Broad Peak Investment Advisers Pte Ltd has made a significant move by acquiring a new stake in Walmart Inc. during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor purchased 56,200 shares of Walmart’s stock, representing an investment of approximately $5,495,000. This acquisition positions Walmart as the 13th largest holding within Broad Peak’s portfolio, accounting for about 1.7% of its total assets.
Several other institutional investors have also adjusted their holdings in Walmart, adding to the momentum surrounding the retail giant. For instance, Vanguard Group Inc. raised its stake by 0.8% in the first quarter, increasing its total shares to 425,961,042, valued at approximately $37.4 billion after acquiring an additional 3,224,154 shares.
Kingstone Capital Partners Texas LLC made an extraordinary increase in its holdings during the same period, with an increase of 397,264.9%, bringing its total to 104,514,912 shares worth approximately $10.5 billion following the purchase of over 104 million shares. Other notable investors include Goldman Sachs Group Inc., which boosted its stake by 30.1%, and Ameriprise Financial Inc., with a 1.3% increase.
Walmart’s Stock Performance and Insider Transactions
Walmart’s stock has shown notable activity, recently opening at $107.15. Over the past year, the stock has fluctuated between a low of $79.81 and a high of $107.92. With a market capitalization of $854.27 billion, Walmart’s price-to-earnings ratio stands at 40.28, and its debt-to-equity ratio is 0.43. The company’s fifty-day and two-hundred-day moving averages are $101.43 and $97.53, respectively.
In related news, insider selling has also been prominent. On September 25, 2023, CEO C. Douglas McMillon sold 19,416 shares at an average price of $103.21, resulting in a transaction worth over $2 million. Following this sale, McMillon retained 4,373,576 shares valued at approximately $451.4 million, indicating a 0.44% decrease in his ownership.
Similarly, Executive Vice President John D. Rainey sold 2,200 shares on October 1, 2023, for a total of $222,926. After this transaction, Rainey holds 621,718 shares valued at around $63 million, reflecting a 0.35% decline in his stake.
Analysts’ Perspectives on Walmart
Market analysts have been closely observing Walmart’s stock performance, with several firms issuing ratings and price targets. Guggenheim recently reaffirmed a “buy” rating, increasing its price target from $112.00 to $115.00. Meanwhile, Goldman Sachs has also raised its target from $101.00 to $114.00, maintaining a “buy” rating.
Furthermore, Erste Group Bank upgraded its rating from “hold” to “buy,” while Wolfe Research set an “outperform” rating with an ambitious target price of $129.00. Royal Bank of Canada reiterated its “outperform” rating, establishing a target price of $106.00. Overall, thirty-one analysts have issued a “buy” rating for Walmart, with a consensus price target of $112.63, according to data from MarketBeat.
Walmart Inc. continues to be a major player in the global retail market, operating through various segments including Walmart U.S., Walmart International, and Sam’s Club. The company’s diverse portfolio includes supercenters, supermarkets, warehouse clubs, and online platforms, reflecting its strong presence in both physical and digital retail environments. As institutional interest in Walmart grows, it remains to be seen how these developments will influence the company’s market trajectory moving forward.
