Retailing giant Walmart (NYSE:WMT) announced a 3-for-1 stock split on Tuesday and stated that the additional shares will be payable after the market closes on February 23 to shareholders of record as of February 22. WMT stock will start trading on a post-split basis on February 26.
The company stated that it was going for the stock split to enable more employees and associates to purchase its shares. According to a CNBC report, Walmart has done two-for-one stock splits 11 times in its history, and the most recent stock split was in 1999.
The retail major expects that the stock split will increase the number of outstanding shares from around 2.7 billion to approximately 8.1 billion.
WMT shares are currently hovering near a yearly high of $169.94 and have gained more than 15% over the past year.
Is it Good to Buy Walmart Stock?
Analysts remain bullish about WMT stock with a Strong Buy consensus rating based on 26 Buys and four Holds. The average WMT price target of $180.41 implies an upside potential of 8.95% at current levels.
