RESEARCH — THE FILING TAPE #50

Seven of 83: One Holder Is 77.7% of the Superinvestors' Costco Stake. Its Insiders Have Never Bought a Share.

October 12, 2026

GetCoattail Research — Costco is the warehouse retailer that just closed a fiscal year with revenue above $300 billion, and it sits third on MarketBeat's October 11 retail watchlist. The filings describe a register that barely touches the stock: seven tracked superinvestors hold it, one of them is 77.7% of the cohort's shares, no tracked manager opened or added to a position in the second quarter, the full market added more than 54 million reported shares in the same quarter, and insiders have recorded no purchase at all in the entire parsed record against 27 sales.

Start with the narrative. Costco reported its fiscal fourth quarter on September 24: net sales of $93.9 billion, up 11.2% from a year earlier, total revenue of $95.723 billion, and diluted earnings of $6.75 a share, a figure the company said included a $0.15-a-share benefit from tariff refunds. Comparable sales rose 9.4%, or 6.7% adjusted for gasoline prices and foreign exchange, and digitally enabled comparable sales rose 19.5%. The full fiscal year brought total revenue of $303.154 billion, up 10.14%, earnings of $20.76 a share, 939 warehouses and 84.1 million paid members. September then extended the run: net sales of $30.02 billion for the five weeks ended October 4, up 13.0%. Analysts, in aggregate, remain constructive but have been trimming at the edges: MarketBeat's count on October 6 was 22 Buy ratings, 10 Hold and 1 Sell, with an average target of $1,046.27, after Deutsche Bank cut its target to $1,079 on September 28 and Jefferies cut its target to $1,100 on September 25. Our own price file, which ends October 2, puts the last close at $920.65 — down 15.9% from the 252-session closing high of $1,094.32 set on May 19, 2026, up 8.3% from the 252-session closing low of $850.00 set on December 22, 2025, and up 6.8% year to date on that file.

Now the filings. For Costco — the fiftieth Filing Tape audit — the tape shows a tracked cohort that is small, concentrated and shrinking slightly, a broad register that added heavily in the same quarter, an insider record with no purchases at all, and a 5% register that is, again, a Vanguard hand-off.

Lens 1: the superinvestors — seven holders, 50,403 shares, and one holder at 77.7%

We track 83 large, mostly long-only managers whose 13F portfolios we collect directly from SEC EDGAR. As of June 30, 2026, 7 held Costco long — no option rows — totalling 50,403 shares worth $47,150,234. The direction count, on the collection's own labels, is no new positions, no increases, four decreases and three unchanged, with no exits. The cohort total moved from 51,653 shares at March 31 to 50,403 at June 30, a change of -2.42%, a difference of -1,250 shares.

The largest holder is Thomas Gayner's Markel Group, with 39,150 shares worth $36,623,651, a 0.28% portfolio weight, flagged unchanged — 77.7% of the tracked cohort's Costco shares. Every other position is small. Thomas Russo's Gardner Russo & Quinn holds 3,399 shares worth $3,179,709, a 0.04% weight, flagged decreased by 26.5%. Christopher Bloomstran's Semper Augustus holds 3,354 shares worth $3,137,566, a 0.35% weight, flagged decreased by 0.4%. Mairs & Power Funds holds 2,963 shares worth $2,771,798, flagged unchanged. Torray Funds holds 628 shares worth $587,475, flagged unchanged. David Katz's Matrix Asset Advisors holds 551 shares worth $515,137, flagged decreased by 1.4%. Bill Nygren's Oakmark Funds holds 358 shares worth $334,898, flagged decreased by 1.1%. Per-holder quarter changes matched by filing accession agree with the collection's own percentage labels for all seven holders — there is no label mismatch in this register. The cohort's implied price, $935.46 per share, sits effectively on the June 30 close of $935.47. The price fell from $996.43 at March 31 to $935.47 at June 30, a change of -6.1% — the tracked register's small trim happened in a falling quarter, and no holder in it bought.

