Costco Wholesale Corporation (COST) Reported Better Than Expected Earnings in Q4

Madison Investments, an investment advisor, released its “Madison Sustainable Equity Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. During the fourth quarter, equity markets ended the year on a high note, with the S&P 500 achieving an 11.7% increase. This brought the full-year return to 26.3%. The Fund (Class Y) returned 18.0% for the year, but had a Q4 return of 11.9%, trailing the S&P 500. The fourth quarter’s strength can be attributed to the yield curve’s downward shift. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Sustainable Equity Fund featured stocks such as Costco Wholesale Corporation (NASDAQ:COST) in the fourth quarter 2023 investor letter. Based in Issaquah, Washington, Costco Wholesale Corporation (NASDAQ:COST) engages in the operation of membership warehouses. On February 1, 2024, Costco Wholesale Corporation (NASDAQ:COST) stock closed at $704.48 per share. The one-month return of Costco Wholesale Corporation (NASDAQ:COST) was 7.39%, and its shares gained 36.85% of their value over the last 52 weeks. Costco Wholesale Corporation (NASDAQ:COST) has a market capitalization of $312.597 billion.

Madison Sustainable Equity Fund stated the following regarding Costco Wholesale Corporation (NASDAQ:COST) in its fourth quarter 2023 investor letter:

“Costco Wholesale Corporation (NASDAQ:COST) reported solid holiday results and announced a special dividend of $15 per share. Earnings were better than expected driven by better gross margin. Same store sales were 3.9% with solid traffic. Costco also noted better discretionary trends and solid seasonal sales.”

Costco Wholesale Corporation (NASDAQ:COST) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Costco Wholesale Corporation (NASDAQ:COST) at the end of third quarter which was 67 in the previous quarter.

We discussed Costco Wholesale Corporation (NASDAQ:COST) in another article and shared the list of best consumer staples dividend stocks to buy. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.