2.41% and a return on equity of 25.03%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.70 earnings per share. On average, equities research analysts predict that Costco Wholesale Co. will post 8.04 EPS for the current year.

Costco Wholesale declared that its board has initiated a stock buyback program on Friday, April 26th that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the retailer to purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.

Further Reading: Rule of 72

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

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