Sumitomo Life Invests Heavily in Walmart

Sumitomo Life Insurance Co., a Japanese life insurance company, has invested $20.34 million in Walmart Inc. (NASDAQ: WMT) by purchasing 179,589 shares of its stock.

This investment accounts for approximately 0.3% of Sumitomo Life's holdings and makes Walmart its 23rd largest holding.

The purchase is part of a larger trend of institutional investors increasing their stakes in the retail giant, with other notable investors including MFA Wealth Services, Realta Investment Advisors, Compton Financial Group LLC, Renaissance Group LLC, and Calton & Associates Inc.