Friday January 15, 2021 15 January 2021

STOCK REVIEW

Walmart Inc. (NYSE:WMT), the NYSE's largest Broadline retailer by market cap, has decreased $2.33 (1.6%) from its previous trading session to close at $144.64. Compared with the S&P 500 Index which fell 27.3 points (0.7%) in the day, the relative price change was -0.9%. Today the stock traded at its 15-day low of $143.67.

It posted the steepest fall in MCap $6.6 billion with the most influence on the Broadline retailers sector. Its MCap is $409.9 billion.

There were 11,973,400 shares worth $1.7 billion traded today. The fall was exacerbated by firm volume of 1.3 times the average daily volume of 9.5 million shares.

TODAY'S INSTITUTIONAL NEWS FROM Q4 2020 REPORTS TOP 3 BY TRANSACTION VALUE:

Gateway Investment Advisers LLC books profit and sells 13.1% of its position in Walmart

Gateway Investment Advisers LLC decreased its net position in Walmart by 77,528 shares (or 13.1%) in Q4/2020.

In SEC filings for Q3/2020, Gateway Investment Advisers LLC (CIK:0001114618) was ranked 140 out of 2160 institutional shareholders of Walmart (NYSE:WMT). During the quarter the Volume Weighted Average Price (VWAP) of Walmart was USD146.1, valuing the 77,528 shares at USD11.3 million.

At December 31 Gateway Investment Advisers LLC held 515,720 Walmart shares worth USD75.3 million.

Cullinan Associates Inc. books some of its profits in Walmart

Cullinan Associates Inc. decreased its net position in Walmart by 5,544 shares (or 0.18%) in Q4/2020.

In SEC filings for Q3/2020, Cullinan Associates Inc. (CIK:0001161670) was ranked 41 out of 2160 institutional shareholders of Walmart (NYSE:WMT). During the quarter the Volume Weighted Average Price (VWAP) of Walmart was USD146.1, valuing the 5,544 shares at USD810,000.

At December 31 Cullinan Associates Inc. held 3,034,400 Walmart shares worth USD443.3 million.

Atalanta Sosnoff Capital, LLC books some of its profits in Walmart

Atalanta Sosnoff Capital, LLC decreased its net position in Walmart by 2,252 shares (or 1.3%) in Q4/2020.

In SEC filings for Q3/2020, Atalanta Sosnoff Capital, LLC (CIK:0000700529) was ranked 280 out of 2160 institutional shareholders of Walmart (NYSE:WMT). During the quarter the Volume Weighted Average Price (VWAP) of Walmart was USD146.1, valuing the 2,252 shares at USD329,026.

At December 31 Atalanta Sosnoff Capital, LLC held 171,041 Walmart shares worth USD25 million.

Bullish Turning Point

Price/Earnings of 20.8 close to historical low

The P/E of 20.8 is 0.4 times the highest average P/E of 52.9 in the last five years. This is a value criterion, according to Benjamin Graham who described as a value criterion "A P/E ratio down to less than four-tenth of the highest average P/E ratio the stock attained in the most recent five years".

WMT Stock Dashboard [traded in US Dollar, USD]

Jan 15 close$144.64Shares Outstanding2,833,702,000
Ave Daily Volume9,490,931 sharesNo. Held by Institutions830,436,784
52-Week Range (In USD)100.33 - 153.10% of shares outstanding29.3%
P/E20.8% Held by 15 Insiders48.7%
Dividend Yield1.5%Market Cap$409.9 billion
SectorBroadline RetailersEPS Growth % (q.o.q)-21.0

WMT Financials Summary: EPS up 128.9% to $5.22 in FY2020

+ Net profit was up 123.1% from $6.7 billion in FY2019 to $14.9 billion in FY2020.

+ Earnings Per Share (EPS) was up 128.9% from $2.28 in FY2019 to $5.22 in FY2020.

Year ended JanFY2020FY2019FY2018
Sales ($ B)524514.4500.3
Pretax ($ B)20.111.515.1
Net ($ B)14.96.79.9
EPS ($)5.222.283.29

DATA DOWNLOAD CENTER

WMT: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA:

+ PRICE VOLUME - 5-YEAR HISTORY

+ FINANCIALS - 10-YEAR HISTORY [INCLUDING Q3/2020]:

+ INSTITUTIONAL SHAREHOLDERS - CATEGORISED AND COMPLETE LIST OF 2161 INSTITUTIONS AS AT Sep 30, 2020:

+ PEER COMPARISON - STOCK IN BROADLINE RETAILERS SECTOR AND STOCK IN INDICES

+ PATENTS - CATEGORISED LIST OF 5-YEAR HISTORY OF 342 [INCLUDING IN CURRENT WEEK]:

WMT: LINKS IN HTML TO FURTHER INFORMATION:

+ NEWS ARCHIVES - WMT PAST 3 YEARS IN HTML:

+ PRICE VOLUME CHARTS IN HTML

INDEX

SECTION 1 Recent News

SECTION 2 Corporate Profile and Independent Ratings

SECTION 3 Today's Bearish Signals

SECTION 4 Ongoing Bearish Parameters

SECTION 5 Today's Bullish Signals

SECTION 6 Ongoing Bullish Parameters

SECTION 7 Insider Selling and Ownership

SECTION 8 Corporate Bonds

SECTION 9 Board of Directors

SECTION 10 Tax & Dividend

SECTION 11 Financials Q3 2021, FY 2020, Past 10 Years

SECTION 12 Peer Group Analysis & Ranking

SECTION 13 Q3/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY

SECTION 14 News Archives (Oct 2018 - Oct 2020)

Glossary

SECTION 1 Recent News

1.1 FY 2020

Walmart jumps $71 billion (21%) in MCap in 2020, leads Broadline Retailers sector gains; Director S. Robson Walton sells

Walmart Inc. (NYSE:WMT), the NYSE's largest Broadline Retailer company by market cap, has jumped $27.16 (or 23.2%) in 2020 to close at $144.15. Compared with the S&P 500 Index which has risen 16.3% in 2020, this is a relative price increase of 7%.

The stock was the highest gainer in the Broadline Retailers sector which is up 39.2% in 2020. Market Capitalization has jumped by $71.3 billion to $408.5 billion.

Average daily volume of 8.4 million shares in 2020 was 1.4 times the average daily volume in 2019.

1.2 Institutional News [Updated January 15, 2021]

1.2.1 Top 20 Institutions increasing their holdings in Walmart shares [Q4/2020]

Institution Name (CIK)Rank on Sep 30, 2020Sep 30, 2020Dec 31, 2020Increase %*Today's Market Value $ million
Huntington National Bank (0000049205)149541,176549,8281.680.6
Sowell Financial Services (0001633697)350115,499171,20948.225.1
Raymond James Trust N.A. (0001088950)318137,589139,7701.620.5
IFM Investors (0001698246)348117,330136,46916.320
Louisiana State Employees Retirement System (0001537191)46270,50086,00022.012.6
Sonora Investment Management (0001418539)43277,29179,9863.511.7
Webster Bank (0001105837)49261,65364,5384.79.5
Davenport & Co (0000887777)56348,81755,74714.28.2
Cypress Capital Group (0001341748)54951,83755,3696.88.1
Parkside Investments (0001706248)73330,32144,16145.66.5
Hexavest (0001389191)89120,35041,261102.86.1
WEDGE Capital Management (0001015308)63640,01240,8892.26
First Midwest Bank Trust Division (0000872732)65738,66339,2691.65.8
Bellecapital International (0001600152)68235,51737,5385.75.5
Symphony Financial (0001800687)69733,65436,6909.05.4
McGuire Investment Group (0001756959)71132,03532,3020.834.7
Fulton Bank (0000883782)73130,42231,6384.04.6
Loring Wolcott & Coolidge Fiduciary Advisors (0000932974)74329,70030,3652.24.5
Asset Planning Services (0000811407)78326,48527,0602.24
Pinnacle Financial Partners (0001115055)79525,41726,6985.03.9

*Today's Market Value in $ million of holdings as at December 31, 2020.

1.2.2 Top 20 Institutions decreasing their holdings in Walmart shares [Q4/2020]

Institution Name (CIK)Rank on Sep 30, 2020Sep 30, 2020Dec 31, 2020Decrease %*Today's Market Value $ million
Cullinan Associates (0001161670)413,039,9443,034,4000.18444.9
Gateway Investment Advisers (0001114618)140593,248515,72013.175.6
State of Alaska, Department of Revenue (0001370102)160487,707471,6543.369.2
Atalanta Sosnoff Capital (0000700529)280173,293171,0411.325.1
Abner Herrman & Brock (0001038661)292159,360156,5331.823
Rockland Trust Co (0000084616)307146,055142,0042.820.8
Gradient Investments (0001542265)365106,047104,8311.115.4
Crossmark Global Holdings (0001539204)41680,79978,8322.411.6
Granite Investment Advisors (0001464586)44873,94271,9632.710.6
Legacy Private Trust Co. (0001352547)49861,05058,2574.68.5
City Holding Co (0000726854)50758,51856,9132.78.3
Churchill Management (0001094749)50658,71255,9084.88.2
6 Meridian (0001730551)66437,74935,5085.95.2
CX Institutional (0001737089)64939,01435,3089.55.2
Diversified Trust Co (0001479844)67736,22835,2282.85.2
Benson Investment Management Co (0001694896)68735,14535,0750.25.1
Chickasaw Capital Management (0001276460)69833,58232,7372.54.8
Baugh & Associates (0001730818)70932,30831,8581.44.7
Silverleafe Capital Partners (0001535611)77427,23826,9151.23.9
Chemung Canal Trust Co (0000790354)75628,36325,8498.93.8

*Today's Market Value in $ million of holdings as at December 31, 2020.

1.3 Financial News

Quarterly Report (Q3/2021):

December 02, 2020

Quarterly Report Analysis Q3 2021: Walmart EPS drops 21%

Walmart (NYSE:WMT), announced EPS of $1.81 for the quarter-ended 31 October 2020 [Q3/2021], down 21% sequentially from $2.29 in the previous quarter [Q2/2021].

Compared with the Previous Corresponding Period [PCP; Q3/2020], year-over-year [y.o.y.] EPS was up 56%, Revenue was up 5.2% and Net Profit was up 56.2%.

Read more in SECTION 11 on Financials

1.4 Press Releases

October 24 2020: Walmart Sues DOJ and DEA Seeking Clarity for Pharmacists in Dispensing Prescription Opioids

BENTONVILLE, Ark., October 22, 2020 - Walmart has sued the U.S. Department of Justice (DOJ) and the Drug Enforcement Administration (DEA), asking a federal court to clarify the roles and responsibilities of pharmacists and pharmacies under the Controlled Substances Act (CSA). Walmart Inc. v. DOJ, et al. is pending before the U.S. District Court for the Eastern District of Texas.

Source: SEC

October 22 2020: Walmart and Sam's Club Support Safe Medication Disposal with DEA National Prescription Drug Take Back Day Events in Communities Across the Country

BENTONVILLE, Ark., Oct. 21, 2020 - Walmart and Sam's Club are hosting in-person medication disposal events at select store and club locations across the country on Saturday, October 24, as part of the DEA's biannual National Prescription Drug Take Back Day. According to the 2018 National Survey on Drug Use and Health, 9.9 million Americans misused controlled prescription drugs. The study shows that a majority of abused prescription drugs were obtained from family and friends, often from a home medicine cabinet.

A complete list of DEA Take Back Day location events can be found at: https://takebackday.dea.gov. Law enforcement will be set up in participating Walmart and Sam's Club parking lots from 10 a.m. to 2 p.m. on October 24 to help the public safely dispose of their unwanted, unused or expired prescription medications.

"We recognize the potential danger for misuse and abuse of prescription medications when they fall into the wrong hands. By offering a range of options for safe medication disposal, we can help our customers prevent prescription drug misuse and abuse," Lisa Smith, Senior Director, Clinical Team, Walmart U.S. Health & Wellness, said.

Source: Company Website

1.5 People's News

Tue Jan 12, 2021

Walmart (NYSE:WMT) Chief Financial Officer Brett Biggs, was awarded 9,821 shares worth $1.4 million on January 08.

Tue Jan 12, 2021

Walmart (NYSE:WMT) Corporate Secretary, Executive Vice President and Global Governance Rachel Brand, was awarded 4,297 shares worth $630,069 on January 08.

Tue Jan 12, 2021

Walmart (NYSE:WMT) CEO-Walmart International and President-Walmart International Judith McKenna, was awarded 11,764 shares worth $1.7 million on January 08.

Tue Jan 12, 2021

Walmart (NYSE:WMT) Chief Development Officer and Chief Technology Officer Suresh Kumar, was awarded 13,640 shares worth $2 million on January 08.

Tue Jan 12, 2021

Walmart (NYSE:WMT) Executive Vice President Dan Bartlett, was awarded 3,751 shares worth $550,009 on January 08.

Tue Jan 12, 2021

Walmart (NYSE:WMT) Controller David M. Chojnowski, was awarded 1,534 shares worth $224,930 on January 08.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Director and Non-Executive Chairman Greg Penner, was awarded 369 shares worth $53,191 on December 31, 2020.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Director Timothy P. Flynn, was awarded 217 shares worth $31,281 on December 31, 2020.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Independent Director Sarah J. Friar, was awarded 208 shares worth $29,983 on December 31, 2020.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Independent Director Steuart L. Walton, was awarded 208 shares worth $29,983 on December 31, 2020.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Director Carla A. Harris, was awarded 87 shares worth $12,541 on December 31, 2020.

Tue Jan 05, 2021

Walmart (NYSE:WMT) Director Marissa A. Mayer, was awarded 173 shares worth $24,938 on December 31, 2020.

Thu Dec 31, 2020

Walmart (NYSE:WMT) Director S. Robson Walton holds 1,376,282,490 shares worth $198.4 billion at the last price of $144.15, a fall in value by $13.4 billion (6.3%). A month ago S. Robson Walton held 1,391,314,590 shares and the price was $152.23.

Thu Dec 17, 2020

Walmart (NYSE:WMT) CEO-Walmart eCommerce U.S. and President-Walmart eCommerce U.S. Marc Lore sold 90,000 shares worth $13,096,551 on December 15. The selling price was $145.52. The shares hit a two-month low on the day.

Sun Dec 13, 2020

Doug McMillon's performance as Chief Executive Officer of Walmart is ranked in the top 13% of BuySellSignals' performers by EBITDA growth in NYSE for the quarter - ended October 2020 compared with the previous corresponding quarter - ended October 2019. EBITDA growth for Walmart in the quarter - ended October 2020 was 62.7%. Among 1235 stocks that have reported for the October quarter in NYSE so far, Walmart was ranked 145, a percentile rank of 87.

