Convergence Investment Partners LLC Trims Stake in Wal-Mart Stores, Inc. (WMT)
Convergence Investment Partners LLC trimmed its holdings in shares of Wal-Mart Stores, Inc. (NYSE:WMT) by 7.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,278 shares of the retailer’s stock after selling 6,885 shares during the period. Wal-Mart Stores comprises 1.0% of Convergence Investment Partners LLC’s holdings, making the stock its 8th largest position. Convergence Investment Partners LLC’s holdings in Wal-Mart Stores were worth $6,757,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Westchester Capital Management Inc. raised its holdings in shares of Wal-Mart Stores by 1.1% in the 2nd quarter. Westchester Capital Management Inc. now owns 97,193 shares of the retailer’s stock valued at $7,356,000 after purchasing an additional 1,090 shares during the period. Pitcairn Co. raised its holdings in shares of Wal-Mart Stores by 52.8% in the 2nd quarter. Pitcairn Co. now owns 13,501 shares of the retailer’s stock valued at $1,022,000 after purchasing an additional 4,668 shares during the period. UMB Bank N A MO raised its holdings in shares of Wal-Mart Stores by 81.2% in the 2nd quarter. UMB Bank N A MO now owns 154,473 shares of the retailer’s stock valued at $11,690,000 after purchasing an additional 69,223 shares during the period. 440 Investment Group LLC raised its holdings in shares of Wal-Mart Stores by 28.3% in the 2nd quarter. 440 Investment Group LLC now owns 15,803 shares of the retailer’s stock valued at $1,196,000 after purchasing an additional 3,489 shares during the period. Finally, Grisanti Capital Management LLC bought a new stake in shares of Wal-Mart Stores in the 2nd quarter valued at about $1,334,000. Institutional investors own 30.19% of the company’s stock.
A number of brokerages have recently issued reports on WMT. Zacks Investment Research raised shares of Wal-Mart Stores from a “hold” rating to a “buy” rating and set a $96.00 target price on the stock in a report on Wednesday. Susquehanna Bancshares Inc reaffirmed a “positive” rating and issued a $99.00 target price (up from $93.00) on shares of Wal-Mart Stores in a report on Monday, October 16th. BMO Capital Markets set a $91.00 target price on shares of Wal-Mart Stores and gave the company a “hold” rating in a report on Friday, October 13th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $91.00 target price on shares of Wal-Mart Stores in a report on Thursday, October 12th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $85.00 target price (up from $79.00) on shares of Wal-Mart Stores in a report on Wednesday, October 11th. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $84.38.
ILLEGAL ACTIVITY WARNING: “Convergence Investment Partners LLC Trims Stake in Wal-Mart Stores, Inc. (WMT)” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this piece on another site, it was copied illegally and reposted in violation of US & international trademark and copyright legislation. The legal version of this piece can be read at https://www.thecerbatgem.com/2017/10/21/convergence-investment-partners-llc-trims-stake-in-wal-mart-stores-inc-wmt.html.
Shares of Wal-Mart Stores, Inc. (NYSE:WMT) opened at 87.44 on Friday. The firm has a 50-day moving average of $81.17 and a 200-day moving average of $78.10. The firm has a market cap of $261.20 billion, a price-to-earnings ratio of 21.01 and a beta of 0.29. Wal-Mart Stores, Inc. has a 12 month low of $65.28 and a 12 month high of $87.45.
Wal-Mart Stores (NYSE:WMT) last released its quarterly earnings results on Thursday, August 17th. The retailer reported $1.08 EPS for the quarter, topping 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 business had revenue of $123.40 billion during the quarter, compared to analysts’ expectations of $121.86 billion. During the same quarter in the previous year, the company earned $1.07 EPS. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts anticipate that Wal-Mart Stores, Inc. will post $4.37 EPS for the current year.
Wal-Mart Stores announced that its Board of Directors has initiated a share buyback plan on Tuesday, October 10th that allows the company to repurchase $20.00 billion in shares. This repurchase authorization allows the retailer to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other news, insider Jacqueline P. Canney sold 1,586 shares of the company’s stock in a transaction on Tuesday, September 26th. The shares were sold at an average price of $79.00, for a total value of $125,294.00. Following the completion of the sale, the insider now owns 21,125 shares of the company’s stock, valued at approximately $1,668,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director S Robson Walton sold 646,330 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $80.20, for a total transaction of $51,835,666.00. Following the completion of the sale, the director now directly owns 3,344,956 shares of the company’s stock, valued at approximately $268,265,471.20. The disclosure for this sale can be found here. Insiders sold a total of 9,924,828 shares of company stock valued at $785,676,492 in the last ninety days. 51.39% of the stock is owned by corporate insiders.
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.
Receive News & Stock Ratings for Wal-Mart Stores Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wal-Mart Stores Inc. and related stocks with our FREE daily email newsletter.