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Costco Wholesale Corp (NASDAQ:COST) shares are climbing higher in Thursday's after-hours session after the company reauthorized a buyback and declared a dividend.
What Happened: Costco's board has reauthorized a common stock repurchase program of up to $4 billion. The program is set to expire in January 2027 and will replace the current $4 billion program, which was adopted in 2019 and scheduled to expire in April 2023.
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Under the previous repurchase program, Costco purchased $1.4 billion of its common stock.
Costco's board also declared a quarterly cash dividend of 90 cents per share. The dividend is payable on Feb. 17, to shareholders of record at the close of business on Feb. 3.
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Costco sells memberships that allow customers to shop in its warehouses, which feature low prices on a limited product assortment. The company currently operates 847 warehouses spread across several countries.
COST Price Action: Costco has a 52-week high of $612.27 and a 52-week low of $406.51.
The stock was up 1.17% after hours at $475 at time of writing, according to Benzinga Pro.
Photo: Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.