First National Bank of Mount Dora Trust Investment Services Reduces Stake in Costco Wholesale Co.

First National Bank of Mount Dora Trust Investment Services has reduced its investment in Costco Wholesale Co. (NASDAQ:COST - Free Report) by 6.0% during the fourth quarter, as reported in the latest filing with the Securities and Exchange Commission. Following the sale of 705 shares, the fund now owns a total of 11,042 shares in the popular retail company. This stake represents about 2.4% of their overall portfolio and ranks as the 8th largest holding for the trust investment service. The market value of Costco shares held by the investment service was approximately $10,117,000 at the time of the most recent filing.

Several institutional investors have made adjustments to their holdings in Costco recently. Geode Capital Management LLC increased its stake in Costco shares by 1.7% during the third quarter, bringing their total to 9,487,057 shares valued at around $8.38 billion after acquiring an additional 162,191 shares. FMR LLC also raised its investment in Costco by 3.6% in the same period, now owning 9,308,615 shares worth approximately $8.25 billion after adding 324,973 shares. International Assets Investment Management LLC significantly boosted its position by an impressive 113,947.9% in the third quarter, resulting in ownership of 7,370,916 shares valued at around $6.53 billion after buying 7,364,453 additional shares. Additionally, Legal & General Group Plc increased their position in Costco by 2.5% during the second quarter, now holding 3,650,562 shares worth about $3.10 billion after purchasing an extra 88,550 shares. Jennison Associates LLC raised its stake by 3.8% in the third quarter for a total ownership of 3,399,127 shares valued at approximately $3.01 billion.

Insider Transactions

In related news, on October 24th, EVP Richard A. Galanti sold 1,416 shares of Costco's stock at an average price of $894.68, totaling $1,266,866.88 for the transaction. After this sale, Galanti’s remaining shares in the company stand at 27,400, valued at roughly $24.51 million. This sale represented a 4.91% decrease in his ownership. The details of this transaction have been disclosed through the SEC.

Price Targets and Analyst Opinions

Various brokerages have provided updated price targets for Costco Wholesale. Tigress Financial maintained a "buy" rating with a price target of $1,065.00 on October 17th. UBS Group adjusted its target from $840.00 to $1,040.00, reaffirming a "buy" rating in December. BMO Capital Markets also raised its price target from $1,075.00 to $1,175.00 while rating the company as "outperform". Similarly, Loop Capital raised its price target from $1,005.00 to $1,095.00, upholding a "buy" rating. Citigroup increased its target from $800.00 to $1,060.00, now rating the stock as "neutral". Currently, there are nine analysts suggesting a hold rating, while nineteen analysts issued buy ratings for Costco’s stock, resulting in a consensus rating of "Moderate Buy" and a target price of approximately $1,013.59.

Costco Wholesale Performance Summary

On Friday, the price of Costco shares opened at $943.19. The stock has a fifty-day moving average of $949.84 and a two-hundred-day moving average of $900.50. Over the past year, shares have fluctuated between a low of $675.96 and a high of $1,008.25. Costco’s market capitalization stands at $418.68 billion, with a price-to-earnings ratio of 55.38, and a PEG ratio of 5.60. The company has a quick ratio of 0.43, a current ratio of 0.98, and a debt-to-equity ratio of 0.23.

About Costco Wholesale

Costco Wholesale Corporation operates membership warehouses worldwide, offering both branded and private-label products across various categories. The company has locations in the United States, Canada, Mexico, Japan, and several European countries, among others.

Investment, Costco, Stocks