Costco Wholesale sees investment growth and service changes

Costco Wholesale Corporation has seen significant institutional investment during the second quarter. Bamco Inc. NY purchased 5,569 shares valued at approximately $5.21 million, while Bank of America Corp DE acquired a stake worth roughly $6.78 billion. Other firms, including Birmingham Capital Management Co. Inc. and Blodgett Wealth Advisors LLC, also added positions in the retailer. This investment activity follows reports of strong August sales, which saw a 9.9% year-over-year increase in net sales and a 17.9% rise in digitally enabled sales.

Separately, Costco has abruptly discontinued 'Costco Next,' an online marketplace that provided members with discounted deals from third-party brands such as Anker Electronics and Viking Culinary. The service, which directed members to vendor-hosted storefronts, was shut down without prior notice to customers. The company's website now directs users to contact vendors directly for returns or warranty claims, leaving some shoppers expressing frustration over the sudden loss of access to specialized discounts.