Why Costco Stock Crushed the Market Today
Although the dividend raise declared by Costco Wholesale (NASDAQ: COST) wasn't surprising, it did inject a fresh surge of bullishness into its stock. On Thursday, the big retailer's stock price rose nearly 3% on the back of the news, easily topping the 0.1% bump of the S&P 500 (SNPINDEX: ^GSPC) that trading session. Just after market close on Wednesday, Costco declared that its upcoming quarterly distribution would be $1.30 per share, which is a sturdy 12% higher than the $1.16 it paid out previously.