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-week first quarter ended Nov. 20, the company reported net sales of $53.44 billion, an increase of 8.1%. For the thirteen weeks ended Nov. 27, Costco reported net sales of $58.36 billion, an increase of 7.9%.

Raymond James analyst Bobby Griffin maintained Costco with an Outperform rating and raised the price target from $560 to $570 following the company's November sales results.

Costco is set to report fiscal first-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 to Benzinga Pro.

Photo: Mike Mozart from Flickr.