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Piper Sandler Upgrades Walmart

Piper Sandler has upgraded its outlook for Walmart to Overweight.

By 247patrick
Published July 25, 2023, 6:55am ET · 2 min read

A wide shot of the front exterior of a Walmart store under a cloudy sky. The prominent blue sign with "Walmart" in white letters and a yellow starburst logo is centered above the main entrance. Below, shoppers enter and exit through automatic glass doors, with several shopping carts visible near the entrance and in the parking lot. The building has light gray and darker gray architectural elements, and the street address "600" is visible on the left side. Yellow painted lines mark the pedestrian area in front of the store.
A Walmart store entrance symbolizes the ongoing dynamics of consumer spending, a key factor in the company's recent financial performance. © Sundry Photography / iStock Editorial via Getty Images

Fintel reports that on July 25, 2023, Piper Sandler upgraded their outlook for Walmart (NYSE:WMT) from Neutral to Overweight.

Analyst Price Forecast Suggests 8.43% Upside

As of July 5, 2023, the average one-year price target for Walmart is 172.72. The forecasts range from a low of 146.45 to a high of $195.30. The average price target represents an increase of 8.43% from its latest reported closing price of 159.30.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Walmart is 629,089MM, an increase of 1.14%. The projected annual non-GAAP EPS is 6.61.

What is the Fund Sentiment?

There are 4019 funds or institutions reporting positions in Walmart. This is an increase of 54 owner(s) or 1.36% in the last quarter. Average portfolio weight of all funds dedicated to WMT is 0.64%, an increase of 19.31%. Total shares owned by institutions increased in the last three months by 80.08% to 1,834,315K shares. The put/call ratio of WMT is 0.94, indicating a bullish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 41,741K shares representing 1.55% ownership of the company. In it’s prior filing, the firm reported owning 41,250K shares, representing an increase of 1.18%. The firm decreased its portfolio allocation in WMT by 2.84% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 32,723K shares representing 1.22% ownership of the company. In it’s prior filing, the firm reported owning 32,628K shares, representing an increase of 0.29%. The firm decreased its portfolio allocation in WMT by 3.28% over the last quarter.

Geode Capital Management holds 25,105K shares representing 0.93% ownership of the company. In it’s prior filing, the firm reported owning 24,855K shares, representing an increase of 0.99%. The firm decreased its portfolio allocation in WMT by 2.86% over the last quarter.

Bank Of America holds 21,878K shares representing 0.81% ownership of the company. In it’s prior filing, the firm reported owning 20,446K shares, representing an increase of 6.54%. The firm increased its portfolio allocation in WMT by 0.34% over the last quarter.

Price T Rowe Associates holds 16,456K shares representing 0.61% ownership of the company. In it’s prior filing, the firm reported owning 21,489K shares, representing a decrease of 30.58%. The firm decreased its portfolio allocation in WMT by 25.89% over the last quarter.

Walmart Background Information
(This description is provided by the company.)

Walmart Inc. helps people around the world save money and live better – anytime and anywhere – in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity.

This article originally appeared on Fintel

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