Russell Investments Group Buys More of Walmart Stock
Russell Investments Group Ltd., an institutional investor, increased its stake in Walmart Inc. (NASDAQ:WMT) by 13.4% during the second quarter. The firm purchased 335,786 additional shares of the retailer's stock, bringing its total holdings to 2,850,595 shares worth $323,157,000 at the end of the reporting period.
This move is part of a broader trend where institutional investors have been adding to their positions in Walmart. Over the past quarter, several other firms, including Entrust Financial LLC, Merkkuri Wealth Advisors LLC, and Bay Harbor Wealth Management LLC, have also increased their stakes in the company.
Walmart's stock performance has been strong, with a market capitalization of $909.61 billion and a 1-year high of $135.15. However, some analysts are cautioning that the stock may be overvalued, citing its price-to-earnings ratio of 40.11.