(Bloomberg) — Members of the Walton family sold about $1.5 billion in Walmart Inc. stock late last week, as the stock hovered around an all-time high.
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Walton Family Holdings Trust sold about 8.82 million shares between Feb. 21 and Feb. 23, according to documents filed with the U.S. Securities and Exchange Commission late Friday. The notices were filed on behalf of Alice, Jim and Rob Walton.
Walmart is up about 13% this year, outpacing the S&P Retail Select Industry Index's 3.2% gain. Shares rose 1.8% on Monday to close at a new all-time high. It was the first day of trading for Walmart after its 3-for-1 stock split went into effect.
The previous record came just six days ago after the retailer's fourth-quarter results beat Wall Street expectations and as executives said it is gaining market share. The outlook for the company's fiscal year was also better than some analysts had anticipated.
The transaction comes amid a flurry of high-profile stock selling in recent weeks. JPMorgan Chase & Co. Chief Executive Jamie Dimon and his family sold $150 million worth of shares in the bank last week in the first sale since he took the helm 18 years ago. Jeff Bezos also recently sold 50 million shares of Amazon.com Inc. in multiple transactions as part of a plan he revealed earlier this month.
A Walmart media representative pointed to a 2015 Walton Enterprises statement that said the Walton family expects to sell stock from time to time to help offset potential increases in its ownership percentage due to the company's stock buyback programs and to help fund charities. contributions.
The Walton family owns about 45% of Walmart's outstanding shares through the trust and its main investment vehicle, Walton Enterprises, data compiled by Bloomberg show. Alice, Jim and Rob Walton have a combined fortune of $274 billion, according to the Bloomberg Billionaires Index.
–With help from Kristine Owram.
(Updates stock price movements and chart.)
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