1.6 Stock Buzz

Source: The Wall Street Journal

News DateHeadline
Oct 23Walmart Sues U.S., Aiming to Head Off Opioid Penalties

Source: Bloomberg

News DateHeadline
Jan 05, 2021ADDING MULTIMEDIA Always(Registered) and Walmart Are Teaming Up With Olympic Gold Medal Gymnast Laurie Hernandez to Support Girls in
Dec 30, 2020Hawley Attacks Walmart After Accidental Tweet Criticizes Senator
Dec 23, 2020EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Walmart Inc. - WMT
Dec 22, 2020Walmart Accused in U.S. Lawsuit of Fueling Opioid Crisis
Dec 11, 2020Marianna Naturals Corp. Announces It Has Been Approved as a Walmart Marketplace Seller
Nov 23, 2020Walmart Rejected by Supreme Court on Texas Liquor Sales

Source: Other Publishers

News DateHeadlinePublisher
Jan 14, 2021Walmart Inc. (NYSE:WMT) Shares Purchased by Brookstone Capital Managementmodernreaders.com
Jan 14, 2021ROSEN, Trusted Investor Counsel, Continues to Investigate Securities Claims Against Walmart Inc. WMTBenzinga.com
Jan 14, 2021ROSEN, Trusted Investor Counsel, Continues to Investigate Securities Claims Against Walmart Associated Press
Jan 14, 2021Walmart to Host Virtual Investment Community Meeting and Release Fourth Quarter Financial Results on Feb. 18, 2021Business Wire
Jan 14, 2021Walmart To Launch A Fintech Startup In Partnership With Ribbit CapitalPulse 2.0
Jan 14, 2021Walmart Inc. (NYSE:WMT) Shares Acquired by Breiter Capital Management Inc.theenterpriseleader.com

1.7 Analyst Recommendations: Past Month

DateBrokerageCurrent RatingPrice Target
Jan 04, 2021Royal Bank of CanadaBuy170
Jan 03, 2021Royal Bank of CanadaBuy170
Jan 02, 2021Royal Bank of CanadaBuy170
Jan 01, 2021Royal Bank of CanadaBuy170
Dec 28, 2020Royal Bank of CanadaBuy170

SECTION 2 Corporate Profile and Independent Ratings

2.1 Activities

Walmart Inc., previously Wal-Mart Stores, Inc. (Wal-Mart) operates retail stores in various formats around the world. The Company earns the trust of its customers every day by providing an assortment of merchandise and services at every day low prices (EDLP), while fostering a culture that rewards and embraces mutual respect, integrity and diversity. Wal-Mart's operations comprise three business segments: Wal-Mart Stores, Sam's Club and International. Its Wal-Mart Stores segment is the largest segment of the Company's business, and operates stores in three different formats in the United States, as well as Wal-Mart's online retail operations, walmart.com. Its Sam's Club segment consists of membership warehouse clubs in the United States and the segment's online retail operations, samsclub.com. In January 2009, it acquired 57% of D&S SA.

In FY 2020, the top earner of Revenue was Walmart U.S. [65.6%] followed by Walmart International [23.1%] at Rank 2 and Sam's Club [11.3%] at Rank 3. In FY 2020, revenue growth was highest in Walmart U.S. [2.8%] . In FY 2020, the top regional earner of Revenue was U.S. operations [76.8%] followed by Non-U.S. operations [23.2%] at Rank 2 . In FY 2020, revenue growth was highest in U.S. operations [2.6%] .

2.2 Segment Information

$$
Description2020-01-31% of Total2019-01-31% of TotalGrowth(%)
Walmart U.S.341 B65.6331.7 B652.8
Walmart International120.1 B23.1120.8 B23.7-0.6
Sam's Club58.8 B11.357.8 B11.31.6
Total519.9 B100510.3 B1001.9

Top Segments by Revenue and rank

In FY 2020, the top earner of Revenue was Walmart U.S. [65.6%] followed by Walmart International [23.1%] at Rank 2 and Sam's Club [11.3%] at Rank 3.

Top Segments by Revenue growth and rank

In FY 2020, revenue growth was highest in Walmart U.S. [2.8%] .

Regional Information

$$
Description2020-01-31% of Total2019-01-31% of TotalGrowth(%)
U.S. operations402.5 B76.8392.3 B76.32.6
Non-U.S. operations121.4 B23.2122.1 B23.7-0.6
Total524 B100514.4 B1001.9

Top Revenue Segments by Region and rank

In FY 2020, the top regional earner of Revenue was U.S. operations [76.8%] followed by Non-U.S. operations [23.2%] at Rank 2 .

Top Regional Segments by Revenue growth and rank

In FY 2020, revenue growth was highest in U.S. operations [2.6%] .

2.3 Contact Details

Websitehttp://www.walmart.com
Physical Address702 South West 8th Street,Bentonville,AR,72716
Phone+1 479 273-4000
Fax+1 479 277-1830
Emailinvrela@wal-mart.com

2.4 Industry & Sector

Classification LevelName of Sector
Business SectorFood & Drug Retailing
Industry GroupFood & Drug Retailing
IndustryFood Retail & Distribution
Economic SectorConsumer Non-Cyclicals

2.5 North American Industry Classification System [NAICS]

Code: 452112

Industry Title: Discount Department Stores

2.6 Independent Ratings

+ Carbon Disclosure Project (CDP):

Walmart Inc. is one of 181 companies selected by the Carbon Disclosure Project (CDP) in their A List 2019. The CDP names the world's most pioneering companies leading on environmental transparency and performance.

+ Fortune 500:

It was ranked 1 by total revenues in the Fortune 500 annual list for 2017; unchanged over a year from the same rank 1 in 2013.

+ Newsweek 500:

It was ranked 280 by Newsweek and Corporate Knights Capital in the World's 500 Greenest Companies 2016. It had outstanding scores of 6.4% in Carbon productivity.

+ PwC 100:

It was ranked 12 by MCap as at March 31, 2015 by PwC in the Top 100 Global companies; a deterioration over 6 years from rank 3 as at March 31, 2009.

+ FT 500:

It is the largest by revenue in the FT Global 500.

+ Fortune's Change of the World list 50:

It was ranked 4 out of 50 companies in the Fortune's Change of the World list 2015.

+ Forbes 2000:

It is the 1st largest by revenue in the Forbes Global 2000.

SECTION 3 Today's Bearish Signals

3.1 Rank in the bottom 8% by Relative Valuation in the NYSE market

DescriptionValueRank
Price to Book Value14.3In Bottom 8%
P/E * P/NTA297.36In Bottom 7%

3.2 Rank in the bottom 22% by Price Performance in the NYSE market

DescriptionValueRank
1-week Price Change %-1.4In Bottom 22%
Price/MAP500.98In Bottom 21%

3.3 Short Selling

+ The current short volume is 1.1 times its own historical average of 0.05%.

3.4 Downtrend

Past Month:

- Falls to Rises: In the past month the number of falls outnumbered rises 14:8 or 1.8:1.

Trailing Relative Strength (6 months) at 26 percentile:

- The stock has a 6-month relative strength of 26 in the NYSE market of 1,804 stocks, 273 units and 117 preference stocks indicating it is trailing 74% of the market.

3.5 Other Bearish Signals

- Return on Equity of 18.6% versus sector average of 22.5%.

- Total Liabilities/EBITDA of 7.7 is more than or equal to 5, this compares unfavourably with the Joseph Piotroski benchmark of 5.

- Return on Assets of 6.4% versus sector average of 7.6%.

- Net profit margin has averaged 2.1% in the last 3 years. This suggests the company is less profitable with a low margin of safety.

- As per the Du Pont analysis, Return on Equity of 18.6% is lower than sector average of 22.5%. This is computed as net profit margin of 2.9% times asset turnover [sales/assets] of 2.2 times leverage factor [total assets/shareholders' equity] of 2.9.

SECTION 4 Ongoing Bearish Parameters

4.1 Rank in the bottom 13% by Performance in the NYSE market

DescriptionValueRank
EBITDA Margin %3.8In Bottom 13%
Net Profit Margin %2.9In Bottom 13%

4.2 Sequential EPS growth [Q3/2021 vs Q2/2021] of -21.0%:

The most recent quarter (Q3/2021) showed a decline of 21.0% in sequential growth of Quarterly EPS.
Quarterly ReportEPS ($)Growth %
Q3/20211.81-21.0
Q2/20212.2962.4

4.3 Quarterly Trend in Revenue, Net Profit and Net Profit Margin:

- Revenue and Net Profit growth have shown signs of deterioration in recent quarters. [All figures in %]

Qtr-endedRevenue GrowthNet Profit GrowthNet Profit Margin
Oct 20 [Q3 vs Q2]-2.2-20.73.9
Jul 20 [Q2 vs Q1]2.362.34.7

SECTION 5 Today's Bullish Signals

5.1 Momentum Up 2.2% Past Week

Walmart outperformed the S&P 500 index in 3 out of 5 days. The price ranged between a low of $146.63 on Friday, Jan 08 and a high of $148.97 on Tuesday, Jan 12.

DayWalmartClose price [$]Price change %Relative change % *Comment
TuesdayIn 2nd consecutive rise, nears two-month high148.971.11.1Week-high of 148.97; Top Rise
MondayIncreases147.290.51.1Price rise on rising relative strength
FridayIncreases146.63-0.01-0.6Week-low of 146.63; Steepest Fall
ThursdayDecreases146.65-0.01-1.5
WednesdayRises on increasing volatility146.660.60.1Price rise on rising relative strength

* Relative change is price change of stock with respect to Benchmark Index, S&P 500 index.

5.2 Rank in the top 23% by Relative Valuation in the NYSE market

DescriptionValueRank
Price/Earnings/Growth0.16In Top 6%
EV/EBITDA23.5In Top 14%
Price to Sales0.8In Top 23%

5.3 Rank in the top 25% by Price Performance in the NYSE market

DescriptionValueRank
PV1000 [1 yr] $1,297In Top 25%

5.4 Uptrend

Price/Moving Average Price of 1.08 and positive MACD:

- The price to 200-day MAP ratio is 1.08, a bullish indicator. In the past 200 days this ratio has exceeded 1.08, 137 times suggesting further upside. The 50-day MAP of $147.15 is higher than the 200-day MAP of $134.21, a bullish indicator. The 200-day MAP has increased to $134.21. An increase is another bullish indicator.

- The Moving Average Convergence Divergence (MACD) indicator of 12-day Exponential Moving Average (EMA) of 146.38 minus the 26-day EMA of 146.33 is positive, suggesting a bullish signal.

Past Quarter:

- In the last three months the stock has hit a new 52-week high twice.

5.5 Undervaluation

Earnings Yield of 4.8% > NYSE ave of 2.7% > Bond Yield of 1.1%:

- Earnings yield of 4.8% is greater than the NYSE average earning yield of 2.7%.

- The earnings yield of 4.8% is 4.3 times the 10-year bond yield of 1.1%.

(All figures in %)

Earnings Yield4.8
NYSE avg2.7
Dividend Yield1.5
Bond Yield1.1

Dividend Yield > Bond Yield of 1.11%:

The dividend yield of 1.49% is 1.34 times the triple-A bond yield of 1.11%. The times factor of 1.34 is above the benchmark factor of 0.67 times set by Benjamin Graham.

(All figures in %)

Dividend Yield1.49
Bond Yield1.11
Spread0.38

MCap/Total Assets:

- Tobin's Q Ratio, defined as MCap divided by Total Assets, is 1.7. Compared with the rest of the market the stock is undervalued.

5.6 Other Bullish Signals

- Return on Capital Employed of 12.7% versus sector average of 10.6% and market average of 4.2%.

SECTION 6 Ongoing Bullish Parameters

6.1 Past two-years

- The shares rose $20.60 (22.2%) a year ago which accelerated to $31.25 (27.6%) in the past year.

- Walmart rose for a second consecutive year. In the previous year the shares rose $20.60 (22.2%).

6.2 Rank in the top 2% by Size in the NYSE market

DescriptionValueRank
Tr 12 months Revenue$548.7 billionIn Top 1%
MCap$409.9 billionIn Top 2%
Ave daily Turnover$1.7 billionIn Top 2%

6.3 Rank in the top 6% by Growth in the NYSE market

DescriptionValueRank
EPS Growth %128.9In Top 6%

6.4 Rank in the top 23% by Productivity in the NYSE market

DescriptionValueRank
Return on Equity [ROE] %18.6In Top 22%
Return on Capital Employed [ROCE] %12.7In Top 23%

6.5 Present Value of $1000 Invested in the Past [3 Mo, 1 Yr, 3 Yrs]; The Best Periods with PV$1000 > 1,007

PV$1,0003 mo ago1 yr ago3 yrs ago
WMT.NYSE$1,008$1,297$1,601
Broadline Retailers sector$1,050$1,448$1,616
S&P 500 Index$1,086$1,146$1,352

6.6 The Best Periods [1 Yr, 3 Yrs] with Price Change % > 27.5

3-Year price change of 50.5% for Walmart outperformed the change of 35.2% in the S&P 500 index for a relative price change of 15.3%.

Price Change %Year3 Years
Walmart27.650.5
Broadline Retailers sector42.361.6
S&P 500 index14.835.2

6.7 Moving Annual Return of 29.5% in the past year:

Moving Annual Return was 29.5% in the past year. Based on a dynamic start date of 5 years ago, the real rate of return has averaged 24.3%. The Moving Annual Return has been positive in 4 of the last 5 years.

WMTClose ($)Dividends ($)Capital Gain / (Loss) %% YieldAnnual Return %
Jan 15144.642.1627.61.929.5
1 Yr ago113.392.1223.92.326.2
2 Yrs ago91.542.08(4.8)2.2(2.6)
3 Yrs ago96.112.04533.256.3
4 Yrs ago62.8128.73.512.2

Close 5 years ago $57.76

6.8 MCap: 5-Year Increase of $208 billion

In the past 5 years Market Capitalization has increased by $208 billion (103%) from $201.9 billion to $409.9 billion. Based on a dynamic start date of 5 years ago, there has been only 1 decline in MCap over the last 5 years.

PriceMCap ($ B)
Last$144.64409.9
1 Year ago$113.39327.1
2 Years ago$91.54275.9
3 Years ago$96.11298.8
4 Years ago$62.81206.3
5 Years ago$57.76201.9

6.9 Buybacks and 5-Years Decrease of 11.8% in Total Shares on Issue

In the past 5 years total shares on issue have decreased by 380 million (11.8%) from 3.2 billion to 2.9 billion. Buybacks have averaged 69.8 million shares [2.2%] per financial year. Based on a dynamic start date of 5 years ago, there has been no rise in issued capital over the last 5 years. A reduction in total shares on issue is a favourable indicator in Joseph Piotroski's 9 indicators.

Year End (Jan 31)Total Shares on IssueFYBuybacksBuyback %
20202,850,000,000202080,000,0002.7%
20192,930,000,000201965,000,0002.2%
20182,995,000,0002018106,000,0003.4%
20173,101,000,0002017106,000,0003.3%
20163,207,000,000201623,000,0000.7%
20153,230,000,000201539,000,0001.2%
Total419,000,000
Average per FY69,833,333

6.10 Walmart sees dividend rise for a Thirtieth consecutive year

Walmart reported dividends per share of $2.16 in the past year, up 1.9% from the previous year. This is the Thirtieth consecutive dividend increase. In the past 30 years average annual compound growth rate of dividends was 15.8%.

6.11 EPS growth [FY2020 vs FY2019] of 128.9%:

FYEPS ($)Growth %
20205.22128.9
20192.28-30.7

6.12 Annualised Period-based Total Shareholder Returns [TSR %]: The Best Periods with TSR > 7.4%

TSR %1 yr3 yrs5 yrs10 yrs20 yrs30 yrs
WMT.NYSE29.716.823.1147.512

6.13 P/E/G < 1

The price earnings ratio of 20.8 divided by trailing twelve months eps growth of 128.9% corresponds to an attractive P/E/G of 0.2 times; being less than the value benchmark of 1.0.

EPS Growth (%)128.95
P/E/G0.16
P/E20.78

6.14 Improved EBIT Margins:

EBIT margin is positive and has increased from 2.2% to 3.9% in the past year.

FYEBIT Margins (%)
20203.9
20192.2
20183.1
20174.7
20164.5

6.15 % Growth in EPS > RPS

EPS growth has consistently exceeded growth in RPS [Revenue Per Share].

EPS growth: Sequential EPS growth (Q3 vs Q2, 2021) was down 21.0% and PCP EPS growth (Q3 2021 vs Q3 2020) was up 56.0%. FY EPS growth (FY2020 vs FY2019) was up 128.9%.

RPS growth: Sequential growth in Revenue per share (Q3 vs Q2, 2021) was down 2.3% and PCP growth in Revenue per share (Q3 2021 vs Q3 2020) was up 5.8%. FY growth in Revenue per share (FY2020 vs FY2019) was up 4.7%.

(All figures in %)

Sequential growth in EPS (Q3 vs Q2, 2021)-21.0
Sequential growth in RPS (Q3 vs Q2, 2021)-2.3
PCP growth in EPS (Q3 2021 vs Q3 2020)56.0
PCP growth in RPS (Q3 2021 vs Q3 2020)5.8
FY growth in EPS (FY2020 vs FY2019)128.9
FY growth in RPS (FY2020 vs FY2019)4.7

6.16 A 46.6% Decrease in Insider Selling

In the past 5 years a total of 120,376,322 Walmart shares (or 4.2% of the total shares on issue) worth $11 billion were sold by insiders. Based on a dynamic start date of 5 years ago, insider selling has averaged 24,075,264 shares per year. In the past year, insiders sold 11,080,219 shares, a decrease of 46.6% from the previous year.

