Shares of Walmart (NYSE:WMT) are trading about 1% higher in the after-hours on Tuesday, after the company announced its first share split in nearly 25 years.
The retail giant said it will conduct a 3:1 common share split, as "part of Walmart’s ongoing review of optimal trading and spread levels and its desire for its associates to feel that purchasing shares is easily within reach."
“Given our growth and our plans for the future, we felt it was a good time to split the stock and encourage our associates to participate in the years to come." - said the company's CEO and President Doug McMillon.
The split shares will be issued after market close on Friday, Feb. 23, 2024, for shareholders of record at the close of business on Thursday, Feb. 22, 2024.
The occasion will be exactly two month short of a 25-year anniversary of the company's last share split - on April 20 of 1999, the company performed a 2:1 stock split.