Victory Capital Management Inc. Bolsters Position in PriceSmart, Inc. (NASDAQ:PSMT) with 17,356 Shares

2 min read | November 25, 2024 03:57 AM PST | By Team Kalkine Media

Victory Capital Management Inc. Bolsters Position in PriceSmart, Inc. (NASDAQ:PSMT) with 17,356 Shares — Image source: Shutterstock

Article:

Victory Capital Management (NASDAQ:PSMT) raised its stake in PriceSmart, Inc. (NASDAQ:PSMT) by 330.0% during the third quarter, according to the company's most recent filing with the SEC. The firm now holds 22,615 shares of the company, after acquiring an additional 17,356 shares during the period. This increase in holdings brings Victory Capital’s total stake to 0.07% of PriceSmart, valued at approximately $2 million. Other institutional investors have also adjusted their positions in PriceSmart, with notable increases from firms like Vanguard Group and Price T Rowe Associates.

In a separate development, StockNews.com downgraded PriceSmart from a "buy" rating to a "hold" rating in its latest research note. This change reflects a more cautious outlook for the company, though the company continues to show resilience in its market segment. PriceSmart operates membership-based warehouse clubs across the U.S., Central America, the Caribbean, and Colombia, providing a range of consumer products such as groceries, cleaning supplies, and health and beauty items.

PriceSmart’s stock opened at $89.96 on Monday, slightly above its 50-day moving average of $90.08. Over the past year, the company’s stock has fluctuated between a low of $66.95 and a high of $94.82. With a market capitalization of $2.76 billion, PriceSmart holds a price-to-earnings (P/E) ratio of 19.68, reflecting a moderate valuation in its sector. The company also has a solid balance sheet, with a debt-to-equity ratio of just 0.08, indicating low leverage.

In its latest quarterly earnings report, PriceSmart posted earnings of $0.94 per share, which fell short of analyst expectations. However, the company reported a 9.6% increase in revenue compared to the same quarter last year, amounting to $1.23 billion. The company’s return on equity stood at 12.63%, and its net margin was 2.83%. Despite the earnings miss, the company's performance highlights its continued growth trajectory and operational efficiency.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.