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Walmart CEO Doug McMillon sells $2.7 million in company stock

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Doug McMillon, President and CEO of Walmart Inc. (NYSE:WMT), recently sold a significant portion of his holdings in the retail giant, as the stock trades near its 52-week high of $96.18. According to a regulatory filing,
Walmart CEO Doug McMillon sold approximately $2.7 million worth of company stock on June 27, 2023, as part of a prearranged trading plan. This sale involved 29,124 shares at an average price of $67.94 per share. The transaction was executed under a 10b5-1 plan, which allows corporate insiders to set up a trading plan for selling stocks they own, providing a defense against accusations of insider trading. Despite this sale, McMillon still holds a significant amount of Walmart stock, with his remaining shares valued at over $160 million. This move comes at a time when Walmart's stock has seen a 25% increase year-to-date, reflecting strong performance and investor confidence in the company.

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