Costco Stock Is Moving Lower Today: What's Going On?

Costco Wholesale Corp COST shares are trading lower Thursday morning after the company reported March sales results.

What Happened: After the close Wednesday, Costco reported net sales of $21.71 billion for the month of March, up 0.5% on a year-over-year basis. The warehouse club company reported net sales of $137.77 billion for the 31-week period ended April 2. 

U.S. comparable sales fell 1.5% in March and comps were down 1.1% overall. Costco said e-commerce sales were down close to 13% last month.

Following the sales release, Telsey Advisory Group analyst Joseph Feldman reiterated Costco with an Outperform and a $540 price target. Oppenheimer analyst Rupesh Parikh also reiterated Costco with an Outperform and a $550 price target.

See Also: Walmart To Rally 14%? Here Are 10 Other Analyst Forecasts For Thursday

COST Price Action: Costco has a 52-week high of $612.12 and a 52-week low of $406.64.

Costco shares were down 2.46% at $484.88 at the time of writing, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.