Jim Cramer on Costco: "I'm Willing to Hold it All I Want"

Costco Wholesale Corporation (NASDAQ:COST) is one of the stocks Jim Cramer offered insights on. Cramer said the stock is stuck in “kind of a purgatory,” as he commented:

“Let’s talk about Thursday evening, though. There we have Costco, and right now, Costco’s stuck in a kind of a purgatory, a very high PE… 53. I find you don’t want to buy Costco until the PE goes below 50. But I own it for the Charitable Trust, and I’m willing to hold it all I want. It’s hard to believe that Costco can vault higher from here, but I think maybe it can.”

Costco Wholesale Corporation (NASDAQ:COST) operates membership-based warehouses that provide a wide variety of branded and private-label products, including groceries, appliances, apparel, and household goods. In addition, it provides fuel, pharmacies, optical and food services, as well as e-commerce and business delivery options. Cramer called the company a “great long-term hold” during the September 16 episode. He said:

“I think that Costco is a great long-term hold. There’s never been a moment where it’s cheap. And that is something that the late Charlie Munger talked about. He was on the board of Berkshire Hathaway. Never. So my belief is that you buy this slowly. You want to buy 50 shares? Buy 10 here. Wait for it to come down. I think it’s a great stock. Don’t buy it all at once.”

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Disclosure: None. This article is originally published at Insider Monkey.