Walmart Stock (WMT) Hits New All-Time High, Continuing Surge

Stock shares in Walmart (WMT) have again hit a new all-time high as the company continues its 2024 surge on the market. The stock has climbed over 60% in 2024, now sitting at $85.72 per share. Most firms are bullish on the retailer, raising their stock predictions ahead of WMT’s upcoming earnings report. The company will report third-quarter fiscal 2025 earnings on Tuesday, November 19.

Ahead of the report, price predictions are rising, and Walmart is expected to reach even further highs. BofA Securities analyst Robert F. Ohmes is one particularly optimistic expert who sees WMT climbing following a positive Q3 report. The analyst projects potential upside for the quarter, as Bloomberg Second Measure credit and debit card data shows an acceleration in Walmart sales. Ohmes writes that the third-quarter comps are expected to reflect positive year-over-year transactions. These will be driven by strength in grocery and health/wellness.

Walmart Stock Continues Its 2024 Reign

There are few brands in the United States as recognizable as Walmart. Indeed, the retailer’s dominance can’t be underestimated. In 2024, they have leveraged that to record high stock prices that ensure WMT is set to be one of the biggest gainers of the year. Per Ohmes, Walmart’s store remodels, expanded online SKU selection, and improved express delivery capabilities are contributing to strong transaction and unit growth. Firms including Morgan Stanley also project “modest upside” for Q3 and Q4 2024.

In addition, Walmart has seen multiple investment groups increase their stakes in WMT stock, signaling further investor confidence. In Q3, Principle Financial Group purchased more than 809,000 shares in WMT. Moreover, that increased its position, with the firm now holding more than 6.2 million in Walmart stock.

Hedge Fund Liberty Wealth Management has also increased its position in Walmart stock. In the first quarter, they bought over $270,000 worth of Walmart stock. Additionally, Commerce Bank added 600,000 shares to its current holding valued at more than $55.2 million. The AIA Group Ltd. also boosted its position and holdings in WMT. Specifically, it increased its stake by 50% in the third quarter.