Walmart CEO of Walmart eCommerce Marc Lore sold another 85,000 shares of his Walmart holdings in nine different transactions dated July 7, according to filings with the U.S. Securities and Exchange Commission.
The transactions fetched $10.485 million for Lore and marked the fifth consecutive month of sizable downsizing in his Walmart shares.
Since mid-March Lore has sold 425,000 of his Walmart shares totaling more than $51.465 million. Lore’s personal holdings of Walmart shares totaled 1.953 million shares with a value of $251.377 million after the July 7 transactions.
Many of the shares result from the $3.3 billion Lore received for his interest in Jet.com, which Walmart acquired in August 2016. Earlier this year Walmart announced the wind-down of the Jet.com operations folding most of the positions into Walmart.com. He also regularly receives shares as deferred compensation in Walmart shares for his CEO role.
Lore’s employment with Walmart began in August 2016 and he must stay five years in order to get his full payment. His five-year requirement ends in August 2021. Lore has said he plans to stay beyond the five years. Under Lore’s direction, Walmart made several acquisitions in the past three years to build category expertise in higher margin goods. Walmart has since dialed back that investment as well as the Jet Black experiment for a concierge service in Manhattan.
Walmart shares (NYSE: WMT) closed Thursday at $127.75, up $3.31 or 2.66%. For the past 52 week the shares have traded between $102 and $133.38. The one-year target date set by analysts is $135.38. For every $1 Walmart gains in share price Lore’s holdings increase $1.95 million. The same is true for each $1 the stock price declines. Walmart shares are up 7.5% so far in 2020.