YearNo. of SharesValue, $
Jan 15, 202111,080,2191,599,588,665
1 Yr ago20,737,5502,069,450,288
2 Yrs ago25,503,1592,359,917,803
3 Yrs ago49,233,0873,978,607,968
4 Yrs ago13,822,307995,439,488
Total120,376,32211,003,004,212

6.17 Increased Volume, up 9% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 9.4% to 9.5 million shares.

Avg. Daily Volume Traded 12 months ended Jan 15, million shares

YearADVT
20219.5
20205.9
20199.3
20188.8
20178.7

6.18 Increased VWAP, up 102% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 101.6% to $129.22. Based on a dynamic start date of five years ago, there has been no decline in VWAP over the last 5 years.

Past five years, 12 months ended Jan 15 (USD)

YearHigh PriceVWAPLow Price
2021153.1129.22100.33
2020122.77105.389.76
2019104.7988.2478.13
201897.5275.7561.08
201769.8564.0855.14

6.19 Increased share turnover, up 116% in 5 years

In the past five years, average daily share turnover has increased 115.8% to $1.2 billion. This suggests increased liquidity.

Past five years, 12 months ended Jan 15 (USD billion)

YearAverage Daily Turnover
20211.2
20200.63
20190.83
20180.67
20170.56

6.20 Increase in Institutional Ownership up from 27.9% to 29.3%

As at September 30, 2020 Institutions held 29.3% of total shares on issue; an increase from 29.1% as at June 30, 2020 and 27.9% as at September 30, 2019.

Quarter-endSeptember 30, 2019June 30, 2020September 30, 2020
Holdings (%)27.929.129.3

6.21 Satisfies three criteria of Benjamin Graham

- "An earnings-to-price yield of at least twice the triple-A bond"; the stock's earning yield of 4.8% is 4.3 times the triple-A bond yield of 1.1%.

- The P/E of 20.8 is 0.4 times the highest average P/E of 52.9 in the last five years. This is a value criterion, according to Benjamin Graham who described as a value criterion "A P/E ratio down to less than four-tenth of the highest average P/E ratio the stock attained in the most recent five years".

- "A dividend yield of at least two-thirds the triple-A bond yield"; the stock's dividend yield is 1.3 times the triple-A bond yield of 1.1%.

6.22 Satisfies 5 out of 9 criteria of Joseph Piotroski [pass mark 5]:

- Positive net income.

- Positive operating cashflow.

- Return on Assets improvement [from 3.3% to 6.4%].

- Good quality of earnings [operating cashflow exceeds net income].

- Reduction in total shares on issue.

6.23 Year-over-year (%) Change in Dividend:

Quarterly dividend for Q3/2021 was 54.0c, unchanged from 54.0c in Q2/2021. The year-on-year change was up 1.9% from 53.0c in the previous corresponding period Q3/2020.

QuarterQ3/2020Q2/2021Q3/2021
Dividend ($ Cents)53.054.054.0

SECTION 7 Insider Selling and Ownership

7.1 Shares Held by Insiders as on Jan 15, 2021

NameShares HeldValue, $
S. Robson Walton1,376,282,490199,065,499,354
Greg Penner549,13279,426,452
Brett Biggs312,12945,146,339
Rachel Brand134,78919,495,881
Dan Bartlett134,22519,414,304
Timothy P. Flynn88,32912,775,907
Steuart L. Walton46,9416,789,546
Marissa A. Mayer32,0814,640,196
Steven S. Reinemund27,0113,906,871
Sarah J. Friar9,4411,365,546
Carla A. Harris9,0621,310,728
Donna Morris7,6531,106,930
Cesar Conde4,247614,286
Total1,377,637,530199,261,492,339

7.2 Greg Penner Shares Held

(Value computed at price $144.64)

Greg Penner now has a beneficial interest in 549,132 Walmart shares worth $79.4 million.

Nature of OwnershipShares HeldValue, $
Equity-Non-Derivative Securities
By spouse482,87869,843,474
NA66,2549,582,979
Total (Equity)549,13279,426,452

7.3 Brett Biggs Shares Held

(Value computed at price $144.64)

Brett Biggs now has a beneficial interest in 312,129 Walmart shares worth $45.1 million.

Nature of OwnershipShares HeldValue, $
Equity-Non-Derivative Securities
NA311,71845,086,892
By 401(k)41159,447
Total (Equity)312,12945,146,339

7.4 Carla A. Harris Shares Held

(Value computed at price $144.64)

Carla A. Harris now has a beneficial interest in 9,062 Walmart shares worth $1.3 million.

7.5 Timothy P. Flynn Shares Held

(Value computed at price $144.64)

Timothy P. Flynn now has a beneficial interest in 88,329 Walmart shares worth $12.8 million.

Nature of OwnershipShares HeldValue, $
Equity-Non-Derivative Securities
NA39,3455,690,861
NA38,9845,638,646
By Spouse's Family Trust10,0001,446,400
Total (Equity)88,32912,775,907

7.6 Marissa A. Mayer Shares Held

(Value computed at price $144.64)

Marissa A. Mayer now has a beneficial interest in 32,081 Walmart shares worth $4.6 million.

7.7 S. Robson Walton Shares Held

(Value computed at price $144.64)

S. Robson Walton now has a beneficial interest in 1,376,282,490 (or 48.6% of) Walmart shares worth $199.1 billion.

Nature of OwnershipShares HeldValue, $
Equity-Non-Derivative Securities
By Limited Liability Company1,000,891,131144,768,893,188
By Trust372,175,36853,831,445,228
NA3,215,991465,160,938
Total (Equity)1,376,282,490199,065,499,354

7.8 Steven S. Reinemund Shares Held

(Value computed at price $144.64)

Steven S. Reinemund now has a beneficial interest in 27,011 Walmart shares worth $3.9 million.

7.9 Cesar Conde Shares Held

(Value computed at price $144.64)

Cesar Conde now has a beneficial interest in 4,247 Walmart shares worth $614,286.

7.10 Sarah J. Friar Shares Held

(Value computed at price $144.64)

Sarah J. Friar now has a beneficial interest in 9,441 Walmart shares worth $1.4 million.

7.11 Steuart L. Walton Shares Held

(Value computed at price $144.64)

Steuart L. Walton now has a beneficial interest in 46,941 Walmart shares worth $6.8 million.

7.12 Dan Bartlett Shares Held

(Value computed at price $144.64)

Dan Bartlett now has a beneficial interest in 134,225 Walmart shares worth $19.4 million.

7.13 Donna Morris Shares Held

(Value computed at price $144.64)

Donna Morris now has a beneficial interest in 7,653 Walmart shares worth $1.1 million.

7.14 Rachel Brand Shares Held

(Value computed at price $144.64)

Rachel Brand now has a beneficial interest in 134,789 Walmart shares worth $19.5 million.

7.15 Insider selling Summary in the past 12 months

NameNo. of SharesPrice, $Value, $
Walton S Robson [Director]10,042,085145.91,464,876,585.2
Biggs M. Brett [CFO]16,205114.41,853,608.9
Brand Rachel L [Corporate Secretary]10,000150.01,499,862.0
Total10,068,290145.81,468,230,056.1

7.16 Walton S Robson [Director] Reported Selling In The Past 12 Months

In the past year shares sold per month averaged 836,840.

MonthNo. of SharesPrice, $Value, $
Dec '208580000146.21,254,659,141.7
Nov '20710000150.8107,034,613.2
September 29, 2020752085137.2103,182,830.3
Total: Walton S Robson 10,042,085145.91,464,876,585.2

WALTON S ROBSON [DIRECTOR] REPORTED INSIDER SELLING; 5 YEARS (2016 - 2020)

In the 5-year period 2016 to 2020 a total of 118,633,426 shares worth $10.8 billion were sold. In the past 5 years shares sold per year averaged 23,726,685.

YearNo. of SharesPrice, $Value, $
202010042085145.91,464,876,585.30
20192041761299.62,033,754,015.90
20182541857392.52,352,150,464.40
20174905515680.83,962,260,530.00
20161370000072.0986,993,108.60
Total118,633,42691.0410,800,034,704

7.17 Biggs M. Brett [CFO] Reported Selling In The Past 12 Months

MonthNo. of SharesPrice, $Value, $
February 28, 202016205114.41,853,608.9

BIGGS M. BRETT [CFO] REPORTED INSIDER SELLING; 3 YEARS (2018 - 2020)

In the 3-year period 2018 to 2020 a total of 34,626 shares worth $3.6 million were sold. In the past 3 years shares sold per year averaged 11,542.

YearNo. of SharesPrice, $Value, $
202016205114.41,853,608.90
2019NA--
20181842196.11,771,066.80
Total34,626104.683,624,676

7.18 Brand Rachel L [Corporate Secretary] Reported Selling In The Past 12 Months

MonthNo. of SharesPrice, $Value, $
November 20, 202010000150.01,499,862.0

SECTION 8 Corporate Bonds

For Company searches and sorting by bonds and variables, an interactive version of current day's Table is available here:/home/jboss/jboss-3.2.7/server/default/deploy/BuySellSignals.war/report/Usnyse/Stock/quarterly/BondTable_1572.html

8.1 Time [Yrs Mo Days] and Yield to Maturity as on Jan 15, 2021

CUSIPTime to MaturityYld (%)Treasury (%)Spread (%)YTM Chng 3 Mo (bps)FitchMoody'sS&P
931142AU72 yrs 9 mo 1 d0.890.210.6940AAAa2AA
931142DP53 yrs 3 mo 8 d0.390.210.181AAAa2AA
931142DH32 yrs 2 mo 28 d0.260.140.122AAAa2AA
931142DD23 mo 1 d0.220.080.14-12AAAa2AA

8.2 Key Statistics

MaturityYield to maturity %Yrs to Maturity% Rise/Fall 3-mo
Apr 20210.220.25-0.96
Apr to Oct 20230.26 to 0.892.24 to 2.75-0.6
Apr to Sep 20240.393.27 to 3.67-0.71
Apr 20271.256.23-
Sep 20351.8814.63-2.51
Apr to Oct 20402.32 to 2.4319.22 to 19.78-0.48

8.3 Yield Curve - Walmart Bond vs US Treasury

Years to MaturityWalmart Bond Yield (%)Treasury Yield (%)Spread to Treasury(Basis Points)
20.260.1412
30.890.2168

The yield curve is upward sloping which is typical. The term premium between the yield of a 3-year Walmart Inc. bond of 0.89% and the yield of a 2 year bond of 0.26% is 0.63%. Further, the yield curve is steepening from a term premium of 0.22% a month ago to a current level of 0.63%. This indicates investor expectations of rising inflation and/or increasing demand for longer-term bonds. In comparison, the term premium of Treasury is 0.07%, up from 0.05% a month ago.

8.4 Walmart Corporate Bonds Maturing in This Quarter

CUSIPDays to MatureLast PriceYield %YTM Chng 3 Mo (bps)
931142DD291100.960.224-12

SECTION 9 Board of Directors

9.1 Board and Management

NameDesignationSince Appointment
Doug McMillonChief Executive Officer, President, Director7 Yrs
Greg PennerNon-Executive Chairman, Director5 Yrs, 7 Mos
Brett BiggsChief Financial Officer5 Yrs
Steven S. ReinemundDirector-
Marissa A. MayerDirector-
Carla A. HarrisDirector-
Tom HortonDirector-
S. Robson WaltonDirector-
Timothy P. FlynnDirector-
Sarah J. FriarIndependent Director-
Cesar CondeIndependent Director-
Steuart L. WaltonIndependent Director-
Dan BartlettExecutive Vice President-
Donna MorrisExecutive Vice President, Chief People Officer-
Kathryn J McLayExecutive Vice President-
Rachel BrandCorporate Secretary, Executive Vice President, Global Governance2 Yrs, 11 Mos

9.2 Resignations in the past 4 years

NameDesignationDate of Resignation
David M. ChojnowskiSenior Vice President31 January 2018
Steven P. WhaleySenior Vice President31 December 2016

9.3 Profiles

Doug McMillon

CEO & President & Director

Under Doug's leadership, Walmart is making life easier for busy families and building trust with customers. It is investing heavily in associate wages, benefits and education-including a debt-free, dollar-a-day college program and an expanded parental leave policy. And, it launched an ambitious program, Project Gigaton, to combat climate change and work with suppliers to avoid 1 billion metric tons of emissions worldwide.

Doug is a longtime champion of Walmart's customers, its associates and the company's culture. He was named president and CEO in 2014. From 2009 to 2014 he was president and CEO of Walmart International, and from 2005 to 2009 he served as president and CEO of Sam's Club. He has worked at Walmart for nearly 30 years, starting as a teenager unloading trucks for an hourly wage. He went on to serve in senior leadership roles in all of Walmart's business segments. He remains a merchant at heart.

Doug is the chairman of the Business Roundtable, an association of chief executive officers of America's leading companies. He serves on the boards of directors of the Consumer Goods Forum, the U.S.-China Business Council and Crystal Bridges Museum of American Art. He also sits on the American Workforce Policy Advisory Board and the advisory board of the Tsinghua University School of Economics and Management in Beijing, China.

Originally from Jonesboro, Arkansas, Doug graduated from the University of Arkansas with a bachelor's degree in business administration, and a master's degree in business administration from the University of Tulsa.

Shareholder Value:

Creation of shareholder value in Walmart:

Year of appointment: 2014

In the last 5 years the average annualized return to shareholders was 23.1%. The present value of $1,000 (PV1000) invested 5 years ago is now $2,821, a gain of $1,504 and dividend reinvested of $317.

Greg Penner

Non-Executive Chairman & Director

Greg Penner is founder and general partner of Madrone Capital Partners, an investment management firm located in Menlo Park, Calif. Elected as chairman of the Walmart Board of Directors in 2015, Penner is only the third person to serve in the position, following his father-in-law, Rob Walton, and company founder Sam Walton.

Over a 20-year period, Penner has worked with Walmart in a number of capacities, including as senior vice president and chief financial officer in Japan and senior vice president of finance and strategy for walmart.com. He was first elected to the Walmart board in 2008 and has served as a member on the Strategic Planning & Finance Committee and as chairman of the Technology & eCommerce Committee.

Previously, Penner also worked as a financial analyst at Goldman Sachs Group, Inc., and as a general partner of Peninsula Capital. Penner has been a member of the board of directors of Baidu, Inc., since 2004 and previously served on the board of directors of Hyatt Hotels Corporation from 2007 to 2014.

Penner earned a B.S. in International Economics from Georgetown University in 1992 and an MBA from the Stanford Graduate School of Business in 1997.

Shareholder Value:

Creation of shareholder value in Walmart:

Date of appointment: June 05, 2015

In the last 5 years the average annualized return to shareholders was 23.1%. The present value of $1,000 (PV1000) invested 5 years ago is now $2,821, a gain of $1,504 and dividend reinvested of $317.

Brett Biggs

CFO

Brett Biggs is executive vice president and chief financial officer for Walmart. He is responsible for accounting and control, corporate strategy and development, business planning and analysis, internal auditing, treasury, tax, global shared services and several other key areas of the company.

Before being appointed to his current role, he was executive vice president and chief financial officer for Walmart International, where he was responsible for all global finance activities, including accounting and controls, business planning and analysis, financial services and support for real estate, mergers and acquisitions and strategy. Prior to that, Brett served as executive vice president and chief financial officer for Walmart U.S., where he was responsible for U.S. finance functions, including strategy, merchandising, logistics, financial services, real estate, operations and financial planning and analysis.

Previously, Brett was senior vice president, International Strategy and Mergers & Acquisitions. In this capacity, he led the strategy and execution for Walmart's entry into Japan and India, as well as acquisitions and partnerships in China, the U.K., Brazil and Central America. He has also served as senior vice president, Corporate Finance, in which he led Walmart's treasury operations and capital markets functions, including managing global banking relationships. He was then promoted to chief financial officer, Sam's Club, leading the finance and strategy functions. Following this role, he served as senior vice president of operations for Sam's Club. In this role, he led all facets of Sam's Club operations in the southern part of the U.S., encompassing 13 states and Puerto Rico, with more than 230 clubs and 40,000 associates.

