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Smart Investors Will Buy Costco Stock in Bulk This Year - Stock Market Latest

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Costco Wholesale (NASDAQ:COST) is known for its discounts, but COST stock might not look cheap to some reluctant investors. Nevertheless, after viewing Costco’s recent results, even the skeptics will surely be tempted to stock up on a few shares.

There are plenty of commentators who praised Amazon (NASDAQ:AMZN) for its robust holiday-season 2023 sales. Yet, Amazon isn’t the only business that fared well. Furthermore, Amazon doesn’t pay any dividends — but a certain retail chain does.

Of course, I’m referring to Costco, which has rewarded passive-income investors for many years. So, let’s try to figure out if Costco can continue to provide outstanding value to its loyal shareholders in 2024.

Analysts Can’t Stop Praising COST Stock

Amazon might be a “Magnificent Seven” member, but Costco has the devotion of numerous Wall Street experts. It’s actually hard to keep track of all the upgrades and price-target raises. So, I’ll give you a quick synopsis of some recently published analyst firms’ ratings and price targets for Costco stock:

I could keep going ad nauseam. Other analyst firms that issued “buy” ratings on COST stock include TD Cowen and Stifel Nicolaus. But why do they like Costco’s future prospects so much?

Jefferies analyst Corey Tarlowe cited Costco’s “strong value offering, high renewal rates, and club expansion plans.” Meanwhile, BMO Capital analysts called Costco’s first-quarter fiscal 2024 results “solid,” and I fully concur with their positive assessment.

Not only did Costco’s quarterly net sales grow 6.1% year over year to $56.72 billion, but the company’s earnings of $3.58 per share beat Wall Street’s call for $3.41 per share. In addition, Costco delighted passive-income investors with the announcement of a special dividend of $15 per share.

Costco Delivers a December to Remember

In case you’re not already convinced that Costco is a terrific retailer to invest in, check this out. The company just released its sales numbers for the crucial holiday month of December 2023, and the results will surely surprise you.

Here’s the rundown. During the five weeks that ended on Dec. 31, 2023, Costco generated a whopping $26.15 billion in net sales. That’s 9.9% higher than the $23.8 billion that Costco reported from the comparable year-earlier period.

Costco’s results were still good if we extend the time horizon. Specifically, the company generated net sales of $82.86 billion during the 17 weeks ending on Dec. 31, 2023. That’s up 5.9% year over year – not too shabby.

To put this in context, some financial commentators wondered whether retail store chains would perform well during 2023’s holiday season despite the impact of inflation. Like Amazon, Costco showed that American consumers are resilient and still prepared to “shop ’til they drop.”

Costco Stock: Expect for the Growth to Continue

Costco stock performed well last year, rallying from around $520 to $650. If Costco continues to demonstrate growth and American shoppers can remain resilient, Costco shares should maintain their upward path in 2024.

So, don’t just focus on Amazon’s impressive recent performance. Take a look at Costco and conduct your due diligence on this famous discount retail chain. When all is said and done, you’ll undoubtedly want to hold at least a small position in COST stock for the remainder of this year.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) InvestorPlace.com. He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

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