Why Costco Stock Is Trading Lower Today
Costco Wholesale Corp COST shares are trading lower Thursday after the company reported its November sales results.
What Happened: Costco said net sales for November totaled $19.17 billion, up 5.7% on a year-over-year basis.
For the twelve-weekfirst quarterended Nov.20,the company reported net sales of$53.44 billion, an increase of8.1%.For the thirteen weeks ended Nov.27, Costcoreported net sales of$58.36 billion, an increase of7.9%.
Raymond James analyst Bobby Griffin maintainedCostcowith an Outperform rating and raisedthe price target from$560to$570 following the company's November sales results.
Costco is set to report fiscalfirst-quarter financial results on Dec. 8.
See Also:Walmart, Costco Are Black Friday Winners While Target Sees Light In-Store Traffic
COST Price Action: Costco has a 52-week high of $612.27 and a 52-week low of $406.51.
The stock was down 3.38% at $521 at time of publication, according toBenzinga Pro.
Photo:Mike Mozartfrom Flickr.
