Costco Wholesale COSTS Shares are trading higher after the company increased its quarterly dividend.

What you should know: After the market close on Wednesday, Costco said it increased its quarterly cash dividend to $1.02 per share, or $4.08 on an annualized basis, from $0.90. That increase represents a 13.3% increase and takes the dividend yield from 0.70% to 0.80%.

The dividend increase is payable on May 19, 2023 to shareholders of record at the close of business on May 5, 2023.

Costco has 838 stores worldwide, with most sales being in the United States and Canada. It sells memberships that allow customers to shop at its warehouses, which offer low prices for a limited range of products.

Price action today: According to data from Benzinga Pro, Costco Wholesale stock is up 2.5% to trade at $508.46 at the time of publication. The stock has a 52-week high of $609.18 and a 52-week low of $406.64. The stock is trading above the 50-day moving average of $492.19