Arcadia Investment Management Corp MI has reduced its stake in Walmart Inc. (NYSE:WMT) by 2.8% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm sold 1,255 shares, bringing its total holdings to 43,305 shares, valued at approximately $4.23 million at the end of the quarter.
This decision comes as several other institutional investors have adjusted their positions in Walmart. For instance, Brighton Jones LLC increased its stake by a notable 28.8% in the fourth quarter, acquiring an additional 21,939 shares. Their total holdings now stand at 98,150 shares, worth around $8.87 million. Similarly, Revolve Wealth Partners LLC raised its stake by 5.8%, owning 8,849 shares valued at $800,000 following a purchase of 485 shares. Additionally, Massachusetts Financial Services Co. MA made a significant move by boosting its holdings by 134.5%, now owning 363,831 shares valued at $31.94 million after acquiring over 1.4 million shares.
These shifts highlight a broader trend among institutional investors, who now collectively own 26.76% of Walmart’s stock.
Walmart’s Stock Performance and Earnings Report
As of the latest trading day, Walmart shares opened at $102.43, reflecting a slight decrease of 0.1%. The retailer’s stock has shown volatility, with a fifty-day moving average of $103.40 and a 200-day moving average of $99.70. Walmart boasts a market capitalization of $816.68 billion and has experienced a fifty-two week low of $79.81 and a high of $109.57.
Walmart recently reported its quarterly earnings, revealing an earnings per share (EPS) of $0.68, falling short of analysts’ estimates of $0.74. The company reported revenue of $169.34 billion, which was below the expected $174.02 billion, though this represents a 4.8% increase compared to the same quarter last year. For the upcoming third quarter of 2026, Walmart has set guidance for an EPS between $0.580 and $0.600, with a full-year forecast of $2.520 to $2.620.
Insider Transactions and Analyst Ratings
In other developments, Walmart’s Chief Technology Officer, Suresh Kumar, sold 30,000 shares on September 12, 2023, for a total of $3.10 million. This sale represented a 1.65% decrease in his ownership. Meanwhile, Executive Vice President John R. Furner sold 13,125 shares on October 16, 2023, valued at $1.41 million. Collectively, insiders have sold 149,383 shares valued at approximately $15.37 million over the past ninety days.
Analyst ratings for Walmart have been optimistic, with a consensus of 32 analysts rating the stock as a “Buy” and only one rating it as a “Hold.” Tigress Financial recently elevated its price target from $120.00 to $125.00, while Sanford C. Bernstein set a target of $117.00. Wolfe Research has also initiated coverage, assigning an “outperform” rating and a price target of $129.00.
As Walmart continues to navigate the complexities of the retail market, the strategic adjustments by institutional investors and positive analyst outlooks suggest a robust interest in the company’s long-term potential.
