BJs Wholesale Club (BJ)

• Market cap: $11.5B
• Sector: Consumer Staples
• Industry: Variety Stores

About: BJ's Wholesale serves as one of the few warehouse club chains in the United States. Its more than 240 warehouses are primarily located along the East Coast, most prominently in the New England area. Similar to its warehouse club peers, BJ's charges annual membership fees and keeps costs down by operating a no-frills store environment. The company limits the use of distribution centers where possible and stores inventory on pallets directly on the sales floor, often in bulk quantities. The company also offers a limited assortment of stock-keeping units at its warehouses (around 7,000) to achieve greater procurement scale on select items. About 80% of BJ's net sales come from grocery items and general merchandise, with the remaining 20% coming from gasoline and other ancillary services.

Employees: 34,000

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

100% more funds holding in top 10

Funds holding in top 10: 3 [Q1] → 6 (+3) [Q2]

81% more call options, than puts

Call options by funds: $156M | Put options by funds: $86.6M

56% more first-time investments, than exits

New positions opened: 89 | Existing positions closed: 57

16% more capital invested

Capital invested by funds: $10.3B [Q1] → $12B (+$1.68B) [Q2]

7% more funds holding

Funds holding: 472 [Q1] → 504 (+32) [Q2]

0.2% more ownership

Funds ownership: 103.04% [Q1] → 103.25% (+0.2%) [Q2]

9% less repeat investments, than reductions

Existing positions increased: 168 | Existing positions reduced: 184

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $75 14% downside
• Avg. target: $84 4% downside
• High target: $92 6% upside

6 analyst ratings

• positive: 3 50%
• neutral: 2 33%
• negative: 1 17%

Melius Research Karen Short 64% 1-year accuracy 7 / 11 met price target	4% upside $90	Buy Initiated	23 Sept 2024
JP Morgan Christopher Horvers 50% 1-year accuracy 14 / 28 met price target	10% downside $78	Neutral Upgraded	26 Aug 2024
Roth MKM Bill Kirk 35% 1-year accuracy 6 / 17 met price target	14% downside $75	Neutral Maintained	23 Aug 2024
Wells Fargo Edward Kelly 53% 1-year accuracy 9 / 17 met price target	6% upside $92	Overweight Upgraded	23 Aug 2024
B of A Securities Robert Ohmes 67% 1-year accuracy 10 / 15 met price target	4% upside $90	Buy Maintained	23 Aug 2024