Costco Wholesale Corporation (NASDAQ: COST), the membership-based retail powerhouse, has been one of the most consistent performers in the consumer staples space. Shares recently traded at $986, giving the company a market value of roughly $435 billion.
That’s a 16.9% gain over the past year, driven by steady renewal rates, strong same-store sales, and tight cost control.
For investors, Costco’s ownership structure reveals more than just who holds the stock. It also offers insight into the type of capital backing the business, the stability of that capital, and how insiders themselves are behaving at current valuations.
The Biggest Shareholders: The Institutions Behind Costco’s Market Power
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Costco’s investor base is dominated by the largest global asset managers, with significant passive ownership through index funds, complemented by selective active managers. These are the stock’s top 5 shareholders:
- The Vanguard Group: 42.45M shares (9.57%), worth $41.64B. Increased by 441,889 shares last quarter.
- BlackRock Institutional Trust: 22.95M shares (5.18%), worth $22.51B. Increased by 162,240 shares.
- State Street Global Advisors: 18.24M shares (4.11%), worth $17.89B. Increased by 149,938 shares.
- Geode Capital Management: 10.28M shares (2.32%), worth $10.08B. Increased by 150,844 shares.
- Invesco Capital Management (QQQ Trust): 9.11M shares (2.06%), worth $8.94B. Reduced by 53,106 shares (-0.58%).
Other key holders include Fidelity Management & Research, Norges Bank Investment Management, and BofA Global Research. Hedge fund Fisher Asset Management, led by Ken Fisher, is also a notable holder with a reputation for holding quality compounders over the long term.
Heavy index fund ownership means Costco’s share price is influenced not only by its own performance but also by broader market flows into ETFs and passive funds.
The steady buying from Vanguard, BlackRock, and State Street suggests these large managers see Costco as a reliable core holding. Active managers like Fisher add an extra layer of conviction-based ownership.
See whether Costco’s top shareholders are buying or selling today >>>
Recent Insider Transactions: Signals from Costco’s Executive Suite
In 2025, insider activity at Costco has leaned toward small-to-moderate sales, with no reported insider purchases.
- Jeffrey Raikes (Director): Sold 6,573 shares in July.
- Yoram Rubanenko (Officer): Sold 4,000 shares at $974.96 in July.
- Patrick Callans (Officer): Sold 3,000 shares at $1,002.77 in June.
- Pierre Riel (Officer): Sold 2,000 shares at $1,014.15 in June.
- James Klauer (Officer): Sold 4,000 shares at $981.07 in April.
- Susan Lynne Decker (Director): Small sales in June totaling 547 shares.
- Other smaller sales from Gary Millerchip, Claudine Adamo, and Caton Frates.
Looking at the trades, most of Costco’s 2025 insider transactions are relatively modest in both dollar terms and as a percentage of holdings. A few, like Jeffrey Raikes’ $6.4M sale and James Klauer’s ~$4M sale, are larger in absolute value, but they still represent small portions of overall ownership stakes.
The complete absence of insider buying suggests leadership doesn’t see the stock as strongly undervalued, but in a mature, fully valued company like Costco, that’s not unusual.
Modest insider selling at elevated share prices is common for a mature company. The absence of buying doesn’t necessarily indicate concern, but investors should note that leadership is not signaling undervaluation through their own purchases.
See recent insider trade data for over 50,000 global stocks (It’s free) >>>
What the Ownership Tells Us
Costco’s shareholder mix reflects a balance between stability and conviction:
- Stability: Large passive index fund ownership provides a steady capital base, making Costco less vulnerable to sudden investor flight during market volatility.
- Conviction: Active funds like Fisher Asset Management indicate that professional investors still see long-term upside in the company’s model.
- Insiders: Limited selling and no buying suggest management is in “hold” mode, possibly viewing the current price as fair relative to near-term prospects.
For long-term investors, this ownership profile suggests Costco remains a dependable, institutionally backed stock with relatively low ownership risk.
However, without significant insider buying, future upside will likely depend more on continued operational strength than on insider conviction-driven catalysts.
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