Costco, Walmart, Casey's General Stores, Inc., among others, are the consumer_defensive stocks approaching important price targets.
A recap of Friday's session: Markets had an interesting day Friday; Dow Jones closed the day at 34,100, having gained 0.8%. S&P 500 ended the session at 4,169.48 after a 0.83% gain.
What is a Price Target?
A "price target" is an estimate of the future price of a stock based on earnings forecasts and assumed valuation multiples. Price targets are typically generated by respected market analysts who believe a stock to be fairly valued relative to its projected and historical earnings. Target prices are used to evaluate stocks and can help investors evaluate the potential risk/reward profile of a stock. Check out this rundown of consumer_defensive stocks and their price targets.
Buyers pushing Costco towards its price target of $505.15; currently at $503.22
After closing at $501.27 on Thursday, Costco maintained a strong bullish bias that helped the stock close higher at $503.22 Friday. However, market bears ensured the the wholesale company topped out at $504.83 and that by the end of the session, the market had marked out a distinct $500.72 to $504.83 range. Friday's gains added to Costco's 3 days uptrend, during which it increased a total of $6.61. Trading volume totalled 1.17 million which equates to around 66% of the stock's 21-day average Friday.
The wholesale giant has gained 11.07% since its lowest print of $416.43 earlier this year. The company is currently trading with a market cap of $223.17 billion with an average daily volume of 1.78 million shares. So far this year, it has been doing worse than the Nasdaq by 4.08%. Costco's last revenue report was $54.44 billion with an EPS of $3.3.
Costco's recent run now faces a major challenge as concentrated supply is likely found at $505.15 with price action currently $1.93 away.
Just recently, Costco's board disclosed a quarterly dividend of 90 cents per share and subsequently paid on Friday, February 17th for all shareholders of record up until Friday, February 3rd. The company's decision thereby provides Costco investors with an annualised dividend yield of 0.715% (based on current prices).
Walmart now at $150.97 | Forthcoming price target: 93 cents lower at $150.04
A persuasive break of this target could lead to higher losses.
Having fallen $1.38 in 5 days, Friday's session continued the recent downtrend: pronounced bearish sentiment in the market pushed the discount department and warehouse stores chain into a notable 0.27% slide Friday, falling 41 cents and ultimately closing at $150.97. The day's trading volume totalled 4.69 million shares — slightly under the 21-day average of 5.47 million.
Buyers pushing Casey's General Stores towards its price target of $230.12; currently at $228.82
Casey's's run now faces a challenge at $230.12, which is only $1.3 away from the line. Overcoming it might send the company towards their next major resistance line— this will surely be interesting to follow.
Casey's General Stores has posted further gains as part of a 3 day trend that has already seen the stock gain $4. Casey's General Stores lived up to expectations Friday by maintaining its set course — the US convenience store chain went up to $228.82, gaining 0.88%. Friday's trading volume was 163,653 shares which is slightly below the 21-day average of 229,484.