Wal-Mart Stores, Inc. (WMT) Shares Bought by Summit Asset Management LLC
Summit Asset Management LLC lifted its holdings in shares of Wal-Mart Stores, Inc. (NYSE:WMT) by 0.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,779 shares of the retailer’s stock after purchasing an additional 85 shares during the quarter. Summit Asset Management LLC’s holdings in Wal-Mart Stores were worth $740,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp lifted its stake in Wal-Mart Stores by 1.2% during the 1st quarter. State Street Corp now owns 73,568,236 shares of the retailer’s stock worth $5,303,013,000 after acquiring an additional 854,010 shares in the last quarter. American Century Companies Inc. lifted its stake in Wal-Mart Stores by 2.6% during the 1st quarter. American Century Companies Inc. now owns 10,040,766 shares of the retailer’s stock worth $723,738,000 after acquiring an additional 256,833 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Wal-Mart Stores by 1.9% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 9,263,738 shares of the retailer’s stock worth $701,080,000 after acquiring an additional 174,296 shares in the last quarter. Legal & General Group Plc lifted its stake in Wal-Mart Stores by 5.3% during the 1st quarter. Legal & General Group Plc now owns 8,594,967 shares of the retailer’s stock worth $619,457,000 after acquiring an additional 429,599 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Wal-Mart Stores by 1.2% during the 1st quarter. Ameriprise Financial Inc. now owns 8,266,589 shares of the retailer’s stock worth $595,995,000 after acquiring an additional 99,921 shares in the last quarter. Institutional investors and hedge funds own 30.18% of the company’s stock.
WMT has been the topic of several research reports. BidaskClub raised Wal-Mart Stores from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Zacks Investment Research raised Wal-Mart Stores from a “hold” rating to a “buy” rating and set a $86.00 target price on the stock in a research note on Thursday, July 27th. Goldman Sachs Group, Inc. (The) set a $84.00 target price on Wal-Mart Stores and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Jefferies Group LLC set a $88.00 target price on Wal-Mart Stores and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, Cowen and Company set a $86.00 target price on Wal-Mart Stores and gave the stock a “buy” rating in a research note on Monday, August 7th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. Wal-Mart Stores currently has an average rating of “Hold” and an average target price of $85.58.
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Wal-Mart Stores (NYSE:WMT) last announced its quarterly earnings results on Thursday, August 17th. The retailer reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.07 by $0.01. The business had revenue of $123.40 billion for the quarter, compared to analysts’ expectations of $121.86 billion. Wal-Mart Stores had a return on equity of 16.87% and a net margin of 2.60%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 EPS.
Wal-Mart Stores declared that its Board of Directors has initiated a share repurchase program on Tuesday, October 10th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the retailer to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, major shareholder Alice L. Walton sold 474,042 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $80.04, for a total transaction of $37,942,321.68. Following the sale, the insider now directly owns 10,048,580 shares in the company, valued at approximately $804,288,343.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director S Robson Walton sold 2,117,863 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $78.45, for a total value of $166,146,352.35. Following the sale, the director now owns 3,344,956 shares in the company, valued at $262,411,798.20. The disclosure for this sale can be found here. Insiders have sold a total of 9,924,828 shares of company stock worth $785,676,492 over the last quarter. Insiders own 51.39% of the company’s stock.
About Wal-Mart Stores
Wal-Mart Stores, Inc is engaged in the operation of retail, wholesale and other units in various formats around the world. The Company operates through three segments: Walmart U.S., Walmart International and Sam’s Club. The Walmart U.S. segment includes its mass merchant concept in the United States operating under the Walmart or Wal-Mart brands, as well as digital retail.
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