Prior to joining Walmart in 2000, Brett held various M&A and corporate finance positions with Leggett & Platt, Phillips Petroleum Co. and Price Waterhouse.

Brett is involved in various civic functions, including serving on the board of directors for MANA, a nonprofit group focused on acute malnutrition in African children. Brett also serves on the Cancer Challenge Board and is a former member of the board of The First Tee of Northwest Arkansas.

Brett graduated summa cum laude from Harding University with a bachelor's degree in accounting and later received a MBA with honors from Oklahoma State University. He serves in various advisory roles at Harding University.

Shareholder Value:

Creation of shareholder value in Walmart:

Since appointment as CFO: The present value of $1,000 invested on the appointment date of December 31, 2015 at close price of $56.15 is $2,926, including a capital gain of $1,576 and dividend reinvested of $350.

Carla A. Harris

Director

Joined the Board: 2017 Committees: Compensation and Management Development; Strategic Planning and Finance

Carla is the Vice Chair, Wealth Management for Morgan Stanley and the Managing Director and Senior Client Advisor. In these roles, she is responsible for increasing client connectivity to enhance revenue generation across the firm. Carla joined the mergers and acquisitions team at Morgan Stanley in 1987 and during her tenure has held a number of positions. Her experiences at Morgan Stanley range from investment banking, equity capital markets, equity private placements, and initial public offerings in a number of industries such as technology, media, retail, telecommunications, transportation, healthcare and biotechnology.

In August 2013, President Obama appointed Carla to serve as Chair of the National Women's Business Council. She currently serves on the boards of several non-profit organizations including Sponsors for Educational Opportunity and the Morgan Stanley Foundation. Carla also serves on the Board of Overseers of Harvard University.

Timothy P. Flynn

Director

Joined the Board: 2012 Committee: Audit (Chair); Strategic Planning and Finance

Tim was chairman of KPMG International from 2007 until his retirement in October 2011. He also served as chairman from 2005 to 2010 and chief executive officer from 2005 to 2008 of KPMG LLP, the U.S. and largest member firm of KPMG International.

Tim serves as a member of the board of directors of JPMorgan Chase & Co., United Healthcare, and Alcoa Corporation. He is also a member of the board of trustees of the University of St. Thomas, St. Paul, Minn. He has previously served as a member of the board of directors of the Chubb Corporation from 2013 until the acquisition of the Chubb Corporation by ACE Limited in January 2016. He also served as a trustee of the Financial Accounting Standards Board, a member of the World Economic Forum's International Business Council, and was a founding member of The Prince of Wales' International Integrated Reporting Committee.

Marissa A. Mayer

Director

Joined the Board: 2012 Committees: Compensation and Management Development; Technology and eCommerce

Marissa is the former president and CEO of Yahoo! From July 2012 to June 2017, Ms. Mayer led Yahoo!'s focus as a guide to digital information discovery and has helmed Yahoo!'s digital advertising strategy. Under her leadership, Yahoo! grew to serve over 1 billion users worldwide, with over 600 million mobile users. Prior to joining Yahoo! Ms. Mayer spent 13 years at Google Inc., where she led various initiatives such as Google Maps, Gmail and Google News.

She has a bachelor's degree in symbolic systems and a master's degree in computer science from Stanford University. She served on the board of Yahoo! from 2012 to 2017, and from 2013 to 2016 she served on the board of AliphCom, which operates as Jawbone. She also serves on the boards of the San Francisco Museum of Modern Art and the San Francisco Ballet, and on the foundation board for the Forum of Young Global Leaders at the World Economic Forum.

Tom Horton

Director

Joined the board: 2014 Committee: Audit; Strategic Planning and Finance (Chair); Nominating and Governance

Tom is a senior advisor in the Industrial and Business Services Group of Warburg Pincus LLC, a private equity firm focusing on growth investing. He was the chairman of American Airlines Group, Inc., from 2013 to 2014. He was chairman, president and chief executive officer of American Airlines, Inc., and AMR Corporation from 2011 to 2013, after being named president of American in 2010. During that time, he led American through a successful restructuring and turnaround that culminated in the merger with US Airways, creating the world's largest airline. Previously, he served as executive vice president and chief financial officer of AMR and American from 2006 to 2010, and vice chairman and chief financial officer of AT&T Corporation from 2002 to 2006. Prior to joining AT&T, he was senior vice president and chief financial officer of AMR from 2000 to 2002 and served in numerous management positions with AMR since 1985. He joined American Airlines from international accounting partnership firm Peat Marwick & Company, which is now known as KPMG.

Tom earned a master of business administration from the Cox School of Business at Southern Methodist University and a bachelor's degree in accounting from Baylor University, where he graduated magna cum laude. He serves on the board of directors of Qualcomm, Inc., and the executive board of the Cox School of Business at SMU.

S. Robson Walton

Director

Joined the Board: 1978 Committees: Executive; Global Compensation; Strategic Planning and Finance

Son of Walmart founder, Sam Walton, Rob Walton served as Walmart's chairman of the board of directors from 1992 to 2015.

Rob joined the company in 1969. Prior to becoming chairman, he held a variety of positions with Walmart, including senior vice president, corporate secretary, general counsel and vice chairman. Before joining Walmart, Rob was a partner with the law firm of Conner & Winters in Tulsa, Okla. He is currently involved with a number of nonprofit and educational organizations, including Conservation International, where he serves as chairman of the executive committee, and the College of Wooster, where he is an Emeritus Life Trustee.

Forbes Billionaires Ranking:

S. Robson Walton was ranked 10 in the Forbes Billionaires list in the world for 2020, an improvement from rank 18 in 2019. According to Forbes, S. Robson Walton's net worth had increased by (20.49%) $9.2 billion to $54.1 billion in 2020.

Steven S. Reinemund

Director

Joined the Board: 2010 Committee: Compensation and Management Development (Chair); Nominating and Governance; Technology and eCommerce

Prior to joining Wake Forest University, Steven had a distinguished 23-year career with PepsiCo, Inc., where he served as chairman of the board from 2006 to 2007, and chairman and CEO from 2001 to 2006. Previously, Steven was PepsiCo's president and chief operating officer from 1999 to 2001 and chairman and CEO of Frito-Lay's worldwide operations from 1996 to 1999.

Steven has served as a director of Exxon Mobil Corporation and Marriott International, Inc., all since 2007. He previously served as a director of Johnson & Johnson from 2003 to 2008 and of American Express Company from 2007 to 2015. He is also a member of the board of trustees for The Cooper Institute. Steven is also a member of the board of directors of Chick-fil-A, Inc., the board of trustees for The Cooper Institute and the United States Naval Academy Foundation

Dan Bartlett

Executive Vice President

Dan Bartlett is executive vice president of corporate affairs for Walmart. He is responsible for government relations and public policy, corporate communications, philanthropy and the company's social responsibility and sustainability initiatives.

Before joining Walmart, Dan was president and chief executive officer of the U.S. division of Hill+Knowlton Strategies, where he served as a strategic advisor to business leaders representing key sectors of the American and global economy.

Prior to Hill+Knowlton Strategies, Dan served as president and CEO of Public Strategies, Inc. Previously, he served in several high-ranking positions at the White House, completing his service as counselor to President George W. Bush in July 2007. As one of President Bush's most trusted advisors, he was responsible for all aspects of communications for the president and his administration, including the White House press office, speechwriting and office of communications. Dan also played key roles in George W. Bush's presidential and Texas gubernatorial campaigns.

Donna Morris

Executive Vice President

Donna Morris is executive vice president and chief people officer for Walmart Inc. A member of the executive committee, Donna is responsible for attracting, retaining and developing talent for one of the world's largest private employers.

Donna has nearly 20 years of leadership experience in delivering innovative people solutions, developing and managing teams that operate in an agile way, and helping to build a high-performance culture that promotes diversity and inclusion. Donna joined Walmart from Adobe, where she served as chief human resources officer and executive vice president of employee experience.

A native of Ottawa, Canada, Donna joined Adobe in 2002 and most recently led all aspects of the company's human resources, real estate and security operations. She led a number of workplace-friendly initiatives at Adobe, including expanding its family leave policy and simplifying standard HR processes.

Donna has a bachelor of arts degree in political science from Carleton University. Donna holds the Society for Human Resource Management - Senior Certified Professional (SHRM-SCP), Senior HR Professional (SHRP) and Canadian Certified Human Resources Professional (CHRP) designations. She also serves on the board of directors of Marvell Technology.

Rachel Brand

Corporate Secretary

Shareholder Value:

Creation of shareholder value in Walmart:

Since appointment as Executive Vice President, Global Governance: The present value of $1,000 invested on the appointment date of February 09, 2018 at close price of $94.32 is $1,630, including a capital gain of $534 and dividend reinvested of $97.

SECTION 10 Tax & Dividend

10.1 Average Income Tax Paid (Past 5 Years)

In the past 5 years, Income Tax as % of profit before tax decreased from 30.3% to 24.4% and Income Tax as % of operating cash flow decreased from 30.3% to 24.4%.

Description202020192018201720165-yr avg10-yr avg
As % of profit before tax24.437.430.430.330.330.631.4
As % of operating cash flow24.437.430.427.130.329.926.4

10.2 Dividend History

In the past 5 years annual dividends have increased by 16.0c from 200.0c to 216.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

DateValue (c)Type
10 Dec 202054Quarterly
13 Aug 202054Quarterly
07 May 202054Quarterly
19 Mar 202054Quarterly
Tr 12 Months216
2019 - 2020212
2018 - 2019208
2017 - 2018204
2016 - 2017200

SECTION 11 Financials Q3 2021, FY 2020, Past 10 Years

11.1 Quarterly Report (Q3/2021): Key Parameters

Walmart EPS drops 21%

Release Date: December 02, 2020

Walmart (NYSE:WMT), announced EPS of $1.81 for the quarter-ended 31 October 2020 [Q3/2021], down 21% sequentially from $2.29 in the previous quarter [Q2/2021].

Quarter-ended31 Oct [Q3/2021]31 Jul [Q2/2021]30 Apr [Q1/2021]
EPS, $1.82.31.4
Sequential growth in EPS %-21.062-
Revenue, $ billion135138135
Sequential growth in Revenue %-2.22.3-
Net Profit, $ billion5.16.54.0
Sequential growth in Net Profit %-20.762-

Compared with the Previous Corresponding Period [PCP; Q3/2020], year-over-year [y.o.y.] EPS was up 56%, Revenue was up 5.2% and Net Profit was up 56.2%.

Quarter-ended31 Oct [Q3/2021]31 Oct [Q3/2020]
EPS, $1.81.2
PCP growth in EPS %56100
Revenue, $ billion135128
PCP growth in Revenue %5.22.5
Net Profit, $ billion5.13.3
PCP growth in Net Profit %5692

11.2 Financial Results as reported (Q3/2021)

SEC FILING 10-Q RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In $ Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (Q3/2021)

Description$ Million$ Million
Oct 3120202019Change %
Revenues:
Net sales133,752126,981Up 5.3
Membership and other income9561,010Down 5.3
Total revenues134,708127,991Up 5.2
Costs and expenses:
Cost of sales100,33995,900Up 4.6
Operating, selling, general and administrative expenses28,59127,373Up 4.4
Operating income5,7784,718Up 22.5
Interest:
Debt455547Down 16.8
Finance lease8686Steady
Interest income-25-44Reduced 43.2
Interest, net516589Down 12.4
Other (gains) and losses-1,853-244Deterioration 659.4
Income before income taxes7,1154,373Up 62.7
Provision for income taxes1,9141,052Up 81.9
Consolidated net income5,2013,321Up 56.6
Consolidated net income attributable to noncontrolling interest-66-33Deterioration 100.0
Consolidated net income attributable to Walmart5,1353,288Up 56.2
Net income per common share:
Basic net income per common share attributable to Walmart$1.81$1.16Up 56.0
Diluted net income per common share attributable to Walmart$1.80$1.15Up 56.5
Weighted-average common shares outstanding:
Basic2,833,000,0002,843,000,000Down 0.4
Diluted2,849,000,0002,861,000,000Down 0.4
Dividends declared per common share
Consolidated net income5,2013,321Up 56.6
Consolidated net income attributable to noncontrolling interest-66-33Deterioration 100.0
Consolidated net income attributable to Walmart5,1353,288Up 56.2
Other comprehensive income (loss), net of income taxes
Currency translation and other1,262-1,188Recovery
Net investment hedges-1-113Improved 99.1
Cash flow hedges-12
Minimum pension liability168Up 100.0
Other comprehensive income (loss), net of income taxes1,277-1,305Recovery
Other comprehensive (income) loss attributable to noncontrolling interest-109193Deterioration
Other comprehensive income (loss) attributable to Walmart1,168-1,112Recovery
Comprehensive income, net of income taxes6,4782,016Up 221.3
Comprehensive (income) loss attributable to noncontrolling interest-175160Deterioration
Comprehensive income attributable to Walmart6,3032,176Up 189.7

BALANCE SHEET AS REPORTED (Q3/2021)

Description$ Million$ Million
Oct 31, 2020Jan 31, 2020Change %
ASSETS
Current assets:
Cash and cash equivalents14,3259,465Up 51.3
Receivables, net5,7706,284Down 8.2
Inventories51,84244,435Up 16.7
Prepaid expenses and other1,6651,622Up 2.7
Total current assets73,60261,806Up 19.1
Property and equipment, net102,232105,208Down 2.8
Operating lease right-of-use assets17,12817,424Down 1.7
Finance lease right-of-use assets, net4,9294,417Up 11.6
Goodwill30,23631,073Down 2.7
Other long-term assets22,73616,567Up 37.2
177,261174,689Up 1.5
Total assets250,863236,495Up 6.1
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings240575Down 58.3
Accounts payable54,15246,973Up 15.3
Dividends payable1,529
Accrued liabilities24,99522,296Up 12.1
Accrued income taxes548280Up 95.7
Long-term debt due within one year4,3585,362Down 18.7
Operating lease obligations due within one year1,7251,793Down 3.8
Finance lease obligations due within one year574511Up 12.3
Total current liabilities88,12177,790Up 13.3
Long-term debt40,84943,714Down 6.6
Long-term operating lease obligations15,98216,171Down 1.2
Long-term finance lease obligations4,7504,307Up 10.3
Deferred income taxes and other13,65712,961Up 5.4
75,23877,153Down 2.5
Commitments and contingencies
Equity:
Common stock283284Down 0.4
Capital in excess of par value3,4853,247Up 7.3
Retained earnings92,27983,943Up 9.9
Accumulated other comprehensive loss-14,616-12,805Deterioration 14.1
Total Walmart shareholders' equity81,43174,669Up 9.1
Noncontrolling interest6,0736,883Down 11.8
Total equity87,50481,552Up 7.3
Total liabilities and equity250,863236,495Up 6.1

CASH FLOW AS REPORTED (Q3/2021)

Description$ Million$ Million
Oct 3120202019Change %
Cash flows from operating activities:
Consolidated net income15,71410,907Up 44.1
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization8,3338,159Up 2.1
Unrealized (gains) and losses-6,883-911Deterioration 655.5
Losses and (gains) on disposal of business operations1,028-1Recovery
Deferred income taxes1,246574Up 117.1
Other operating activities930938Down 0.9
Changes in certain assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net165661Down 75.0
Inventories-8,260-7,558Deterioration 9.3
Accounts payable8,5532,925Up 192.4
Accrued liabilities1,796-1,107Recovery
Accrued income taxes258-48Recovery
Net cash provided by operating activities22,88014,539Up 57.4
Cash flows from investing activities:
Payments for property and equipment-6,438-7,765Improved 17.1
Proceeds from the disposal of property and equipment99218Down 54.6
Proceeds from the disposal of certain operations12833Down 98.6
Payments for business acquisitions, net of cash acquired-180-56Deterioration 221.4
Other investing activities485
Net cash used in investing activities-6,507-6,285Deterioration 3.5
Cash flows from financing activities:
Net change in short-term borrowings-301-282Deterioration 6.7
Proceeds from issuance of long-term debt5,492
Repayments of long-term debt-4,132-1,907Deterioration 116.7
Dividends paid-4,582-4,545Deterioration 0.8
Purchase of Company stock-1,186-4,829Improved 75.4
Dividends paid to noncontrolling interest-76-407Improved 81.3
Other financing activities-1,063-735Deterioration 44.6
Net cash used in financing activities-11,340-7,213Deterioration 57.2
Effect of exchange rates on cash, cash equivalents and restricted cash-170-166Deterioration 2.4
Net increase in cash, cash equivalents and restricted cash4,863875Up 455.8
Cash, cash equivalents and restricted cash at beginning of year9,5157,756Up 22.7
Cash, cash equivalents and restricted cash at end of period14,3788,631Up 66.6

11.3 Annual Report (FY 2020): Key Parameters

Walmart Net Profit up 123%

Release Date: March 20, 2020

Walmart (NYSE:WMT) reported net profit for the year-ended 31 January 2020 [FY2020] of $US14.9b, up 123.1% from $US6.7b in the previous year [FY2019]. Earnings per share (EPS) were up 128.9% from $US2.28 in FY2019 to $US5.22 in FY2020.

