True North Advisors 13F: Adds $4.3M to COST Stake
Key Points
- True North Advisors lifted its stake in Costco Wholesale Corporation by 43.8% during the quarter, buying 4,717 shares to hold 15,487 shares worth about $14.1 million.
- Costco recently traded around $1,018.44, sitting above its 50-day moving average of $936.66 and its 200-day moving average of $968.10.
- The membership warehouse operator brings in trailing twelve month revenue of $303.15 billion with an earnings per share of $20.76 ahead of its December 10, 2026 earnings report.
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True North Advisors bought an additional 4,717 shares of Costco Wholesale Corporation (COST) during the quarter, increasing its holdings by 43.8% according to a Form 13F filed with the SEC on October 22, 2026. The firm wrapped up the period with 15,487 shares valued at approximately $14.1 million.
COST
Costco Wholesale Corporation
What Changed in True North Advisors's Costco Position
True North Advisors expanded its footprint in the discount store operator by lifting its prior count of 10,770 shares up to 15,487 shares. The net addition of 4,717 shares represents a 43.8% jump for the portfolio, placing the total value of the stake near $14.1 million based on the filing date.
Other Institutional Activity in Costco
Other fund managers adjusted their positions in the warehouse chain around the same filing period. Symphony Financial grew its holdings by 1,714 shares, ending with 5,860 shares worth about $5.4 million following a 41.3% increase in its stake.
Costco Wholesale Corporation Stock Up 2.4%
Costco shares recently traded around $1,018.44 as of October 23, 2026, roughly equal to the closing price of $1,018.21 on the filing date. The stock trades above its 50-day moving average of $936.66 and its 200-day moving average of $968.10, while sitting 7.1% below its 52-week high of $1,096.50.
Recent Earnings
Costco posted trailing twelve month revenue of $303.15 billion and earnings of $20.76 per share. The company operates with a net profit margin of 3.0% and a return on equity of 28.4%, with the next earnings release scheduled for December 10, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 analysts raised price targets.
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EPS & revenue
EPS missed estimates by 1.9%. Revenue missed estimates by 2.3%.
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Profit surprise
EBITDA missed by 5 percent. Operating income missed by 5 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
3 target raises.
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Earnings quality
Positive free cash flow.
Earnings Call Summary
Costco delivered 9.1 percent revenue growth to 69.6 billion dollars in the second quarter, beating earnings per share at 4.93 dollars versus 4.92 dollars expected, but missing revenue versus consensus of 71.2 billion dollars. Same-store sales grew 7.4 percent excluding gas and currency effects. Comparable sales strength came from all categories, with meat and bakery leading fresh food at low double digits. Digital sales grew 22.6 percent, with personalized recommendations driving 470 million dollars in e-commerce sales. However, paid membership growth decelerated to 4.8 percent year over year, down from typical 5 percent levels, partly due to slower new warehouse openings in new markets and higher penetration of online signup members who renew at lower rates. Management emphasized continued price reductions on items like butter, coffee, and eggs despite tariff uncertainty, and highlighted technology investments in checkout efficiency and personalized experiences.
Guidance Management did not provide specific forward guidance for future quarters. They indicated expecting about 28 net new warehouse openings in fiscal 2026 and are targeting 30 plus openings per year going forward. Capital expenditures are estimated at approximately 6.5 billion dollars for the full year.
Fine but not compelling. Acceptable results that likely do not create a meaningful forward reset.
Dividend
Costco distributes an annual dividend rate of $5.88 per share, giving it a dividend yield of 0.59% alongside a payout ratio of 26.7%.
Insider Buying and Selling at Costco Wholesale Corporation
Company insiders completed several transactions prior to the filing date. Director Kenneth D. Denman sold 885 shares on June 23, 2026, at an average price of $957.45. Officer Claudine Adamo sold 2,200 shares on September 29, 2026, at $915.93 per share, while officer Caton Frates sold 800 shares on the same day at $915.93. Executive Vice President William Richard Wilcox later sold 1,100 shares on October 13, 2026, at an average price of $958.21.
Analysts Set New Price Targets
Wall Street firms updated their views on Costco ahead of the filing. Deutsche Bank maintained a buy rating on September 28, 2026, adjusting its target to $1,079 from $1,091. Argus Research reiterated a buy rating with a $1,230 target on September 28, 2026. RBC Capital kept a sector perform rating and a $1,000 target on October 9, 2026, while Tigress Financial maintained a buy rating and raised its target to $1,250 on October 15, 2026. CICC initiated coverage with an outperform rating and a $1,050 target on October 21, 2026. The stock holds a consensus buy rating from 37 analysts with a mean price target of $1,067.59.
About Costco Wholesale Corporation
Costco Wholesale Corporation operates a chain of membership-only warehouse clubs that provide a wide selection of quality, nationally branded and selected private-label merchandise at low prices to members. Headquartered in Issaquah, Washington, the company runs stores across the United States, Canada, and multiple international markets.
Bottom Line
Investors will watch for upcoming financial reports and institutional updates to gauge demand for the retailer's membership model. The next earnings release on December 10, 2026, will provide fresh figures on top-line growth and profitability.
Related Filing Alerts
Source: True North Advisors's 13F filing on $COST (Oct 22, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Written by software, not financial advice. How we make alerts