Costco through six filing lenses
Chart 1: Signal presence by cohort. Superinvestors: 83 managers, 2026Q2 13F (as of Jun 30, 2026). Institutions: full-market 13F aggregation, same date. Insiders: Form 4 record through Oct 2, 2026. Congress: Senate and House PTR records through Oct 3, 2026. 13D/G: filings through Apr 29, 2026. Short interest: FINRA biweekly settlement data through Sep 15, 2026. Source: SEC EDGAR; FINRA; GetCoattail collections.

Lens 2: institutions — 4,200 filers, and a share count up 20.45%

Zoom out to the whole 13F market and the direction reverses. At June 30, 2026, 4,200 institutions reported positions, up 45 from 4,155 at March 31 (+1.08%), and 4,190 reported long positions. Reported shares rose 20.45%, from 265,032,609 to 319,228,365 shares — 54,195,756 more shares than the prior quarter. Reported aggregate value rose 18.05% to $305,534,838,432; the aggregate includes option rows, so we headline filer and share counts and label dollars "reported" (see methodology). The implied value per share, $957.10, sits 2.3% above the June 30 close of $935.47 — a wider gap than most audits in this series, and one more reason the share count, not the dollar total, is the headline figure here. Set the two 13F lenses side by side and they point in opposite directions in the same quarter: the tracked cohort cut 2.42% and added nobody, while the broad market added 45 filers and more than 54 million reported shares.

Lens 3: the 5% register — two filings, all of them 13G paper, and a Vanguard hand-off

Our full parse holds just two SC 13D/G filings for Costco — one SC 13G and one SC 13G/A amendment, and no SC 13D of any kind in the parsed set, 2 reporting-person rows across 2 names, the most recent filed April 29, 2026. The amendment prints zero: in an SC 13G/A filed March 26, 2026, The Vanguard Group prints 0 shares (0.0%) as of March 13, 2026. The register's most recent filing is also its only original filing: Vanguard Capital Management prints 33,256,639 shares (7.49%) as of March 31, 2026 in an SC 13G filed April 29, 2026 — the register's maximum row. Read as filed — and the rows are reported here exactly as filed, never summed — the register describes one Vanguard entity's row at zero and another Vanguard entity's row at 7.49%, the same hand-off pattern this series has now recorded at several large caps. There is no activist paper in this register and no 13D at all: two 13G-family filings, two names, both of them Vanguard.

Lens 4: insiders — no purchases in the entire parsed record, against 27 sales

The parsed Form 4 record holds 68 filings through October 2, 2026. Across the whole record, open-market purchases total exactly 0 transactions — no buyer appears in any window the parse covers. Against that stand 27 sales totalling 44,088.33 shares and $41,725,557.82, by fifteen sellers, 22 of them recorded as officer sales. The last year holds 14 of those sales, totalling 18,570.33 shares and $17,257,376.44 by ten sellers, and no purchases. The recent window is the same shape: the last 90 days hold two sales and no purchases — 3,000.64 shares for $2,748,374.36, by two sellers, both officer sales. Our site's insider aggregate, compiled as of October 12 over its 90-day window, records the same two sales at the same amount, by the same number of sellers, with no purchases; on this lens the two collections agree completely. We assign no motives to any of it; a tape with 27 sales and no purchases in the parsed record is the fact.

Lens 5: Congress — one buy, one sell, and a July buy

Across the congressional record we maintain (combined record as of October 3, 2026), Costco shows one member recorded, one buy transaction and one sell transaction, with a most-recent buy on July 10, 2026, with the Republican party represented. The House aggregate (as of October 3, 2026) carries the whole register: the same one member, the same one buy and one sell, and the same July 10 most-recent buy. The Senate aggregate (as of October 1, 2026) carries no Costco row at all — we report that absence as the aggregate prints it. The register is as balanced as a two-transaction register can be, and its most recent recorded act is a buy.

