Costco Wholesale Co. to Post FY2023 Earnings of $13.35 Per Share, Oppenheimer Forecasts (NASDAQ:COST)

Costco Wholesale Co. (NASDAQ:COSTGet Rating) – Oppenheimer lifted their FY2023 earnings estimates for Costco Wholesale in a research note issued on Thursday, June 2nd. Oppenheimer analyst R. Parikh now expects that the retailer will earn $13.35 per share for the year, up from their previous forecast of $13.15. Oppenheimer also issued estimates for Costco Wholesale’s FY2024 earnings at $14.30 EPS.

Costco Wholesale (NASDAQ:COSTGet Rating) last released its earnings results on Thursday, May 26th. The retailer reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.03 by $0.01. Costco Wholesale had a return on equity of 29.71% and a net margin of 2.60%. The firm had revenue of $52.60 billion during the quarter, compared to analysts’ expectations of $51.49 billion. During the same quarter last year, the business posted $2.75 earnings per share. The firm’s revenue was up 18.5% on a year-over-year basis.

COST has been the subject of several other research reports. Citigroup cut their price target on Costco Wholesale from $590.00 to $510.00 and set a “neutral” rating for the company in a report on Friday, May 27th. StockNews.com started coverage on Costco Wholesale in a research report on Thursday, March 31st. They set a “buy” rating on the stock. Evercore ISI boosted their target price on Costco Wholesale from $605.00 to $610.00 in a research report on Thursday, April 7th. Loop Capital cut their target price on Costco Wholesale from $650.00 to $610.00 and set a “buy” rating on the stock in a research report on Friday, May 27th. Finally, Telsey Advisory Group cut their target price on Costco Wholesale from $615.00 to $590.00 and set an “outperform” rating on the stock in a research report on Friday, May 27th. Five equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $570.54.

NASDAQ COST opened at $476.25 on Monday. The stock has a market capitalization of $211.09 billion, a PE ratio of 37.50, a P/E/G ratio of 4.12 and a beta of 0.71. The business has a 50 day simple moving average of $528.14 and a two-hundred day simple moving average of $529.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.04 and a quick ratio of 0.51. Costco Wholesale has a 1-year low of $377.12 and a 1-year high of $612.27.

Several hedge funds have recently made changes to their positions in COST. Contravisory Investment Management Inc. acquired a new stake in Costco Wholesale during the first quarter worth about $26,000. Evolution Advisers Inc. acquired a new stake in Costco Wholesale during the fourth quarter worth about $28,000. Comprehensive Financial Consultants Institutional Inc. acquired a new stake in Costco Wholesale during the fourth quarter worth about $30,000. Mystic Asset Management Inc. acquired a new stake in Costco Wholesale during the fourth quarter worth about $40,000. Finally, Consolidated Planning Corp acquired a new stake in Costco Wholesale during the third quarter worth about $41,000. 67.52% of the stock is currently owned by institutional investors and hedge funds.

In other Costco Wholesale news, insider Daniel M. Hines sold 4,498 shares of the stock in a transaction dated Friday, April 8th. The stock was sold at an average price of $603.00, for a total value of $2,712,294.00. Following the completion of the sale, the insider now directly owns 13,108 shares in the company, valued at $7,904,124. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Timothy L. Rose sold 4,000 shares of the stock in a transaction dated Tuesday, March 29th. The shares were sold at an average price of $566.29, for a total value of $2,265,160.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,248 shares of company stock valued at $5,417,137. 0.22% of the stock is currently owned by company insiders.

The firm also recently declared a quarterly dividend, which was paid on Friday, May 13th. Shareholders of record on Friday, April 29th were paid a $0.90 dividend. The ex-dividend date of this dividend was Thursday, April 28th. This is a boost from Costco Wholesale’s previous quarterly dividend of $0.79. This represents a $3.60 dividend on an annualized basis and a yield of 0.76%. Costco Wholesale’s dividend payout ratio (DPR) is 28.35%.

Costco Wholesale Company Profile (Get Rating)

Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan. It offers branded and private-label products in a range of merchandise categories.

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Earnings History and Estimates for Costco Wholesale (NASDAQ:COST)

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