Major changes compared with previous year (FY2020 vs FY2019):

Favourable Changes:

- EBIT Margin up from 2.2% to 3.9%

- EBIT to total assets up from 5.2% to 8.5%

- Profit before tax to Sales up from 2.2% to 3.9%

- Total non-current assets to Total Assets up from 71.8% to 73.9%

Unfavourable Changes:

- Total revenue to total assets down from 2.3 to 2.2

- Debt to Equity up 7.8% from 0.6 to 0.7

- Total liabilities to Total assets up 3.1% from 0.6 to 0.7

- Retained earnings to total assets down from 36.8% to 35.5%

- Fixed Assets to Total Assets down from 47.6% to 44.5%

- Total current assets to Total Assets down from 28.2% to 26.1%

- Total Liabilities to EBITDA of 7.7 compares unfavourably with the Joseph Piotroski benchmark of <5. However, it has improved by 36.8% from the previous year's ratio of 12.2.

- Total Liabilities to Operating Cash Flow of 6.1 compares unfavourably with the Joseph Piotroski benchmark of <4. This ratio has deteriorated by 22.1% from the previous year's ratio of 5.0.

- Net tangible assets per share down 39.2% from $US16.42 to $US9.98

Note:

- Total revenue steady at $US524.0b

- Cost of Goods Sold to Sales up from 75.5% to 75.9%

- Sales and marketing expenses to Sales down from 21% to 20.9%

- Tax expenses to Sales up from 0.8% to 0.9%

- Current ratio steady at 0.8

- Intangibles to Total Assets up from 14.2% to 22.4%

- Current Inventory to Total Assets down from 20.2% to 18.8%

Year-on-year comparison of Performance Ratios [FY2020 vs FY2019]

January 31FY2020FY2019Change (%)
Return on Assets (%)6.43.3Up 93.9
Total debt to net tangible assets (%)196.5106Up 85.4
Total Liabilities to EBITDA7.712.2Down 36.8
Total Liabilities to Operating Cash Flow6.15Up 22.1
Debt/Equity0.70.6Up 7.8
Total Liabilities/Total Assets0.70.6Up 3.1
Current Ratio (Down 1.3% from 0.8 to 0.79)0.80.8Down 1.3
Common Size Ratios by Assets %
Total non-current assets to Total Assets 73.9 71.8 Up 3.0
Fixed Assets to Total Assets 44.5 47.6 Down 6.5
Total current assets to Total Assets 26.1 28.2 Down 7.5
Intangibles to Total Assets 22.4 14.2 Up 57.5
Current Inventory to Total Assets 18.8 20.2 Down 6.9
Common Size Ratios by Sales %
Cost of Goods Sold to Sales 75.9 75.5 Up 0.5
Sales and marketing expenses to Sales 20.9 21.0 Down 0.5
Profit before tax to Sales 3.9 2.2 Up 73.7
Tax expenses to Sales 0.9 0.8 Up 7.3

Five-year record of growth and performance:

In the last 5 years Total Revenue averaged $US501.3B, EBITDA averaged $US18.2B and Net Profit averaged $US12.5B. Compound Annual Growth Rate (CAGR) averaged 1.5% for Total Revenue, -1.9% for Net Profit and -9.9% for EBITDA.

DescriptionAnnual ($US B)5-year Avg ($US B)5-year CAGR %
Total Revenue524501.31.5
EBITDA20.118.2(9.9)
Operating Profit20.118.2(4.1)
Net Profit14.912.5(1.9)

Five-year record of EBITDA, Operating Profit, Net Profit, ROE, ROA and ROCE

In 2020 Net Profit Margin of 2.9% was above its 5-year Avg of 2.5% (All Figures in %)

Description20205-year Avg
EBITDA Margin3.93.7
Operating Profit Margin3.93.7
Net Profit Margin2.92.5
Return on Equity18.615.3
Return on Assets6.45.9
Return on Capital Employed12.713.2

11.4 Financial Results as reported (FY 2020)

10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION

(In $US Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2020)

Description$US Million$US Million
Jan 3120202019Change %
Revenues:
Net sales519,926510,329Up 1.9
Membership and other income4,0384,076Down 0.9
Total revenues523,964514,405Up 1.9
Costs and expenses:
Cost of sales394,605385,301Up 2.4
Operating, selling, general and administrative expenses108,791107,147Up 1.5
Operating income20,56821,957Down 6.3
Interest:
Debt2,2621,975Up 14.5
Finance, capital lease and financing obligations337371Down 9.2
Interest income-189-217Improved 12.9
Interest, net2,4102,129Up 13.2
Loss on extinguishment of debt
Other (gains) and losses-1,9588,368Deterioration
Income before income taxes20,11611,460Up 75.5
Provision for income taxes4,9154,281Up 14.8
Consolidated net income15,2017,179Up 111.7
Consolidated net income attributable to noncontrolling interest-320-509Improved 37.1
Consolidated net income attributable to Walmart14,8816,670Up 123.1
Net income per common share:
Basic net income per common share attributable to Walmart$US5.22$US2.28Up 128.9
Diluted net income per common share attributable to Walmart$US5.19$US2.26Up 129.6
Weighted-average common shares outstanding:
Basic2,850,000,0002,930,000,000Down 2.7
Diluted2,870,000,0002,950,000,000Down 2.7
Dividends declared per common share2.122.08Up 1.9
Consolidated net income15,2017,179Up 111.7
Consolidated net income attributable to noncontrolling interest-320-509Improved 37.1
Consolidated net income attributable to Walmart14,8816,670Up 123.1
Other comprehensive income (loss), net of income taxes
Currency translation and other286-226Recovery
Net investment hedges122272Down 55.1
Cash flow hedges-399-290Deterioration 37.6
Minimum pension liability-1,244131Deterioration
Unrealized gain on available-for-sale securities
Other comprehensive income (loss), net of income taxes-1,235-113Deterioration 992.9
Other comprehensive (income) loss attributable to noncontrolling interest-28188Deterioration
Other comprehensive income (loss) attributable to Walmart-1,26375Deterioration
Comprehensive income, net of income taxes13,9667,066Up 97.7
Comprehensive income attributable to noncontrolling interest-348-321Deterioration 8.4
Comprehensive income attributable to Walmart13,6186,745Up 101.9

BALANCE SHEET AS REPORTED (FY 2020)

Description$US Million$US Million
Jan 3120202019Change %
ASSETS
Current assets:
Cash and cash equivalents9,4657,722Up 22.6
Receivables, net6,2846,283Up
Inventories44,43544,269Up 0.4
Prepaid expenses and other1,6223,623Down 55.2
Total current assets61,80661,897Down 0.1
Property and equipment, net105,208104,317Up 0.9
Operating lease right-of-use assets17,424
Finance lease right-of-use assets, net4,417
Property under capital lease and financing obligations, net7,078
Goodwill31,07331,181Down 0.3
Other long-term assets16,56714,822Up 11.8
174,689157,398Up 11.0
Total assets236,495219,295Up 7.8
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings5755,225Down 89.0
Accounts payable46,97347,060Down 0.2
Accrued liabilities22,29622,159Up 0.6
Accrued income taxes280428Down 34.6
Long-term debt due within one year5,3621,876Up 185.8
Operating lease obligations due within one year1,793
Finance lease obligations due within one year511
Capital lease and financing obligations due within one year729
Total current liabilities77,79077,477Up 0.4
Long-term debt43,71443,520Up 0.4
Long-term operating lease obligations16,171
Long-term finance lease obligations4,307
Long-term capital lease and financing obligations6,683
Deferred income taxes and other12,96111,981Up 8.2
77,15362,184Up 24.1
Commitments and contingencies
Equity:
Common stock284288Down 1.4
Capital in excess of par value3,2472,965Up 9.5
Retained earnings83,94380,785Up 3.9
Accumulated other comprehensive loss-12,805-11,542Deterioration 10.9
Total Walmart shareholders' equity74,66972,496Up 3.0
Noncontrolling interest6,8837,138Down 3.6
Total equity81,55279,634Up 2.4
Total liabilities and equity236,495219,295Up 7.8

CASH FLOW AS REPORTED (FY 2020)

Description$US Million$US Million
Jan 3120202019Change %
Cash flows from operating activities:
Consolidated net income15,2017,179Up 111.7
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization10,98710,678Up 2.9
Unrealized (gains) and losses-1,8863,516Deterioration
(Gains) and losses for disposal of business operations154,850Down 99.7
Asda pension contribution-1,036
Deferred income taxes320-499Recovery
Loss on extinguishment of debt
Other operating activities1,9811,734Up 14.2
Changes in certain assets and liabilities, net of effects of acquisitions:
Receivables, net154-368Recovery
Inventories-300-1,311Improved 77.1
Accounts payable-2741,831Deterioration
Accrued liabilities186183Up 1.6
Accrued income taxes-93-40Deterioration 132.5
Net cash provided by operating activities25,25527,753Down 9.0
Cash flows from investing activities:
Payments for property and equipment-10,705-10,344Deterioration 3.5
Proceeds from the disposal of property and equipment321519Down 38.2
Proceeds from the disposal of certain operations833876Down 4.9
Payments for business acquisitions, net of cash acquired-56-14,656Improved 99.6
Other investing activities479-431Recovery
Net cash used in investing activities-9,128-24,036Improved 62.0
Cash flows from financing activities:
Net change in short-term borrowings-4,656-53Deterioration 8,684.9
Proceeds from issuance of long-term debt5,49215,872Down 65.4
Repayments of long-term debt-1,907-3,784Improved 49.6
Premiums paid to extinguish debt
Dividends paid-6,048-6,102Improved 0.9
Purchase of Company stock-5,717-7,410Improved 22.8
Dividends paid to noncontrolling interest-555-431Deterioration 28.8
Purchase of noncontrolling interest
Other financing activities-908-629Deterioration 44.4
Net cash used in financing activities-14,299-2,537Deterioration 463.6
Effect of exchange rates on cash, cash equivalents and restricted cash-69-438Improved 84.2
Net increase (decrease) in cash, cash equivalents and restricted cash1,759742Up 137.1
Cash, cash equivalents and restricted cash at beginning of year7,7567,014Up 10.6
Cash, cash equivalents and restricted cash at end of year9,5157,756Up 22.7
Supplemental disclosure of cash flow information:
Income taxes paid3,6163,982Down 9.2
Interest paid2,4642,348Up 4.9

11.5 Download WALMART Financials Past 10 Years

Description (January 31)2020201920182017201620152014201320122011
Income Statement
Revenue per share 182.57174.37166.23156.13149.87149.75145.08138.29128.66114.95
Other Revenue (B)44.14.63.4
EBITDA (B)3435.736.234.733.2
Depreciation (B)9.28.98.58.17.6
EBIT (B)22.926.927.726.625.5
Interest (B)2.42.22.12.22
Profit before tax (B)20.524.725.724.423.5
Tax (B)4.94.34.66.26.688.187.97.6
Net profit (B)14.96.79.913.614.716.4161715.716.4
EPS 5.222.283.294.44.575.054.885.024.524.47
Balance Sheet
Equity Share Capital (B)74.772.577.975.177.576.971.270.966.965.8
Retained Earnings (B)83.980.874.989.49085.876.67368.764
Total Debt (B)56.351.439.739.95050.256.654.153.449.9
Total Assets (B)236.5219.3204.5198.8199.6203.5204.8203.1193.4180.8
Current Asset (B)61.861.959.757.760.263.361.259.95552
Fixed Asset (B)105.2104.3107.7114.2110.2114.3115.4113.92.72.8
Working Capital (B)(16)(15.6)(18.9)(9.2)(4.4)(2)(8.2)(11.9)(7.3)(6.6)
Cash Flow
Operating Cash Flow (B)25.327.828.331.727.428.623.325.624.323.6
Investing Cash Flow (B)(9.1)(24)(9.1)(14)(10.7)(11.1)(12.3)(12.6)(16.6)(12.2)
Financing Cash Flow (B)(14.3)(2.5)(19.9)(19.1)(16.1)(15.1)(11)(12)(8.5)(12)
Net Cash Flow 1.8 B1.2 B(617 M)(1.4 B)592 M2.4 B(58 M)1 B(812 M)(578 M)

SECTION 12 Peer Group Analysis & Ranking

12.1 Global Peer Group (all figures in $): Key Financials

In its Global Peer Group of 9 companies WMT is ranked first by MCap, Revenue, Net Profit, Total Assets, fourth by PV $1000 (1 yr) and ninth by Relative Str. (6 mo).

Name (Code)Relative Str. (6 mo)MCapPV $1000 (1 yr)RevenueNet ProfitTotal Assets
Rank of WMT914111
Walmart (WMT)52409.9B1,297.2524B14.9B236.5B
Target (TGT)8597.5B1,733.278.1B3.3B42.8B
Japan Tobacco (2914)5239.4B1,032.921B3.4B53.6B
Tesco (TSCO)5632.3B1,115.987.4B1.8B77.9B
Ocado Group (OCDO)6025.7B1,970.42.4B(289.7M)3.1B
Wilmar International (F34)6225.3B1,335.642.6M1.3M47M
Kirin Holdings (2503)5420.3B1,051.718.7B575.2M23.3B
Asahi Group (2502)5920.3B934.420.1B1.4B30.3B
Carrefour (CA)6717.1B1,283.290.6B1.4B62B

Global Peer Group: Relative Value Indicators

WMT is ranked second by P/S, fourth by P/Book, Turnover Rate and fifth by P/E.

Name (Code)Country CodeLast PriceP/EP/SP/BookTurnover Rate (%)% Disc to 52-w HiRetention Ratio
Rank of WMT5244
Walmart (WMT)US$144.6421.20.814.671.43.769.0
Target (TGT)US$194.8030.71.38.3159.51.658.3
Japan Tobacco (2914)JPJPY2,059.012.41.918.666.49.66.7
Tesco (TSCO)GBGBX241.604.156.83.0
Ocado Group (OCDO)GBGBX2,513.010.737.344.813.7
Wilmar International (F34)SGSGD5.2219.7592.229.80.8
Kirin Holdings (2503)JPJPY2,339.033.91.12.862.68.64.4
Asahi Group (2502)JPJPY4,233.013.41.091.117.665.9
Carrefour (CA)FREUR16.6111.80.226.693.68.2

12.2 BuySellSignals Fundamentals Valuation Ranking: Walmart vs NYSE Market

Out of 1,804 stocks and 273 units in the NYSE Market, Walmart is ranked first by Revenue, twelfth by P/Earnings/ Growth, eighteenth by Net Profit $ and 232nd by Premium to 52-Wk Low.

