Maiden Cove Capital LLC Acquires $929,000 Stake in Walmart Inc.

Maiden Cove Capital LLC has recently acquired a new stake in Walmart Inc. (NYSE:WMT) during the third quarter, as disclosed to the Securities and Exchange Commission (SEC). The institutional investor purchased 11,503 shares of Walmart's stock, which is valued at around $929,000. This represents approximately 1.9% of Maiden Cove Capital LLC's total investment portfolio, making Walmart its 14th largest holding.

In addition to Maiden Cove's investment, several other large investors have also made significant adjustments to their stakes in Walmart recently. For instance, Vanguard Group Inc. boosted its stake by an impressive 199.4% in the first quarter, increasing its total holdings to 411,745,334 shares, valued at approximately $24.77 billion after acquiring an additional 274,229,968 shares in that period. Similarly, Price T. Rowe Associates Inc. saw its ownership rise by 181.0%, now holding 56,861,234 shares worth about $3.42 billion after purchasing an extra 36,625,314 shares.

Furthermore, Swiss National Bank raised its stake in Walmart by 187.4% during the same first quarter, ending up with 13,303,200 shares valued at $800.45 million after adding 8,674,100 shares. The Canada Pension Plan Investment Board increased its holdings by 284.0%, now owning 11,122,273 shares worth $669.23 million after an additional purchase of 8,225,552 shares during the same period. International Assets Investment Management LLC also made a notable increase of 8,814.4% in its stake in Walmart during the third quarter, which now consists of 6,963,218 shares valued at approximately $562.28 million. Currently, institutional investors and hedge funds own around 26.76% of Walmart's stock.

Analyst Ratings

Several research analysts have provided insights on Walmart's stock recently. For example, Jefferies Financial Group raised its price target on Walmart shares from $85.00 to $90.00 while assigning a "buy" rating in a research note dated September 4. Likewise, Sanford C. Bernstein initiated coverage on Walmart on October 22, giving the stock an "outperform" rating along with a price target of $95.00. Robert W. Baird also upgraded their target for Walmart from $82.00 to $90.00, rating it as "outperform" in a note released on September 30. Citigroup followed suit, raising its price target from $75.00 to $98.00 and marking Walmart as a "buy" stock in a report issued on September 27. Additionally, KeyCorp set a new price target of $88.00 for Walmart while maintaining an "overweight" rating in a report on Thursday.

Overall, one investment analyst has categorized Walmart with a hold rating, while twenty-nine have issued buy ratings and two have classified it as a strong buy, according to MarketBeat.com. Presently, Walmart holds an average rating of "Buy" with a consensus target price of $83.92.

Current Stock Performance

On a recent trading day, Walmart (NYSE:WMT) shares rose by 1.2%, reaching $84.83. The trading volume was 14,396,543 shares, surpassing its average volume of 11,546,657 shares. Walmart’s market capitalization currently stands at $681.88 billion, with a price-to-earnings (P/E) ratio of 44.11. Notably, the company boasts a 52-week range, with a low of $49.85 and a high of $85.54.

Walmart reported its quarterly earnings on August 15, revealing earnings of $0.67 per share, which exceeded analysts' expectations of $0.65 by $0.02. The company's revenue for the quarter amounted to $169.30 billion, differing from the consensus estimate of $168.56 billion. Comparatively, Walmart's revenue showed a year-over-year increase of 4.7%, previously recording an earnings per share of $0.61 in the same quarter last year.

Insider Transactions

In terms of insider activity, S Robson Walton, a major shareholder, sold 4,057,369 shares on September 9 at an average price of $77.20, totaling approximately $313.23 million. Following this sale, Walton's direct ownership decreased slightly, now holding 611,988,318 shares valued at about $47.25 billion. In a similar transaction, Alice L. Walton sold 2,709,163 shares on September 3 at an average price of $77.37, bringing in a total of around $209.61 million. After this transaction, she holds 630,501,148 shares, worth roughly $48.78 billion. Notably, major shareholders remain significant stakeholders in the company, owning approximately 45.58% of Walmart's stock.

About Walmart

Walmart Inc. operates globally in the retail, wholesale, and eCommerce sectors. The company is divided into three primary segments: Walmart U.S., Walmart International, and Sam's Club. Walmart operates various retail formats, including supercenters, supermarkets, hypermarkets, warehouse clubs, cash-and-carry outlets, and discount stores, under the Walmart and Walmart Neighborhood Market brands. Their eCommerce presence includes websites like walmart.com, along with mobile commerce applications.

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