Brokers Offer Predictions for Costco Wholesale Co.’s Q3 2024 Earnings (NASDAQ:COST)

Costco Wholesale Co. (NASDAQ:COST) – Research analysts at Telsey Advisory Group lowered their Q3 2024 earnings per share estimates for Costco Wholesale in a note issued to investors on Thursday, November 2nd. Telsey Advisory Group analyst J. Feldman now forecasts that the retailer will post earnings per share of $3.63 for the quarter, down from their prior estimate of $3.65. Telsey Advisory Group currently has a “Outperform” rating and a $600.00 price target on the stock. The consensus estimate for Costco Wholesale’s current full-year earnings is $15.73 per share.

Costco Wholesale (NASDAQ:COST) last posted its quarterly earnings results on Tuesday, September 26th. The retailer reported $4.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.79 by $0.07. Costco Wholesale had a return on equity of 28.10% and a net margin of 2.60%. The firm had revenue of $78.94 billion during the quarter, compared to the consensus estimate of $77.72 billion. During the same period last year, the company earned $4.20 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year.

Several other brokerages have also issued reports on COST. Raymond James lifted their price target on Costco Wholesale from $570.00 to $580.00 and gave the company an “outperform” rating in a research note on Wednesday, September 27th. Argus boosted their price objective on Costco Wholesale from $630.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 29th. BMO Capital Markets boosted their price objective on Costco Wholesale from $600.00 to $612.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 27th. Oppenheimer boosted their price objective on Costco Wholesale from $575.00 to $630.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. Finally, Jefferies Financial Group boosted their price objective on Costco Wholesale from $610.00 to $640.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Costco Wholesale has a consensus rating of “Moderate Buy” and a consensus target price of $585.71.

Costco Wholesale Price Performance

Costco Wholesale stock opened at $560.90 on Monday. The stock’s fifty day moving average price is $557.60 and its two-hundred day moving average price is $537.34. Costco Wholesale has a one year low of $447.90 and a one year high of $577.30. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.07 and a quick ratio of 0.57. The firm has a market cap of $248.33 billion, a PE ratio of 39.61, a price-to-earnings-growth ratio of 4.13 and a beta of 0.78.

Institutional Investors Weigh In On Costco Wholesale

Several institutional investors and hedge funds have recently added to or reduced their stakes in COST. Sanctuary Wealth Management L.L.C. purchased a new position in shares of Costco Wholesale during the 4th quarter valued at $26,000. Impact Partnership Wealth LLC purchased a new position in shares of Costco Wholesale during the 2nd quarter valued at $37,000. Horizon Bancorp Inc. IN purchased a new position in shares of Costco Wholesale during the 2nd quarter valued at $38,000. Agur Provident & Training Funds Management Ltd. purchased a new position in shares of Costco Wholesale during the 1st quarter valued at $42,000. Finally, Steph & Co. lifted its stake in shares of Costco Wholesale by 42.3% during the 3rd quarter. Steph & Co. now owns 74 shares of the retailer’s stock valued at $42,000 after buying an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 66.31% of the company’s stock.

Insider Buying and Selling at Costco Wholesale

In other news, VP Patrick J. Callans sold 2,500 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $553.76, for a total transaction of $1,384,400.00. Following the completion of the transaction, the vice president now directly owns 67,934 shares in the company, valued at approximately $37,619,131.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Claudine Adamo sold 2,565 shares of the stock in a transaction dated Monday, October 23rd. The shares were sold at an average price of $548.92, for a total value of $1,407,979.80. Following the completion of the transaction, the executive vice president now directly owns 8,128 shares of the company’s stock, valued at $4,461,621.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Patrick J. Callans sold 2,500 shares of the stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $553.76, for a total transaction of $1,384,400.00. Following the completion of the transaction, the vice president now directly owns 67,934 shares of the company’s stock, valued at $37,619,131.84. The disclosure for this sale can be found here. Insiders have sold 9,765 shares of company stock valued at $5,441,703 in the last 90 days. 0.22% of the stock is currently owned by company insiders.

Costco Wholesale Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Shareholders of record on Friday, November 3rd will be issued a dividend of $1.02 per share. The ex-dividend date is Thursday, November 2nd. This represents a $4.08 dividend on an annualized basis and a yield of 0.73%. Costco Wholesale’s payout ratio is 28.81%.

About Costco Wholesale

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.