First National Bank of Mount Dora Trust Reduces Costco Stake

First National Bank of Mount Dora Trust Investment Services has decreased its position in Costco Wholesale Co. (NASDAQ:COST) by 6.0% during the fourth quarter, as indicated in their recent filing with the Securities and Exchange Commission. After the sale of 705 shares during this period, the fund now holds 11,042 shares of Costco's stock.

Costco represents about 2.4% of the First National Bank of Mount Dora Trust Investment Services' portfolio, ranking it as their eighth largest holding. According to the latest SEC filing, the value of their Costco shares is approximately $10,117,000.

Modifications by Institutional Investors

In addition to First National Bank of Mount Dora, several other institutional investors have also recently adjusted their holdings in Costco. For instance, Geode Capital Management LLC raised its stake by 1.7% during the third quarter, acquiring an extra 162,191 shares, bringing their total to 9,487,057 costco shares valued at approximately $8.38 billion.

Furthermore, FMR LLC increased its position by 3.6% during the same period. They now own 9,308,615 shares valued at $8.25 billion after purchasing an additional 324,973 shares. International Assets Investment Management LLC made a significant move, increasing its position by a whopping 113,947.9%, now holding 7,370,916 shares worth around $6.53 billion. Legal & General Group Plc and Jennison Associates LLC also boosted their stakes in recent quarters, acquiring more shares of Costco.

Insider Transactions

On another note, EVP Richard A. Galanti sold 1,416 shares of Costco on October 24th, with the transaction totaling $1,266,866.88 at an average price of $894.68 per share. Despite this sale, he still retains 27,400 shares valued at approximately $24.5 million, which marks a 4.91% reduction in his position.

Analysts and Price Targets

Multiple brokerages have weighed in on Costco's stock. Tigress Financial has maintained a "buy" rating with a price target of $1,065.00. UBS Group raised its target from $840.00 to $1,040.00 and also rated it as a "buy." BMO Capital Markets has set a new target of $1,175.00, reflecting optimism in Costco's future performance. Loop Capital and Citigroup have similarly updated their targets, highlighting the stock's potential with targets set at $1,095.00 and $1,060.00, respectively. Currently, Costco stands with a consensus rating of "Moderate Buy" and an average price target of $1,013.59 according to analysts.

Performance Overview

As of Friday, Costco's stock opened at $943.19. The stock has shown a 50-day moving average of $949.84 and a 200-day average of $900.50, with a 52-week low of $675.96 and a high of $1,008.25. The company boasts a market capitalization of $418.68 billion with a price-to-earnings ratio of 55.38. Costco's financial health shows a debt-to-equity ratio of 0.23, and both quick and current ratios standing at 0.43 and 0.98, respectively.

About Costco Wholesale Corporation

Costco Wholesale Corporation, along with its subsidiaries, operates membership warehouses across various countries, including the US, Canada, Japan, and the UK. They offer a wide range of products, both branded and private label, catering to diverse categories.

Conclusion

All in all, First National Bank of Mount Dora Trust Investment Services has made strategic adjustments to its holdings in Costco, which continues to attract significant attention from institutional investors and analysts alike.

Costco, Investment, Shares