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Costco posts solid results

15 December 2023 By Klavs Valters

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American wholesale chain, Costco Wholesale Corporation (NASDAQ: COST), announced financial results for the first quarter of fiscal year 2024 after the closing bell in the US on Thursday.

Company overview

    • Founded: September 15, 1983
    • Headquarters: Issaquah, Washington, United States
    • Number of employees: 316,000 (2023)
    • Industry: Retail
    • Key people: Hamilton E. James (Chairman), W. Craig Jelinek (President and CEO)

The results

Costco reported total revenue of $57.799 billion for the quarter, which narrowly beat Wall Street analyst estimate of $57.785 billion. Revenue was up by 6% from the same period a year prior.

Earnings per share (EPS) reported at $3.58 per share (up by 16.61% year-over-year), above $3.411 per share expected.

The company announced a cash dividend of $15 per share to all shareholders of the stock as of close of business on 28/12/2023.

Stock reaction

Shares of Costco were down by 1.75% on Thursday at $630.78 a share.

The stock was down by around 1% in the after-hours as Wall Street digested the latest results from the company.

Stock performance

  • 1 month: +9.48%
  • 3 months: +12.16%
  • Year-to-date: +38.76%
  • 1 year: +36.54%

Costco stock price targets

  • Oppenheimer: $675
  • Evercore ISI: $650
  • Stifel: $615
  • Truist Financial: $619
  • Telsey Advisory Group: $625
  • JP Morgan: $605
  • Wells Fargo: $525
  • Loop Capital: $630
  • Deutsche Bank: $652
  • Morgan Stanley: $585
  • Bank of America: $610

Costco Wholesale Corporation is the 29th largest company in the world with a market cap of $281.37 billion.

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  • Extended trading hours on popular US stocks means extended opportunities

Sources: Costco Wholesale Corporation, TradingView, MarketWatch, MarketBeat, CompaniesMarketCap

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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.