Cim Investment Mangement Inc. lowered its stake in shares of Wal-Mart Stores, Inc. (NYSE:WMT) by 5.9% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 5,038 shares of the retailer’s stock after selling 314 shares during the period. Cim Investment Mangement Inc.’s holdings in Wal-Mart Stores were worth $381,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Good Life Advisors LLC raised its position in Wal-Mart Stores by 119.9% in the second quarter. Good Life Advisors LLC now owns 15,512 shares of the retailer’s stock worth $1,135,000 after purchasing an additional 8,458 shares in the last quarter. Motco raised its position in Wal-Mart Stores by 8.8% in the second quarter. Motco now owns 46,654 shares of the retailer’s stock worth $3,531,000 after purchasing an additional 3,785 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its position in Wal-Mart Stores by 7.4% in the second quarter. Patriot Financial Group Insurance Agency LLC now owns 5,914 shares of the retailer’s stock worth $433,000 after purchasing an additional 405 shares in the last quarter. Birinyi Associates Inc. raised its position in Wal-Mart Stores by 7.5% in the second quarter. Birinyi Associates Inc. now owns 20,050 shares of the retailer’s stock worth $1,517,000 after purchasing an additional 1,400 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp acquired a new position in Wal-Mart Stores in the second quarter worth about $2,135,000. 30.15% of the stock is owned by institutional investors and hedge funds.
Shares of Wal-Mart Stores, Inc. (WMT) opened at $90.92 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.78 and a quick ratio of 0.18. Wal-Mart Stores, Inc. has a 12 month low of $65.28 and a 12 month high of $91.69. The company has a market cap of $269,744.38, a price-to-earnings ratio of 20.71, a PEG ratio of 3.37 and a beta of 0.34.
Wal-Mart Stores (NYSE:WMT) last released its earnings results on Thursday, August 17th. The retailer reported $1.08 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.01. Wal-Mart Stores had a net margin of 2.60% and a return on equity of 16.87%. The company had revenue of $123.40 billion for the quarter, compared to the consensus estimate of $121.86 billion. During the same quarter in the previous year, the company earned $1.07 EPS. Wal-Mart Stores’s quarterly revenue was up 2.1% compared to the same quarter last year. sell-side analysts anticipate that Wal-Mart Stores, Inc. will post 4.37 earnings per share for the current year.
Wal-Mart Stores declared that its board has authorized a stock buyback program on Tuesday, October 10th that allows the company to buyback $20.00 billion in outstanding shares. This buyback authorization allows the retailer to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
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In other Wal-Mart Stores news, Director S Robson Walton sold 129,628 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $80.44, for a total transaction of $10,427,276.32. Following the transaction, the director now owns 3,344,956 shares in the company, valued at $269,068,260.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Jim C. Walton sold 775,958 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $80.24, for a total transaction of $62,262,869.92. Following the transaction, the insider now owns 10,507,224 shares in the company, valued at approximately $843,099,653.76. 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 in the last quarter. 51.39% of the stock is owned by corporate insiders.
Several analysts have weighed in on the stock. KeyCorp reaffirmed a “buy” rating and set a $90.00 price objective on shares of Wal-Mart Stores in a research note on Tuesday, September 19th. Zacks Investment Research cut shares of Wal-Mart Stores from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Jefferies Group LLC set a $88.00 price target on shares of Wal-Mart Stores and gave the company a “buy” rating in a research note on Monday, July 17th. J P Morgan Chase & Co reissued a “neutral” rating and set a $84.00 price target (up from $80.00) on shares of Wal-Mart Stores in a research note on Friday, October 6th. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Wal-Mart Stores in a research note on Thursday, August 17th. 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’s stock. Wal-Mart Stores currently has an average rating of “Hold” and an average target price of $86.65.
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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