Lens 6: short interest — 7,360,574 shares, just below a peak set this May

FINRA's files carry the borrow across 137 settlements, from January 15, 2021. As of September 15, 2026 — the most recent settlement — 7,360,574 Costco shares were sold short, with days-to-cover of 3.67, down 2.87% from the prior settlement. That reading sits just below the series maximum: the peak is 7,878,688 shares on May 29, 2026, a fact we verified by taking the maximum across the whole series, and the latest reading sits 6.6% below it. Unlike the older peaks in several earlier audits, this borrow's high is recent — set five settlements before the latest print. Against the fundamentals file's 443,129,349 shares outstanding, that is 1.66% of the share count. Against September 15, 2025 the latest reading is up 12.5% from 6,542,302 shares. The June 30, 2026 settlement — the date the 13F lenses snapshot — printed 7,284,892 shares, so the borrow has edged up since the quarter-end the ownership lenses describe. The recent settlements run 6,957,664 on July 15, then 7,655,966, 7,364,782, 7,577,940 and 7,360,574. The series minimum is 2,974,309 shares on January 31, 2023; the latest reading sits about two and a half times that low.

Short interest in Costco
Chart 2: Shares sold short in Costco at each FINRA biweekly settlement, Jan 15, 2021 – Sep 15, 2026 (n = 137 settlements). The latest reading, 7,360,574 shares on Sep 15, 2026, sits 6.6% below the series peak of 7,878,688 shares on May 29, 2026, and up 12.5% from the 6,542,302 shares recorded on Sep 15, 2025. Source: FINRA Equity Short Interest files; GetCoattail collection (cost_short_interest_series.csv).

The borrow set its high this spring and has held near it since. Set beside the ownership lenses, that leaves a register with no urgency in either direction: the tracked cohort is tiny and trimming, the broad market added heavily, and the short side is close to — but not at — its recent peak.

The gap, stated plainly

The narrative describes a retailer whose fiscal fourth quarter grew net sales 11.2% to $93.9 billion, whose September sales then rose 13.0%, rated 22 Buy against 10 Hold and 1 Sell with an average target of $1,046.27 — above the $920.65 close on our price file through October 2 — even as two firms trimmed their targets in late September and the stock sat 15.9% below its May closing high. The tracked superinvestors held 50,403 shares at June 30 across seven holders, having cut the count 2.42% in a quarter when the price fell 6.1%, with no new position and no increase anywhere in the register, and with Markel Group at 77.7% of the cohort on a position it left unchanged. The full market moved the other way, larger: 319,228,365 reported shares, up 54,195,756, across 4,200 filers — 45 more than the prior quarter. The 5% register printed two filings, all of them 13G-family paper and not one a 13D: one Vanguard entity at zero, another at 7.49%. Insiders, across 68 parsed filings, recorded no purchase at all against 27 sales totalling $41,725,557.82. Congress registers one buy and one sell across one member, its most recent act a buy on July 10. And the borrow, at 7,360,574 shares, stands just below a peak it set in May 2026. One plausible reading is that the registers are describing different Costco stories on different clocks: the broad market used the second quarter to add a fifth more reported shares, the tracked cohort — never more than a toehold in this name — trimmed and added nobody, the analysts are paying for a membership-and-sales engine the September print partly supported, the insider tape offers sales and no confirming purchase in its entire history, and short sellers built their largest borrow this spring and have mostly kept it. The record supports each clause separately; it does not say which register is right, and it cannot — the tracked cohort's whole position is a June 30 snapshot of 50,403 shares.

What would change the picture

Nothing above is a recommendation. It is a record. These are the filings that would change the description:

Until one of those prints, the record describes a stock held by seven of our 83 tracked superinvestors — 50,403 shares, down 2.42% in the quarter its price fell 6.1%, with no new or increased position and one holder at 77.7% — whose full market added 45 filers and 54,195,756 reported shares in the same quarter, whose 5% register is two 13G-family filings across two Vanguard names, whose insiders have recorded no purchase and 27 sales in the entire parsed record, whose congressional register holds one buy and one sell with its last act a buy, and whose borrow sits just below a peak set this May — all of it snapshot at June 30, in a quarter the broad market and the tracked cohort read in opposite directions.

Related reading: Ten of 83: Lone Pine Opened a 2.6 Million-Share Home Depot Position as the Cohort Tripled Its Stake — Filing Tape #49; Seven of 83: Every Superinvestor in AbbVie Trimmed or Stood Still in Q2. Its Insiders Have Never Bought a Share. — Filing Tape #48; Zero of 83: The Superinvestors Aren't in IREN — Filing Tape #1. Costco's own page: Costco Wholesale Corporation (COST) on GetCoattail.

Methodology and data notes

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history

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