NYSE AvgWMTRankRank 1Rank 2Rank 3Lowest Rank
Revenue $- 1 264.9 B XOM256.8 B CVS
P/Earnings/ Growth-0.2x120.1x JAX0.1x OFC0.1x DAR-
Net Profit $-14.9 B1881.4 B BRK.A45.7 B AAPL34.6 B JPM
Premium to 52-Wk Low (%)78.9744.22325.2 TR5.6 NWN7.95 RPLA-
P/Earnings36.5x20.8x4681.6x UIS1.7x VTOL2.1x MUR-
Total Debt/Equity (the lower the better)0.8x0.7x921BITDSUBGT11.5x GTT
Yield (%)1.61.5119119.3 GEO17.4 USDP16.9 PEI0.02 COO
Price/Net Tangible Assets5.3x14.3x12570.1x ICD0.1x BORR0.1x TK-
Discount to 52-Wk High (%)6.65.5131790.2 AHT86.4 KODK85.2 HPR0.04 LH
EBITDA Margin%12.53.8139289.4 MPW87.6 PLD86.97 SPG(87.9) KOPN

Negative values are shown in brackets.

12.3 Market Share

Walmart has a position of market dominance in the Broadline Retailers sector.

Walmart vs Broadline Retailers sector [Broadline Retailers sector Total in Brackets]

Revenue of $524 billion[81.5% of aggregate sector revenue of $686.4 billion; up from 81.4% in the previous year.]

Net Profit of $14.9 billion [79.6% of aggregate sector net profit of $21.6 billion; up from 62.8% in the previous year.]

EBIT of $20.1 billion [80.2% of aggregate sector EBIT of $29 billion; up from 69.5% in the previous year.]

12.4 Share in Index

Walmart is a constituent of the following indices. Its market capitalisation accounts for 4.2% of the combined MCap of the Dow Jones Industrials Index.

Index NameMCap of Index ($ B)MCap as % of Index
Dow Jones Industrials Index9,723 4.2
NYSE U.S. 100 Index20,002 2.0
NYSE Composite Index24,070 1.7
S&P 500 Index32,567 1.3

12.5 Global Rank [out of 47,979 stocks] and Rank of Walmart in the American Region [out of 11,948 stocks]

DescriptionValueGlobal RankIn Am Region
MCap ($)409.9B3833
Total Assets ($)236.5B316138
Revenue ($)524B93
Net Profit ($)14.9B5620
Return on Equity %18.64,056915
Net Profit Margin %2.920,6933,421
Price to Book14.532,9865,337
Price/Earnings21.112,5251,742
Yield %1.514,3282,926
PV1000 (1Year) $1,29713,5732,846
$ Change (1Year) %29.413,3222,852

12.6 Rank of Walmart in the S&P 500 Index [out of 363 stocks] and in the Total NYSE Market [out of 1959 stocks]

DescriptionValueIn S&P 500 IndexIn Total NYSE Market
MCap ($)409.9B49
Total Assets ($)236.5B2534
Revenue ($)524B11
Net Profit ($)14.9B711
Return on Equity %18.6120298
Net Profit Margin %2.93011,180
Price to Book14.31731,312
Price/Earnings20.8117486
Yield %1.52061,086
PV1000 (1Year) $1,29765411

12.7 Long-Term Fundamental Ranking: 4 out of 5 [5 is best]

Walmart is ranked number 1 out of 6 listed broadline retailer in the United States with a market capitalization of $409.9 billion.

Within its sector it has a relatively moderate P/E of 20.8, moderate P/E/G of 0.16 and moderate Price/Sales of 0.8.

It has a moderate relative ROE of 18.6% and ROA of 6.4%. The company paid a dividend of $1.62 in the last twelve months. The dividend yield is moderate at 1.5%. Finally, its earnings growth in the past 12 months has been a comparatively high 128.9%.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

SECTION 13 Q3/2020 INSTITUTIONAL SHAREHOLDER ACTIVITY

13.1 Top 100 Institutional Shareholders of Walmart as at September 30, 2020

As at September 30, 2020, 2161 Institutions held investments in Walmart. Institutions had decreased their holdings to 29.31% of issued capital, down from 30.02% nine months ago. The top 100 institutional shareholders held 25.1% shares of Walmart. The largest shareholder was Vanguard Group with 4.7% of Walmart. The second largest shareholder was Blackrock with 3.1%.

*Note: Minimum Core Shareholding is computed on the basis of SEC filings over the last 12 quarters (3 years). A higher % of shareholding above the minimum core holding may be indicative of a potential positioning by the institution to overweight.

Institution (CIK)SharesHolding %Value $Minimum Core Holding*% Above Min Core Holding*
Vanguard Group (0000102909)133,071,5204.718.6 B106,824,72324.6
Blackrock (0001364742)87,111,0673.112.2 B85,644,4681.7
State Street (0000093751)67,377,8492.49.4 B65,612,2792.7
Bank of America (0000070858)23,039,7240.813.2 B16,761,70537.5
FMR (0000315066)21,702,2990.773 B19,306,28712.4
Geode Capital Management (0001214717)21,161,0510.753 B15,815,06333.8
Northern Trust (0000073124)16,617,2300.592.3 B16,446,1951.0
State Farm Mutual Automobile Insurance Co (0000315032)14,698,8500.522.1 B14,698,8500
Morgan Stanley (0000895421)12,908,4580.461.8 B10,245,85826.0
Wells Fargo & Co (0000072971)12,414,7980.441.7 B11,683,7366.3
Bank of New York Mellon (0001390777)11,637,9600.411.6 B11,398,1072.1
Bill & Melinda Gates Foundation Trust (0001166559)11,603,0000.411.6 B11,603,0000
Fisher Asset Management (0000850529)11,332,2530.41.6 B8,706,98130.2
Nuveen Asset Management (0001521019)10,516,1570.371.5 B228,7054,498
Legal & General Group (0000764068)9,887,9890.351.4 B7,023,72440.8
Schwab Charles Investment Management (0000884546)9,561,7120.341.3 B7,118,80434.3
AllianceBernstein (0001109448)8,695,0200.311.2 B6,924,84425.6
Dimensional Fund Advisors (0000354204)8,329,4840.291.2 B8,329,4840
Goldman Sachs Group (0000886982)8,285,1480.291.2 B7,263,03714.1
JP Morgan Chase & Co (0000019617)7,989,3730.281.1 B3,542,531126
Putnam Investments (0001421578)6,659,5240.24931.7 M584,7161,039
Price T Rowe Associates (0000080255)6,552,9490.23916.8 M6,552,9490
Royal Bank of Canada (0001000275)6,545,0680.23915.7 M4,637,13341.1
California Public Employees Retirement System (0000919079)6,486,0660.23907.5 M3,578,39581
Sumitomo Mitsui Trust Holdings (0001475365)6,373,7270.22891.7 M4,700,26235.6
UBS Global Asset Management Americas (0000861177)6,326,4950.22885.1 M4,338,45545.8
Swiss National Bank (0001582202)6,218,7580.22870.1 M5,154,55820.6
Parametric Portfolio Associates (0000932859)5,645,4040.2789.8 M5,239,7407.7
Ameriprise Financial (0000820027)5,104,6250.18714.2 M3,742,62836.4
UBS Group (0001610520)4,786,4320.17669.7 M3,362,45542.3
Bank of Montreal (0000927971)4,705,1160.17658.3 M4,369,0717.7
Franklin Resources (0000038777)4,344,4180.15607.8 M3,726,13916.6
Pioneer Investment Management (0001102598)4,164,7620.15582.7 M3,243,91728.4
Wellington Management Group (0000902219)3,905,8850.14546.5 M1,933,835102
Invesco (0000914208)3,702,0550.13518 M2,707,56436.7
New York State Common Retirement Fund (0000810265)3,425,7630.12479.3 M3,425,7630
Raymond James (0001084208)3,327,5240.12465.6 M1,826,12782
Deutsche Bank (0000948046)3,159,1860.11442 M2,191,64144.1
Clearbridge Investments (0001348883)3,116,8560.11436.1 M3,116,8560
American Century Companies (0000748054)3,050,8780.11426.8 M2,487,08322.7
Cullinan Associates (0001161670)3,039,9440.11425.3 M2,944,1843.3
Manufacturers Life Insurance (0000928047)2,951,4430.1412.9 M2,435,17221.2
Prudential Financial (0001137774)2,915,9060.1408 M1,564,20286
AQR Capital Management (0001167557)2,831,7690.1396.2 M2,831,7690
Stifel Financial (0000720672)2,726,8440.1381.5 M1,317,284107
California State Teachers Retirement System (0001081019)2,726,6970.1381.5 M2,670,3892.1
Rhumbline Advisers (0001115418)2,685,9000.09375.8 M2,389,14912.4
Massachusetts Financial Services Co (0000912938)2,608,8870.09365 M22,90011,293
Henderson Group (0001274173)2,606,4460.09364.7 M1,026,464154
U.S. Bancorp (DE) (0000036104)2,396,0460.08335.2 M1,953,93722.6
Capital World Investors (0001422849)2,373,0940.08332 M2,373,0940
Renaissance Technologies (0001037389)2,334,8260.08326.7 M25,4009,092
Principal Financial Group (0001126328)2,251,8340.08315.1 M2,213,4881.7
Credit Suisse (0000824468)2,145,7480.08300.2 M2,017,3216.4
Barclays (0000312069)2,139,7350.08299.4 M915,021134
Epoch Investment Partners (0001305841)2,120,2340.07296.6 M191,9101,005
Raymond James Financial Services Advisors (0001462284)2,092,6860.07292.8 M733,458185
HSBC Holdings (0000873630)2,020,0280.07282.6 M1,891,0136.8
Ensign Peak Advisors (0001454984)2,019,6360.07282.6 M2,019,6360
Citigroup (0000831001)2,002,4950.07280.2 M1,057,22389
State Board of Administration of Florida Retirement System (0000938076)1,974,6670.07276.3 M1,869,2435.6
TD Asset Management (0001056053)1,924,4650.07269.3 M1,046,98784
Aperio Group (0001364615)1,871,3720.07261.8 M1,660,91012.7
Eaton Vance Management (0001076598)1,861,7050.07260.5 M362,726413
Mitsubishi UFJ Trust & Banking (0001462160)1,830,7790.06256.1 M1,289,02442.0
Neuberger Berman Group (0001465109)1,752,9820.06245.3 M1,752,9820
National Pension Service (0001608046)1,684,9670.06235.7 M1,202,23240.2
PNC Financial Services Group (0000713676)1,631,1090.06228.2 M1,590,1042.6
Great West Life Assurance Co (0001046192)1,630,6120.06228.1 M1,630,6120
Altshuler Shaham (0001324290)1,629,1700.06227.9 M572,858,093
Two Sigma Investments (0001179392)1,617,0890.06226.2 M14,30711,203
Comgest Global Investors (0001574947)1,588,0910.06222.2 M946,30068
Adage Capital Partners (0001165408)1,563,0450.06218.7 M1,563,0450
Toronto Dominion Bank (0000947263)1,513,9280.05211.8 M644,558135
Envestnet Asset Management (0001407543)1,495,1340.05209.2 M132,6461,027
Waddell & Reed (0001052100)1,408,8300.05197.1 M727,90094
Bridgewater Associates (0001350694)1,394,1870.05195.1 M14,9079,253
Robeco Institutional Asset Management (0001418773)1,362,6330.05190.6 M1,155,06818.0
FIL (0000318989)1,304,6390.05182.5 M337,542287
Thrivent Financial for Lutherans (0000314984)1,301,0840.05182 M776,22268
Jennison Associates (0000053417)1,280,9970.05179.2 M1,248,1822.6
Canada Pension Plan Investment Board (0001283718)1,274,2760.04178.3 M1,139,65511.8
Panagora Asset Management (0000883677)1,264,7080.04176.9 M1,236,7022.3
Voya Investment Management (0001068837)1,262,1160.04176.6 M670,04088
State of Wisconsin Investment Board (0000854157)1,237,8410.04173.2 M1,096,74612.9
Acadian Asset Management (0000916542)1,232,7210.04172.5 M117,842946
BB&T (0000092230)1,213,9460.04169.8 M46,5132,510
State of Tennessee, Treasury Department (0001587973)1,168,9820.04163.6 M494,763136
Arrowstreet Capital (0001164508)1,156,8410.04161.9 M8,62813,308
1832 Asset Management (0000944388)1,153,7100.04161.4 M680169,563
Caisse De Depot Et Placement Du Quebec (0000898286)1,125,6520.04157.5 M674,27867
Railway Pension Investments (0001658020)1,121,8220.04157 M844,92232.8
DZ BANK Deutsche Zentral Genossenschafts Bank (0001694217)1,079,7950.04151.1 M25,8994,069
LSV Asset Management (0001050470)1,069,2000.04149.6 M1,069,2000
Proshare Advisors (0001357955)1,054,2110.04147.5 M1,019,6083.4
First Trust Advisors (0001125816)1,051,3950.04147.1 M60,1561,648
Chevy Chase Trust Holdings (0001462020)1,043,7950.04146 M1,043,7950
Capital Research Global Investors (0001422848)1,009,4370.04141.2 M1,009,4370
Bessemer Group (0001054074)996,3770.04139.4 M36,3952,638
Korea Investment (0001441689)966,3640.03135.2 M966,3640
Held by Top 100709,637,30525.0799.3 billion - -

13.2 Major Increases in Top 100 institutional shareholders September 30, 2020 vs June 30, 2020

Morgan Stanley increased their shareholding in Walmart by 2.7 million shares worth $ 359.4 million. FMR increased their shareholding by 2.4 million shares worth $ 323.5 million.

Institution (CIK)Increase in SharesIncrease Value, $
Morgan Stanley (0000895421)2,662,600359.4 M
FMR (0000315066)2,396,012323.5 M
Bank of America (0000070858)1,877,098253.4 M
Nuveen Asset Management (0001521019)1,613,467217.8 M
Royal Bank of Canada (0001000275)968,761130.8 M
Goldman Sachs Group (0000886982)832,702112.4 M
Deutsche Bank (0000948046)792,001106.9 M
UBS Global Asset Management Americas (0000861177)758,348102.4 M
Massachusetts Financial Services Co (0000912938)732,83698.9 M
JP Morgan Chase & Co (0000019617)699,22494.4 M
Ameriprise Financial (0000820027)554,74974.9 M
Citigroup (0000831001)448,70760.6 M
Bank of Montreal (0000927971)336,04545.4 M
Wells Fargo & Co (0000072971)301,59940.7 M
Fisher Asset Management (0000850529)289,09639 M
UBS Group (0001610520)235,97931.9 M
Eaton Vance Management (0001076598)214,28928.9 M
AllianceBernstein (0001109448)210,40028.4 M
Franklin Resources (0000038777)187,20125.3 M
Stifel Financial (0000720672)132,63317.9 M
Raymond James Financial Services Advisors (0001462284)119,70716.2 M
California Public Employees Retirement System (0000919079)101,80113.7 M
Cullinan Associates (0001161670)95,76012.9 M
Acadian Asset Management (0000916542)83,89111.3 M
Caisse De Depot Et Placement Du Quebec (0000898286)83,40011.3 M
Prudential Financial (0001137774)81,84211 M
Putnam Investments (0001421578)76,50710.3 M
Raymond James (0001084208)74,33410 M
Manufacturers Life Insurance (0000928047)41,4955.6 M
Envestnet Asset Management (0001407543)40,7945.5 M
Proshare Advisors (0001357955)34,6034.7 M
Jennison Associates (0000053417)32,8154.4 M
Wellington Management Group (0000902219)28,5053.8 M
Panagora Asset Management (0000883677)28,0063.8 M
PNC Financial Services Group (0000713676)27,4523.7 M
Railway Pension Investments (0001658020)23,9003.2 M
Comgest Global Investors (0001574947)16,5492.2 M
U.S. Bancorp (DE) (0000036104)14,2811.9 M
Toronto Dominion Bank (0000947263)9,2611.3 M
State of Wisconsin Investment Board (0000854157)8,3961.1 M
State Board of Administration of Florida Retirement System (0000938076)6,154830,764
Total17,273,200

13.3 Major Decreases in Top 100 institutional shareholders September 30, 2020 vs June 30, 2020

Renaissance Technologies reduced their shareholding in Walmart by 5.4 million shares worth $ 732.1 million. State Street reduced their shareholding by 2.4 million shares worth $ 321.8 million.

