Walmart Inc. (NYSE:WMT) announced on Tuesday evening that it will conduct a 3-for-1 stock split. Here’s what’s happening.
What To Know: The company stated that the split, which was approved by its board, is part of its goal to make purchasing shares attainable, including for its 400,000 plus associates who take part in Walmart’s Associate Stock Purchase Plan.
Doug McMillon, president and CEO of Walmart, echoed the sentiment, saying, “Sam Walton believed it was important to keep our share price in a range where purchasing whole shares, rather than fractions, was accessible to all of our associates. Given our growth and our plans for the future, we felt it was a good time to split the stock and encourage our associates to participate in the years to come. As Sam said, ‘We’re all in this together. That’s the secret.’”
Shareholders of record at the close of business on Feb. 22 will receive two additional shares of common stock for each share held, with the shares to be payable after market close on Feb. 23. Trading of Walmart’s common stock on a post-split basis will begin at the market open on Feb. 26.
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WMT Price Action: Shares of Walmart were up 0.79% at $166.89 in the after-hours session at the time of publication, according to Benzinga Pro.
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