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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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  • Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
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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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