Walmart shares close lower on Thursday, 150,000 US store workers to be hired ahead of holiday shopping season

Walmart Inc (WMT) said earlier this week that it intended to hire nearly 150,000 new store workers in the United States, with the majority of roles being permanent and full-time, as the retailer prepares for the holiday shopping season.

The company also said that many of its store workers would be offered extra hours during the period amid a nationwide labor shortage.

Walmart had previously said that it would hire 20,000 workers at its supply chain division ahead of the holiday season, with all part-time and full-time roles being based at 250 Walmart and Sam’s Club distribution centers, fulfillment centers and transportation offices.

Walmart has raised employee wages three times this year, with its average hourly wage in the United States now being $16.40. The retailer’s employees can also enjoy other benefits such as no-cost college tuition, a benefit offered by many of Walmart’s competitors.

Walmart shares closed lower for a fourth consecutive trading session in New York on Thursday. The stock went down 0.75% ($1.06) to $139.38, after touching an intraday low at $139.25. The latter has been a price level not seen since July 8th ($138.50).

Shares of Walmart Inc have retreated 3.31% so far in 2021 compared with a 14.68% gain for the benchmark index, S&P 500 (SPX).

In 2020, Walmart’s stock went up 27.58%, thus, it outperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 17 out of 21 surveyed investment analysts had rated Walmart Inc’s stock as “Buy”, while 4 – as “Hold”. The median price target on the stock stands at $172.15.