WMT Stock News: Did Walmart Raise Its Dividend? Why Is It Buying Back Shares?

Walmart (NYSE:WMT) stock is in the news Thursday following an update from the company concerning its dividend and share buyback plans.

Walmart (WMT) sign on front of Walmart store at sundown representing WMT stock news.

Source: fotomak / Shutterstock.com

Walmart is increasing its dividend to $2.24 for its fiscal full year of 2023. That’s a 2% increase compared to the company’s dividend of $2.20 from the prior fiscal year. The dividend is payable over four quarters with each one being 56 cents per share.

So when can investors in WMT stock expect to see their dividends? The company is paying them out on April 4, 2022, May 31, 2022, Sept. 6, 2022, and Jan. 3, 2023. The record dates for those respectively are March 18, 2022, May 6, 2022, Aug. 12, 2022, and Dec. 9, 2022.

Brett Biggs, executive vice president and CFO of Walmart, said this about its upgraded dividend.

“We’re proud of our track record of returning meaningful cash to shareholders and are pleased to be increasing our annual dividend for the 49th consecutive year.”

Adding to the dividend news, Walmart is also planning additional share purchases for its fiscal 2023 year. The retail chain revealed this in its earnings report for its fiscal fourth quarter of 2022.

Walmart says it plans to repurchase $10 billion of shares in fiscal 2023. That’s not much of a surprise considering it bought back $9.8 billion worth of shares in fiscal 2022. For the record, that was only about half of the $20 billion in share repurchases that the company had approved.

WMT stock is already seeing a good amount of trading today following this news. That includes some 7 million shares on the move as of this writing. That’s closing in on the company’s daily average trading volume of around 9.3 million shares.

WMT stock is up 2% as of Thursday morning.

There’s more stock market news worth checking out below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/02/wmt-stock-news-did-walmart-raise-its-dividend-why-is-it-buying-back-shares/.

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