Institution (CIK)Decrease in SharesDecrease Value, $
Renaissance Technologies (0001037389)5,422,788(732.1 M)
State Street (0000093751)2,383,494(321.8 M)
Vanguard Group (0000102909)2,237,023(302 M)
Blackrock (0001364742)1,315,987(177.7 M)
Price T Rowe Associates (0000080255)667,814(90.2 M)
Sumitomo Mitsui Trust Holdings (0001475365)601,463(81.2 M)
AQR Capital Management (0001167557)586,058(79.1 M)
American Century Companies (0000748054)420,778(56.8 M)
Schwab Charles Investment Management (0000884546)412,721(55.7 M)
Dimensional Fund Advisors (0000354204)411,272(55.5 M)
Henderson Group (0001274173)365,293(49.3 M)
Waddell & Reed (0001052100)343,651(46.4 M)
FIL (0000318989)232,711(31.4 M)
TD Asset Management (0001056053)200,658(27.1 M)
Arrowstreet Capital (0001164508)199,483(26.9 M)
Legal & General Group (0000764068)188,486(25.4 M)
Ensign Peak Advisors (0001454984)173,528(23.4 M)
Clearbridge Investments (0001348883)166,107(22.4 M)
Geode Capital Management (0001214717)161,619(21.8 M)
Parametric Portfolio Associates (0000932859)156,042(21.1 M)
Epoch Investment Partners (0001305841)154,229(20.8 M)
New York State Common Retirement Fund (0000810265)134,501(18.2 M)
Northern Trust (0000073124)131,808(17.8 M)
Invesco (0000914208)120,475(16.3 M)
Thrivent Financial for Lutherans (0000314984)117,000(15.8 M)
Chevy Chase Trust Holdings (0001462020)110,198(14.9 M)
Swiss National Bank (0001582202)95,200(12.9 M)
Bank of New York Mellon (0001390777)80,648(10.9 M)
HSBC Holdings (0000873630)55,242(7.5 M)
State of Tennessee, Treasury Department (0001587973)54,212(7.3 M)
Adage Capital Partners (0001165408)50,300(6.8 M)
Rhumbline Advisers (0001115418)41,503(5.6 M)
Korea Investment (0001441689)39,800(5.4 M)
Robeco Institutional Asset Management (0001418773)38,066(5.1 M)
Aperio Group (0001364615)35,812(4.8 M)
Pioneer Investment Management (0001102598)20,998(2.8 M)
Mitsubishi UFJ Trust & Banking (0001462160)20,795(2.8 M)
Canada Pension Plan Investment Board (0001283718)17,205(2.3 M)
California State Teachers Retirement System (0001081019)17,121(2.3 M)
Great West Life Assurance Co (0001046192)14,898(2 M)
LSV Asset Management (0001050470)8,800(1.2 M)
BB&T (0000092230)8,237(1.1 M)
Credit Suisse (0000824468)6,542(883,143)
Capital Research Global Investors (0001422848)730(98,547)
Total18,021,296

13.4 New Entrants in Top 100 institutional shareholders as at September 30, 2020

Institution (CIK)SharesValue, $
Principal Financial Group (0001126328)2,251,834315.1 M
Barclays (0000312069)2,139,735299.4 M
Neuberger Berman Group (0001465109)1,752,982245.3 M
Altshuler Shaham (0001324290)1,629,170227.9 M
Two Sigma Investments (0001179392)1,617,089226.2 M
Bridgewater Associates (0001350694)1,394,187195.1 M
Voya Investment Management (0001068837)1,262,116176.6 M
1832 Asset Management (0000944388)1,153,710161.4 M
DZ BANK Deutsche Zentral Genossenschafts Bank (0001694217)1,079,795151.1 M
First Trust Advisors (0001125816)1,051,395147.1 M
Bessemer Group (0001054074)996,377139.4 M
Total16,328,390

13.5 Drop Outs from Top 100 institutional shareholders as at September 30, 2020

Institution (CIK)SharesValue, $
Millennium Management LLC (0001273087)965,985135.2 M
Russell Investments Group, Ltd. (0001692234)964,388134.9 M
Retirement Systems Of Alabama (0001593051)943,548132 M
Unigestion Holding SA (0001745879)942,110131.8 M
Hs Management Partners, LLC (0001455253)878,339122.9 M
Allianz Asset Management AG (0001535323)856,694119.9 M
Menora Mivtachim Holdings Ltd. (0001351917)833,598116.6 M
Victory Capital Management Inc. (0001040188)828,649115.9 M
Nordea Investment Management AB (0001218210)267,88037.5 M
Total7,481,191

13.6 Reported holdings of institutions as at September 30, 2020

Quarter EndedSep 30Jun 30Mar 31Dec 31, 2019
Market Value ($ Million)
Reported Holdings of Institutions116,18698,42795,115100,697
% of issued capital29.3129.1229.6630.02

As at September 30, 2020 institutions had decreased their holdings to 29.31% of issued capital, down from 30.02% nine months ago.

SECTION 14 News Archives (Oct 2018 - Oct 2020)

14.1 Dividends

February 21 2020: Walmart announces dividend

Walmart today announced a quarterly dividend of 54.0c per share. The ex-dividend date is Thursday, August 13, 2020 and the record date is Friday, August 14, 2020 and it is payable on Tuesday, September 08.

February 21 2020: Walmart announces dividend

Walmart today announced a quarterly dividend of 54.0c per share. The ex-dividend date is Thursday, December 10 and the record date is Friday, December 11, 2020 and it is payable on Monday, January 04, 2021.

February 21 2019: Walmart announces dividend

Walmart today announced a quarterly dividend of 53.0c per share. The ex dividend date is Thursday, December 05 and the record date is Friday, December 06, 2019 and it is payable on Thursday, January 02, 2020.

February 21 2019: Walmart announces dividend

Walmart today announced a quarterly dividend of 53.0c per share. The ex dividend date is Thursday, May 09, 2019 and the record date is Friday, May 10, 2019 and it is payable on Monday, June 03.

February 21 2019: Walmart announces dividend

Walmart today announced a quarterly dividend of 53.0c per share. The ex dividend date is Thursday, August 08, 2019 and the record date is Friday, August 09, 2019 and it is payable on Tuesday, September 03.

14.2 Meetings

June 05 2019: Walmart Announces 2019 Formal Business and Annual Shareholders' Meeting Voting Results

ROGERS, Ark.---- Walmart Inc. (NYSE:WMT) today announced shareholder voting results for its Formal Business and Annual Shareholders' Meeting. Approximately 92 percent of all outstanding shares were present or represented by proxy at the meeting.

During the business meeting, Walmart President and CEO Doug McMillon commented, "Our top priority is to serve customers. Sam Walton was called a merchant with a servant's heart, and we still embody that mindset today. Over the years, we've learned that the best way to serve our customers is by creating shared value among our broad group of stakeholders. That means we consciously work to balance the interests of our customers, our associates, shareholders, suppliers, communities and our broader influence on the world."

The company reported that shareholders approved the election of each of Walmart's 12 director nominees. Each director nominee received affirmative votes from approximately 97 percent or more of the shares voted, excluding abstentions and broker non-votes, as follows (all percentages are rounded):

Source: Nasdaq Stock Exchange

March 28 2019: Walmart Announces 2019 Annual Shareholders' Meeting Activities

Walmart Announces 2019 Annual Shareholders' Meeting Activities Formal Business Meeting for Shareholders on June 5, Followed by a Separate Event for Associates and Shareholders on June 7

Each Event to be Webcast, Along with Investment Community Question and Answer Session with Management the Afternoon of June 7

BENTONVILLE, Ark.---- Walmart Inc. (NYSE:WMT) today announced the company's 2019 Annual Shareholders' meeting and activities. A formal business meeting focused on shareholder voting on proxy proposals will take place on Wednesday, June 5, followed by the company's traditional event for associates and shareholders on Friday, June 7. Shareholders of record must present proof of share ownership and photo identification to gain access both Wednesday and Friday.

Source: Nasdaq Stock Exchange

October 16 2018: Walmart Underscores Its Unique Assets, Strong Execution and Innovation at Its Investment Community Meeting

BENTONVILLE, Ark., Oct. 16, 2018 - Today, Walmart will host its annual meeting for the investment community where its leadership team will discuss how the company is shaping its future, moving with speed and innovating for tomorrow to win for customers and shareholders. The company is also sharing select guidance metrics for the next fiscal year.

"We're adapting and transforming with speed to better serve our existing customers and reach new ones," said Walmart President and CEO, Doug McMillon. "We're operating with discipline, balancing our short and long-term opportunities. While we're excited about what we've done so far, we aren't satisfied. As we execute today and build for tomorrow, our associates and unique omni-channel assets position us for success."

Source: SEC

14.3 Acquisitions

October 05 2020: THE ISSA BROTHERS AND TDR CAPITAL TO ACQUIRE ASDA FROM WALMART

2nd October 2020 - Walmart Inc. ("Walmart"), Asda Group Limited ("Asda"), the Issa brothers and TDR Capital announced that the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer, headquartered in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have together agreed to acquire Asda, Walmart's wholly-owned UK business, for an enterprise value of Pound6.8 billion, on a debt-free and cash-free basis.

Source: SEC

14.4 Mergers

April 25 2019: Announcement Regarding Proposed Merger of Asda and Sainsbury's

LEEDS, England & BENTONVILLE, Ark.---- The UK Competition and Markets Authority (CMA) has today published its Final Report on the proposed merger of Asda and Sainsbury's, resulting in prohibition of the merger.

Despite the clear customer benefits of the proposed merger, as a result of the CMA's findings, Asda, its parent Walmart and Sainsbury's have mutually agreed to terminate the transaction.

Commenting on the proposed merger of Asda and Sainsbury's, Judith McKenna, CEO of Walmart International, said:

Source: Nasdaq Stock Exchange

14.5 Litigation

June 20 2019: Walmart Reaches Agreements with the DOJ and the SEC to Resolve their FCPA Investigations

Settlement Resolves Seven-Year Government Investigation; Company has Established a Strong Global Anti-Corruption Compliance Program

BENTONVILLE, Ark.----Walmart has entered into a global settlement with the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) that resolves a more than seven-year investigation into the company's compliance with the U.S. Foreign Corrupt Practices Act (FCPA). Through the settlements, which cover conduct that took place years ago, Walmart has agreed to a combined payment of $282.7 million. The global resolution ends all FCPA-related investigations or inquiries into Walmart and its subsidiaries by the DOJ and the SEC.

These agreements relate to Walmart's anti-corruption internal controls in Brazil, Mexico, India and China prior to April 2011. Walmart, under the direction of its Audit Committee, conducted a thorough internal investigation, cooperated with the DOJ and the SEC, and took extensive steps that have established its strong Global Anti-Corruption Compliance Program. Over the past seven years, Walmart spent more than $900 million on FCPA inquiries and investigations, its Global Compliance Program and organizational enhancements. Walmart's actions were acknowledged by the DOJ and the SEC in the resolution agreements.

Source: Nasdaq Stock Exchange

14.6 Intellectual Property

January 30 2020: Calhoun Walmart Remodel Features Opening of New Walmart Health Center

CALHOUN, Ga., Jan. 29, 2020 - Families in the Calhoun, Ga., area can now experience a remodeled Walmart Supercenter that's offering customers new ways to save money, while living better - and healthier - lives, through the opening of the second ever Walmart Health center. Located at 448 W. Belmont Dr., adjacent to the Supercenter, the community will celebrate the new addition during a grand opening Wednesday, Jan. 29.

Source: Company Website

14.7 Press Releases

August 28 2020: Walmart's 2020 ESG Efforts: Making Important Progress Toward Positive Societal, Environmental Change

By Kathleen McLaughlin, Executive Vice President and Chief Sustainability Officer

I am excited to let you know that today we released Walmart's 2020 Environmental, Social and Governance (ESG) Report, which covers the fiscal year ending on Jan. 31, 2020 (FY2020).

Source: Company Website

August 28 2020: Walmart Statement Regarding Discussions with Microsoft About TikTok

Walmart Inc. issued a public statement regarding discussions with Microsoft involving ByteDance Ltd.'s TikTok service in the United States:

Source: Company Website

August 28 2020: Hurricane Laura Facility Status

The safety of our associates and customers is our top priority. Walmart's Emergency Operations Center monitors hurricanes and other potential disasters in real time. We assess the status of our facilities and will continue to operate as long as it is safe to do so. We pay close attention and follow local and/or state evacuation mandates.

Source: Company Website

August 25 2020: Walmart's Emergency Operations Center Manages a Once-in-a-Century Pandemic

If this whole collective out-of-body experience were a movie, the opening scene might take place here in the Emergency Operations Center (EOC) at the Home Office in Bentonville, Arkansas, camera scanning along a bank of television monitors on the wall, data flooding the screens, associates deciphering it instantly. You can almost see the minds at work, digesting information, separating the good from the bad, the bad from the potentially catastrophic.

Source: Company Website

August 20 2020: Walmart: This is Our Playbook; We Solve Problems': Walmart's Emergency Operations Center Manages a Once-in-a-Century Pandemic

If this whole collective out-of-body experience were a movie, the opening scene might take place here in the Emergency Operations Center (EOC) at the Home Office in Bentonville, Arkansas, camera scanning along a bank of television monitors on the wall, data flooding the screens, associates deciphering it instantly. You can almost see the minds at work, digesting information, separating the good from the bad, the bad from the potentially catastrophic.

Source: Company Website

August 17 2020: Walmart: Forward-Looking Statements

The company's net sales and operating results were significantly affected by a continuation of the global health crisis. Increased demand for products across multiple categories led to strong top-line and gross margin results.

Source: SEC

July 24 2020: Walmart's Majority-Owned Flipkart Launches Wholesale Business to Help Small Businesses in India Source Directly From Manufacturers and Producers

BENTONVILLE, Ark., BANGALORE, India - July 23, 2020 - The Flipkart Group, India's homegrown e-commerce group, today announced the launch of Flipkart Wholesale, a new digital marketplace that will help transform India's retail ecosystem by leveraging cutting-edge and locally developed extensive leadership in the consumer e-commerce segment and technology for the country's mom-and-pop "kirana" grocery stores and other small retailers. As part of this launch, the Group also announced the acquisition of 100% interest in Wal-Mart India Private Limited, which operates the Best Price cash-and-carry business, to leverage the strong wholesale capabilities of the company and enable growth and prosperity for the nation's kiranas and micro-, small- and medium-sized enterprises (MSMEs).

Source: Company Website

July 22 2020: Walmart Invests $428 Million More in Associates with Another Special Bonus; Totaling $1.1 Billion in Special Bonuses So Far This Year

BENTONVILLE, Ark., July 21, 2020 - Walmart today announced it will pay out another special cash bonus to store, club, distribution center and fulfillment center associates for their ongoing contributions and dedication to serving customers, members and communities during this unprecedented time. The bonus will be $300 for full-time hourly associates and $150 for part-time hourly and temporary associates. Drivers, Managers and Assistant Managers in stores, clubs, DCs, FCs and Health & Wellness will also receive a bonus. It will add up to approximately $428 million.

Source: Company Website

June 19 2020: Walmart: Supporting COVID-19 Drive-Thru Testing

Walmart is part of communities all across America, and we believe we can play a vital role by helping our neighbors in a time of crisis. We know how important expanded testing is to getting America back on its feet, and we are committed to supporting efforts to expand COVID-19 drive-thru testing. Since the public-private partnership was announced on March 13, 2020, we have been working closely with lab partners, HHS, and state and local officials to select testing sites in areas of need. We learned from our initial sites to get the model right and are expanding testing in areas of need. On May 15, 2020, we exceeded our goal of opening 100 sites by the end of May, thanks to our dedicated associates. We are working hard to continue to scale and provide testing to as many communities as possible.

Source: Company Website

May 20 2020: Walmart U.S. Q1 comp sales1 grew 10.0% and Walmart U.S. eCommerce sales grew 74%

The company's net sales and operating results were significantly affected by the outbreak of COVID-19. Unprecedented demand for products across multiple categories led to strong top-line results. Certain incremental costs negatively affected operating income, including costs associated with enhanced wages and benefits as well as safety and sanitation.

