Costco posts solid results

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