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(Bloomberg) — The Walton family sold about $1.5 billion worth of Walmart stock over the weekend as the stock hovered near record highs.
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Walton Family Holdings Trust sold about 8.82 million shares between Feb. 21 and Feb. 23, according to a filing with the U.S. Securities and Exchange Commission late Friday. This notice was filed on behalf of Alice, Jim and Rob Walton.
Walmart has gained about 13% since the beginning of the year, outpacing the S&P Retail Select Index’s 3.7% rise. The company closed at an all-time high on Feb. 20 after fourth-quarter results beat Wall Street expectations and executives said it was gaining market share. The company’s fiscal year outlook also exceeded some analysts’ expectations.
Shares rose as much as 1.9% on Monday, on track to close at an all-time high. This is Walmart’s first trading day since the 3-for-1 stock split went into effect.
The deal comes amid a flurry of selloffs in hot stocks in recent weeks. JPMorgan Chase & Co. CEO Jamie Dimon and his family sold $150 million worth of stock last week in the company’s first sale since he took over 18 years ago. Jeff Bezos recently sold 50 million shares of Amazon.com in multiple transactions as part of a plan he unveiled earlier this month.
The Walton family owns about 45% of Walmart’s outstanding stock through a trust and its main investment vehicle, Walton Enterprises, according to data compiled by Bloomberg. Alice, Jim and Rob Walton have a combined fortune of $274 billion, according to the Bloomberg Billionaires Index.
Walmart media representatives did not respond to requests for comment.
–With assistance from Kristine Owram.
(Adds Monday’s trades and stock splits in fourth paragraph; charts and other recent stock sales in fifth paragraph.)
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