Walmart (NYSE:WMT) Shares Rise 0.4% Following Analyst Upgrade

Walmart Inc. (NYSE:WMT) saw a modest increase in share price, rising by 0.4% on Tuesday after receiving an upgrade from Evercore ISI. The analyst firm raised its price target for Walmart's stock from $82.00 to $85.00, while maintaining an outperform rating. During the trading session, Walmart reached a maximum price of $81.44 before settling at $81.10. A total of approximately 2,195,765 shares exchanged hands during midday trading, marking a significant drop of 87% compared to the average daily volume of 17,024,691 shares. The stock had closed at $80.81 the previous day.

Analyst Ratings and Price Targets

A range of analysts have also shared positive sentiments regarding Walmart's stock recently. Guggenheim raised its target from $75.00 to $81.00, assigning a "buy" rating. Similarly, Roth MKM increased its price target from $71.00 to $81.00, also giving it a "buy" rating. On the same day, BMO Capital Markets reaffirmed its "outperform" rating with a price target set at $80.00. Morgan Stanley adjusted its price target up from $75.00 to $82.00, categorizing the stock as "overweight." Additionally, Redburn Atlantic upgraded Walmart to a "strong-buy" rating in a recent report. Currently, there is a consensus of one hold rating, twenty-nine buy ratings, and two strong buy ratings for Walmart, resulting in an average price target of $83.51, according to MarketBeat.com.

Insider Trading Activity

In recent insider trading news, Executive Vice President Daniel J. Bartlett sold 2,065 shares of Walmart on October 15, at an average price of $80.69, totaling approximately $166,624.85. Following this transaction, Bartlett’s remaining shares amount to 457,493, valued at around $36.9 million. This sale represented no change in his overall holdings. Furthermore, major shareholder Alice L. Walton sold a substantial 2,709,163 shares on September 3, at an average price of $77.37, for a total of roughly $209.6 million. After this transaction, Walton retains ownership of approximately 630.5 million shares valued at about $48.8 billion. In the last 90 days, insiders have sold a total of 12,337,337 shares valued at approximately $958.3 million. Company insiders currently hold about 45.58% of Walmart's stock.

Institutional Investments

Many hedge funds have adjusted their investments in Walmart recently. Vanguard Group Inc. increased its stake in Walmart by 199.4% in Q1, now holding 411,745,334 shares worth approximately $24.8 billion after adding 274,229,968 shares. Similarly, Price T Rowe Associates boosted its stake by 181.0%, acquiring 56,861,234 shares valued at about $3.4 billion. Swiss National Bank increased their holdings by 187.4%, now owning 13,303,200 shares worth $800.5 million. Canada Pension Plan Investment Board raised its stake by 284.0%, totaling 11,122,273 shares valued at approximately $669.2 million. Lastly, Sumitomo Mitsui Trust Holdings increased its stake by 184.1%, holding now 12,567,533 shares worth about $756.2 million. Institutional ownership of Walmart now stands at approximately 26.76%.

Walmart's Financial Performance

The retailer recently reported its quarterly earnings on August 15, with earnings per share of $0.67, surpassing analysts' expectations of $0.65 by $0.02. Walmart's return on equity was reported at 21.72% with a net margin of 2.34%. The quarterly revenue was $169.3 billion, exceeding forecasts of $168.56 billion, with a notable year-over-year increase of 4.7%. Analysts predict an EPS of 2.44 for Walmart for the current fiscal year.

About Walmart

Walmart Inc. is a global retail giant involved in operations including retail, wholesale, and eCommerce. The company comprises three segments: Walmart U.S., Walmart International, and Sam's Club. Walmart operates an array of formats including supercenters, supermarkets, hypermarkets, warehouse clubs, and discount stores under its various brands, including Walmart and Walmart Neighborhood Market. Walmart also has a significant online presence through websites like walmart.com.

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