Source: SEC

May 13 2020: Walmart: The Why and How Behind Walmart Express Delivery

By Janey Whiteside, Chief Customer Officer, Walmart, and Suresh Kumar, Global Technology Officer and Chief Development Officer, Walmart

Walmart recently debuted Express delivery, a new service to deliver goods to our customers in under two hours. Here's why we chose to roll this service out now and how our own internally developed technology helped make it happen quickly when America needed it.

The Why

The coronavirus pandemic has upended life as we knew it and has also changed how our customers shop, with many American families sheltering in place and relying heavily on online deliveries. Customers all over the world are testing the limits of no-contact shopping from curbside pickup to delivery options - not just for convenience, but for their own health. Our mission to save our customers time and money in order to allow them to live better rings true now more than ever.

Express delivery is one of Walmart's no-contact pickup and delivery options to allow customers to get the items they need without coming into the store. Express delivery eligible items from Walmart, including groceries, electronics, toys and other essential items are available to customers for a surplus $10 over Walmart's typical delivery fees of $7.95 or $9.95, depending on the time of day. We can get the item from our door to yours within two hours. Whether it's "oh no, my child has a fever!" or "oh no, I forgot the birthday candles!" time matters. Thanks to our 74,000 personal shoppers who collect the customers' orders and deliver them to their doorsteps in time.

Source: Company Website

March 25 2020: Walmart Continues Focus on Health and Safety

By Dacona Smith, Executive Vice President and Chief Operating Officer, Walmart U.S.

As our associates continue their heroic work to serve their communities and support each other during this time, we're focused on doing what we can to support them and their families. Building on last week's actions to provide associates a special cash bonus, accelerating first quarter bonuses and adjusting our operating hours, today we're rolling out additional changes with the health and safety of our associates in mind.

Source: Company Website

February 18 2020: Walmart Releases Q4 and FY20 Full-year Earnings

Walmart U.S. Q4 comp sales1 grew 1.9% and Walmart U.S. eCommerce sales grew 35%, Q4 FY20 GAAP EPS of $1.45; Adjusted EPS2 of $1.38, Disruption in Chile and a legal matter lowered GAAP and Adjusted EPS by about $0.05, Fiscal year 2020 GAAP EPS of $5.19; Adjusted EPS2 of $4.93, FY21 guidance includes net sales growth of about 3%; U.S. comp sales growth of at least 2.5%; U.S. eCommerce net sales growth of about 30%; EPS of $5.00 to $5.15

Source: Company Website

January 27 2020: Walmart Announces $5 Million Investment in the Smithsonian National Museum of African American History and Culture

Since opening in 2016, NMAAHC, the 19th Smithsonian Institution Museum, has welcomed more than 7 million visitors who have explored the exhibits and more than 3,000 artifacts on display. It is the only national museum devoted exclusively to the documentation of African American life, history and culture, and is a public institution open to all, where anyone is welcome to participate, collaborate, and learn more about African American history and culture. Later today, Walmart will host a private event to celebrate the museum's contributions and acknowledge the critical role the Congressional Black Caucus played in helping to make the museum a reality.

This grant is the second donation Walmart has made to support the museum's initiatives, with the first $5 million donated in 2010 to support the design and construction of the facility. The second investment will benefit the visitor services programs, corporate leadership council and other areas including collections and acquisitions, scholarship and research, education and public programs, exhibitions and emerging technologies.

Walmart and the Walmart Foundation seek to transform systems to help create more equitable opportunities for all. Specifically, Walmart and the Walmart Foundation invest in work to diversify talent pipelines, build more inclusive small business ownership and enhance community cohesion. Most recently, Walmart funded a report published by FSG, which outlines steps employers can take to remove barriers to advancement of frontline employees of color.

For more information on Walmart's commitment to diversity, inclusion and philanthropy, please visit Walmart.org.

About Walmart Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices.

January 16 2020: Walmart Statement in Support of the U.S.-Mexico-Canada Agreement

We applaud final congressional passage of the U.S.-Mexico-Canada Agreement. North America is core to Walmart's operations as a global company with more than 2,800 Walmart retail units in Mexico and Canada, supporting nearly 430,000 jobs, in addition to more than 5,000 U.S. stores and clubs and 1.5 million U.S. jobs. Our customers and associates will benefit from the free flow of goods and services under the USMCA. In addition, new commitments on digital trade and trade facilitation will enable us to take advantage of an integrated e-commerce marketplace in North America.

Source: Company Website

January 07 2020: Walmart Neighborhood Market Store in Miami Area Incorporates Time-Saving Innovations

By Patrick Shanks, Regional Vice President, Neighborhood Market Operations

Over the last couple of years, our stores have been testing grounds for all sorts of innovations to improve the shopping experience. From our Intelligent Retail Lab in New York to InHome Delivery in Kansas City, Pittsburgh and Vero Beach, we're learning a lot about how we can use our physical assets to deliver new conveniences to our customers in many ways.

In Miami, it's no different, and customers there tell us what we've heard across the country: Saving time is just as important as saving money. This week, we're opening a new Neighborhood Market in Coral Way, Florida, that offers a number of new technologies aimed at helping with just that:

Source: Company Website

January 03 2020: Walmart Media Group Expands Sponsored Search Offering through Walmart Advertising Partners Program

By Lex Josephs, Vice President Sales and Media Partnerships, Walmart Media Group

Walmart has been investing in building a robust in-house advertising offering through Walmart Media Group. In 2019, we grew our technology offering through the acquisition of Polymorph, strengthening our supply-side ad stack to deliver full native ad campaigns and reports to brands. We also brought on new talent across executive and engineering levels and achieved tremendous success with campaigns for brand partners like Kellogg's and Hershey's.

We have something unique to offer brands, the ability to maximize campaigns with rich data insights - based on both in-store and online data - at scale.

Today, we're kicking off 2020 with the launch of our Walmart Advertising Partners program to expand advertisers' direct access to their Sponsored Products campaigns, a bidded auction-based marketplace, giving them more transparency and control. Brands will now be able to increase visibility with Walmart's diverse, sizable audience of shoppers.

With 90 percent of America shopping at Walmart every year and nearly 160 million visitors to our stores and website every week, Walmart Media Group enables brands to reach more customers at scale and measure advertising effectiveness across the entire shopping journey. Now, brands can tap into Walmart's shopper footprint to get the the right sponsored ad experience, to the right shopper at the right moment through partners Flywheel Digital, Kenshoo, Pacvue and Teikametrics.

We are excited to announce these first four partners - leading advertising technology platforms with deep search experience, brand-friendly UIs and a proven history of empowering brands through excellent advisory service and account support.

With these key partnerships, today we grow our search offering to meet the needs of advertisers, allowing the most advanced search marketers the ability to leverage the power of Walmart through their partner of choice.

November 15 2019: Walmart U.S. Q3 comp sales1 grew 3.2% and Walmart U.S. eCommerce sales grew 41%

1 13-week period ended October 25, 2019 compared to 13-week period ended October 26, 2018, and excludes fuel. See Supplemental Financial Information for additional information. 2 See additional information at the end of this release regarding non-GAAP financial measures. 3 Includes GAAP EPS and Adjusted EPS. For FY20, adjusted EPS guidance excludes an unrealized gain of $0.25, net of tax, related to the company's investment in JD.com and a non-cash impairment charge of $0.06, net of tax and noncontrolling interest, through the nine months ended October 31, 2019. 4 Q3 FY20 operating income includes the impact from a non-cash impairment charge of $0.3 billion before income taxes.

Source: SEC

October 19 2019: ASDA Group Pension Scheme secures buy-out with Rothesay Life Plc

Asda, Walmart and the Trustee of the Asda Group Pension Scheme today announce an agreement for a bulk annuity insurance 'buy-in' of the Scheme with Rothesay Life, a specialist insurer of defined benefit pension schemes. The agreement secures the benefits of members - providing certainty and security for all of the Scheme's approximately 12,300 members (4,800 pensioners and 7,500 deferred pensioners). The Scheme is separate to the Asda Pension Plan, a defined contribution scheme, which provides ongoing pension arrangements to the majority of Asda's colleagues.

Source: SEC

September 24 2019: Walmart: PRICING AGREEMENT

WALMART INC., a Delawarecorporation (the "Company" or "Walmart"), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated September 19, 2019 (the "Underwriting Agreement"), between the Company,on the one hand, and you, as parties which are signatories or deemed to be signatories to the Underwriting Agreement, on the other hand, to issue and sell to the Underwriters named in Schedule I hereto (the "Underwriters") the Securitiesspecified in Schedule II hereto (the "Designated Securities").

Source: SEC

September 12 2019: Unilever and Walmart Join Forces With Hilary Duff to Inspire Families Across the Country to Bring It to the Bin

ENGLEWOOD CLIFFS, N.J., Sept. 12, 2019 -- Today, Unilever and Walmart launched Bring It to the Bin, a shopper-engagement initiative with Hilary Duff at the helm designed to make it easier than ever for consumers across the country to recycle with ease and confidence. Featuring tips and videos for families on how to easily recycle throughout the home, Bring It to the Bin is one of three powerful steps Unilever is taking to accelerate its action to address plastic packaging waste.

"We know how urgent it is to address the growing plastics waste problem we're facing and we're proud to partner with Walmart and Hilary Duff to take a leading role to increase recycling of plastic packaging," said Amanda Sourry, Unilever North America President. "Through Bring It to the Bin, we will inform and inspire shoppers to join us in our commitment to recycle more. We are significantly reducing the amount of new plastic produced to make our packaging by using 50 percent recycled content across North America this year. With better recycling information and inspiration, shoppers can Bring It to the Bin to help us use more recycled material, keeping it out of landfills and the environment. The urgent need for action on plastics waste can only be met with collective action by companies, consumers and governments."

Bring It to the Bin features shopper favorites Dove, Hellmann's, Seventh Generation and Love Beauty and Planet, each brand making a commitment to using post-consumer recycled plastic. Unilever's packaging will also feature clear recycling instructions through How2Recycle labels and contribute to Unilever North America's sustainability commitments of 50 percent of plastic used in North America being made of recycled content by the end of 2019 and 100 percent of plastic packaging being recyclable, reusable or compostable by 2025.

September 12 2019: Walmart to Rollout Delivery Unlimited to More than 1,400 Stores Across the Country

Retailer Brings Grocery Delivery Membership Program to Millions of Customers Across Nearly 200 Markets

BENTONVILLE, Ark.----Walmart has plans to expand the reach of Delivery Unlimited - a Grocery Delivery membership option for customers - to 1,400 stores later this fall. The program gives customers the option to pay a yearly $98 fee or a monthly $12.95 fee to receive unlimited Walmart Grocery Delivery orders. Customers will continue to have the option to pay a per-delivery fee, without a membership.

"Grocery Delivery takes convenience to a new level, and our customers love it. With Delivery Unlimited, we're providing incredible value for our customers and leveraging our unique assets to save them both time and money," said Janey Whiteside, chief customer officer, Walmart.

Source: Nasdaq Stock Exchange

September 12 2019: Fears Nachawati Law Firm Demands Walmart Preserve El Paso Mass Shooting Evidence

EL PASO, Texas, Sept. 12, 2019 -- The Fears Nachawati Law Firm is calling on Walmart to halt renovation work at its El Paso retail store which would destroy of evidence related to the Aug. 3 mass shooting before independent investigations and a security analysis can be performed.

The firm, which is representing victims and family members affected by the shooting, supports a Temporary Restraining Order to suspend any demolition work already begun by the retailer to gut the store as part of a renovation and reopening. An independent investigation is needed to review exactly what happened inside the store and analyze how security measures can be improved to prevent future incidents.

Shooting suspect Patrick Crusius previously stated that he traveled to El Paso and chose the Walmart because he was looking for a "soft target" for carrying out his plan to kill "Mexicans." He reportedly told authorities after his arrest that he was surprised no one challenged him when he entered the store carrying the weapon.

Source: Nasdaq Stock Exchange

September 10 2019: Walmart, Sam's Club and Walmart.org announce $500,000 commitment to assist with Hurricane Dorian relief and recovery

Walmart, Sam's Club and Walmart.org announce $500,000 commitment to assist with Hurricane Dorian relief and recovery Donations will go to assist organizations leading relief efforts in the U.S. and the Bahamas

BENTONVILLE, Ark.----In response to the devastation caused by Hurricane Dorian in North Carolina, South Carolina and the Bahamas, Walmart, Sam's Club, and Walmart.org are committing up to $500,000 in cash and in-kind donations for relief and recovery.

The commitment will support organizations that are helping meet the needs of those affected by Hurricane Dorian and are actively engaged in responding to impacted communities in both the U.S. and the Bahamas, like the American Red Cross and The Salvation Army. As part of this commitment, Walmart is also working closely with local officials and government entities to help meet the needs of those affected.

Source: Nasdaq Stock Exchange

September 10 2019: Nuala O'Connor to Join Walmart in New Digital Citizenship Role

Nuala O'Connor to Join Walmart in New Digital Citizenship Role 20-year Technology Policy and Legal Expert Brings Deep Experience in Privacy and Information Governance

BENTONVILLE, Ark.----Today, Walmart announced it has appointed Nuala O'Connor to a new senior vice president and chief counsel of digital citizenship role reporting directly to Rachel Brand, executive vice president of global governance, chief legal officer and corporate secretary. O'Connor joins at a time when Walmart is rapidly transforming its customer and associate experiences. The new function will focus on how Walmart uses data and technology in a way that supports the company's goal to be the most trusted retailer.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190910005870/en/

Source: Nasdaq Stock Exchange

September 10 2019: Bauer Media USA Announces "Whoa, Wait" Special Publication Available Exclusively at Walmart

NEW YORK, Sept. 10, 2019 -- Bauer Media USA, the publisher of the top two selling magazines at retail, Woman's World and First for Women, is pleased to announce Whoa, Wait. The issue will hit Walmart newsstands exclusively for 90 days on September 10th.

Whoa, Wait. features the tagline Live a Lovely Life for Less and will serve as a personal shopper for every woman with a step-by-step guide to getting a well-styled, healthy and joyful life on a budget.

Inspired by the popular Whoa, Wait. Walmart? microblog on Instagram, the 104-page magazine will feature great products, at the best prices, that can be found in Walmart stores across the country.

Source: Nasdaq Stock Exchange

14.8 8-K other news

To view all 8-K Other news click here, http://www.buysellsignals.net/BuySellSignals/report/Usnyse/Stock/Daily/Link/Announcements_8K_othersnews1572.html

Glossary

ADVT: Average Daily Volume of shares Traded

Annual Return: Dividends Paid In a 12-Month Period/Price at the Beginning of the Period + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Capital Gain/Loss from n Years Ago to n-1 Years Ago: Capital Gain or Loss over 1 Year/Price 1 Year Ago (%)

Current Ratio: Current Assets/Current Liabiliites (times)

Debt/Equity: Net Debt/Net Assets %

Dividend Yield: Dividend Per Share/Share Price (%)

EBIT Margin : Earnings Before Interest and Tax/Revenue (%)

Earnings Yield: Earnings Per Share/Share Price (%)

Income during the n years (3/2/1): Dividends received during the Period

Moving Average Price (n periods): Sum of Prices for each Period/Number of Periods

PCP: Previous Corresponding Period

PV1000: Present value of 1000 invested 1 year/'n' years ago

Price Close/Moving Avg Price: Latest Price/Moving Average Price

Price/Earnings: Share Price/Earnings Per Share (times)

Price/NTA: Closing Share Price/Net Tangible Assets Per Share (times)

Price/Sales: Share Price/Sales Per Share (times)

Relative Price Change [RPC]: Relative price change is price change of stock with respect to Benchmark Index

Relative Strength (6 Months): Price close today/Price close 6 months ago, then ranked by percentile within the entire market.

Return on Assets: Net Profit/Total Assets (%)

Return on Equity (Shareholders' Funds): Net Profit/Net Assets (%)

TSR: Total Shareholder Returns is expressed as an annualized rate of return for shareholders after allowing for capital appreciation and dividend

Total Liabilities/Total Assets: Total Liabilities/Total Assets

Turnover Rate: value of annual trading volume as a percentage of market capitalisation

Volatility: Highest Price minus Lowest Price/Lowest Price (%)

Volume Weighted Average Price (VWAP): The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

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