Shares of Costco Wholesale (NASDAQ: COST) were moving up the charts today after the membership-based warehouse retailer topped estimates in its first-quarter earnings report and announced a $15/share special dividend. As a result, the stock was up 4% as of 10:37 a.m. ET.

Image source: Costco.

For several quarters now, Costco management has been asked about paying another special dividend as the company has a history of doing so every few years. Unsurprisingly, investors were delighted to hear the news of the $15/share special dividend, which is its biggest one yet. Costco's last special dividend was $10/share in 2020. The dividend will be paid out on Jan. 12 to shareholders of record at the close as of Dec. 28. Costco will spend $6.7 billion on the payout.

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Source Fool.com