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Shares of retail giant Walmart (NYSE: WMT) were up a whopping 72% in 2024. To put the magnitude of this move in perspective, this was the best year for Walmart stock since 1998 -- you read that right.
But it could be capturing more market share, and at Walmart's level, the dollar amount is huge. With its network of more than 4,600 stores in the U.S., Walmart has some edges over Amazon.
Unless Walmart significantly accelerates its earnings growth, the stock could revert back to its previous 10-year average P/E of 28, which would cause a short-term sell-off in the share price.
On March 21, 2024, Walmart stock reached a record closing high of $61.45 per share. So far this year, its shares are already up 14%, beating the S&P 500's ( ^GSPC ) 10% gain.
From fiscal 2024 to fiscal 2027, analysts expect Walmart to grow its revenue and earnings per share (EPS) at a compound annual growth rate (CAGR) of 5% and 17%, respectively.
Walmart stock is up 58% this year, propelling the three Walton siblings into the $100 billion club. Experts credit a classic strategy — and inflation. Why Walmart stock keeps hitting new highs ...
Walmart now trades at a price-to-earnings ratio of 38.4 and offers a 1% dividend yield. Costco is also richly valued at a P/E of 59 and offers a dividend yield of 0.5%.
In the second quarter (for the period ended July 31), Walmart reported a 9.8% increase in adjusted earnings per share (EPS) as the gross margin climbed to 24.4%, the highest level since fiscal 2022.