Shares in Walmart (WMT) stock have hit new all-time highs this week, with the Black Friday season just around the corner. The upcoming holiday season is always a promising one for the retailer, and coming off a solid Q3 earnings, there’s plenty of confidence heading into the holidays.
WMT stock traded as high as $109.58 on Nov. 26, a record high on a split-adjusted basis. The company has already begun its Thanksgiving/Black Friday sales period. From SmartTVs to outdoor barbecues and furniture, the final quarter of the year is often successful for Walmart and WMT stock. A record number of people are expected to shop online and in-store during Black Friday and Cyber Monday, which bookend the American Thanksgiving long weekend.
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The National Retail Federation forecasts that 187 million people will shop between Black Friday and Cyber Monday this year, a record number. Furthermore, the Retail Federation estimates that average spending on gifts and seasonal items such as decorations, cards, food, and candy at retailers such as Walmart will reach $890 a person this year. Such numbers could mean huge revenue for the company, leading to a strong ROI for WMT stock investors.
Compared to other dividend stocks, many analysts view WMT as one of the best options on the market. Its growth in the last decade is remarkable, and many forecast that growth to continue. Fortunately, Wall Street expects a strong climb in Walmart (WMT) shares by the end of this year. Per analysts at BTIG, Walmart’s integrated digital and physical strategy is “delivering value” to customers and shareholders. Additionally, CEO Doug McMillon has positioned the company for continued market share and profit gains despite macro pressures. As a result, BTIG has initiated a buy rating on WMT with a $120 price target.