Costco Wholesale Corp. (COST) shares rose in the extended session Monday after the company declared a special dividend. Costco shares rose 2.4% after hours, following a 0.3% advance to close at $379.79 in the regular session. The wholesale club said its board declared a $10-a-share dividend to be paid Dec. 11 to shareholders of record as of Dec. 2 for a total payout of $4.4 billion out of its existing cash. "This special dividend, our fourth in eight years, is our latest step to reward shareholders," said Richard Galanti, Costco chief financial officer, in a statement. "Our strong balance sheet allows us to pay this dividend, while preserving financial and operational flexibility to continue to grow our business globally." Analysts have frequently predicted Costco's special dividends, with one of the latest coming back in September ( ).
-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 16, 2020 17:13 ET (22:13 GMT)
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