Multiples Tailwinds Pushed Costco Wholesale Corporation (COST) in Q3

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. As measured by the S&P 500 Index, the markets were mixed in the third quarter. The fund returned -3.14% in the quarter compared to -3.27% return for the S&P 500 Index. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund highlighted stocks like Costco Wholesale Corporation (NASDAQ:COST) in the third quarter 2023 investor letter. Based in Issaquah, Washington, Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. On October 24, 2023, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $551.84 per share. One-month return of Costco Wholesale Corporation (NASDAQ:COST) was -3.05%, and its shares gained 9.39% of their value over the last 52 weeks. Costco Wholesale Corporation (NASDAQ:COST) has a market capitalization of $241.892 billion.

Madison Sustainable Equity Fund made the following comment about Costco Wholesale Corporation (NASDAQ:COST) in its Q3 2023 investor letter:

“Costco Wholesale Corporation (NASDAQ:COST) moved higher during the quarter with solid sales and traffic trends and waning inflation. As the consumer faces a tougher economic backdrop, we see Costco continuing to gain share with its strong value proposition.”

Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of second quarter which was 63 in the previous quarter.

We discussed Costco Wholesale Corporation (NASDAQ:COST) in another article and shared the list of best low-risk dividend stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.