Walmart (NYSE:WMT) Announces Earnings Results, Beats Estimates By $0.18 EPS

Walmart (NYSE:WMTGet Rating) posted its quarterly earnings results on Tuesday. The retailer reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.18, Briefing.com reports. The firm had revenue of $152.80 billion for the quarter, compared to analyst estimates of $146.80 billion. Walmart had a net margin of 1.49% and a return on equity of 19.54%. Walmart’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.45 earnings per share. Walmart updated its FY 2023 guidance to $6.01-$6.07 EPS and its Q4 2023 guidance to $1.45-$1.48 EPS.

Walmart Stock Performance

Shares of NYSE WMT opened at $148.00 on Friday. The company has a market cap of $401.71 billion, a PE ratio of 45.68, a price-to-earnings-growth ratio of 4.45 and a beta of 0.52. Walmart has a 12 month low of $117.27 and a 12 month high of $160.77. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.86 and a quick ratio of 0.24. The company has a 50-day simple moving average of $136.47 and a 200-day simple moving average of $132.42.

Walmart announced that its Board of Directors has approved a share repurchase program on Tuesday, November 15th that permits the company to buyback $20.00 billion in shares. This buyback authorization permits the retailer to purchase up to 5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Walmart

In other news, CEO C Douglas Mcmillon sold 9,708 shares of Walmart stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $135.63, for a total transaction of $1,316,696.04. Following the completion of the sale, the chief executive officer now directly owns 1,497,747 shares in the company, valued at $203,139,425.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO C Douglas Mcmillon sold 9,708 shares of the firm’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $135.63, for a total value of $1,316,696.04. Following the sale, the chief executive officer now directly owns 1,497,747 shares of the company’s stock, valued at $203,139,425.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John R. Furner sold 4,375 shares of the firm’s stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $140.94, for a total transaction of $616,612.50. Following the completion of the sale, the executive vice president now directly owns 263,809 shares in the company, valued at $37,181,240.46. The disclosure for this sale can be found here. Insiders sold a total of 708,063 shares of company stock worth $95,960,162 over the last ninety days. 47.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Walmart

Hedge funds have recently modified their holdings of the stock. Power Corp of Canada acquired a new position in Walmart during the first quarter valued at approximately $44,000. Covestor Ltd lifted its position in Walmart by 31.7% during the first quarter. Covestor Ltd now owns 1,162 shares of the retailer’s stock valued at $173,000 after buying an additional 280 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new position in Walmart during the first quarter valued at approximately $203,000. Connors Investor Services Inc. acquired a new position in Walmart during the first quarter valued at approximately $213,000. Finally, Delphia USA Inc. acquired a new position in Walmart during the first quarter valued at approximately $214,000. 31.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WMT has been the topic of several recent analyst reports. Telsey Advisory Group upped their price objective on shares of Walmart from $160.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday. Morgan Stanley increased their target price on shares of Walmart from $150.00 to $164.00 and gave the company an “overweight” rating in a research report on Thursday. TheStreet raised shares of Walmart from a “c+” rating to a “b” rating in a research report on Thursday, September 29th. Jefferies Financial Group increased their price target on shares of Walmart from $161.00 to $165.00 and gave the stock a “buy” rating in a research note on Tuesday, October 18th. Finally, Guggenheim set a $165.00 target price on shares of Walmart in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $160.14.

About Walmart

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Walmart Inc engages in the operation of retail, wholesale, and other units worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores; membership-only warehouse clubs; ecommerce websites, such as walmart.com, walmart.com.mx, walmart.ca, flipkart.com, and samsclub.com; and mobile commerce applications.

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Earnings History for Walmart (NYSE:WMT)

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