Walton Family Reaffirms Significant, Passive Walmart Stake

TL;DR

**Walton family still owns a big chunk of Walmart, signaling stability.**

AI Summary

The Walton family, specifically S. Robson Walton, Alice L. Walton, Jim C. Walton, and the John T. Walton Estate Trust, filed an amended SC 13G/A on February 9, 2024, confirming their continued significant ownership in Walmart Inc. (WMT) as of December 31, 2023. This filing indicates that the founding family maintains a substantial, but passive, stake in the company, which is important for investors as their long-term commitment often signals stability and confidence in Walmart's future direction.

Why It Matters

This filing confirms the founding family's continued, substantial ownership in Walmart, which can reassure investors about long-term stability and alignment with shareholder interests.

Risk Assessment

Risk Level: low — This filing indicates stable, passive ownership by the founding family, which generally reduces risk for investors.

Analyst Insight

Investors should view this filing as a confirmation of stable, long-term ownership by the founding family, which can be a positive signal for corporate governance and stability, but it doesn't suggest any immediate trading action.

Key Players & Entities

• S. Robson Walton (person) — group member reporting ownership in Walmart Inc.
• Alice L. Walton (person) — group member reporting ownership in Walmart Inc.
• Jim C. Walton (person) — group member reporting ownership in Walmart Inc.
• John T. Walton Estate Trust (company) — group member reporting ownership in Walmart Inc.
• Walmart Inc. (company) — the subject company whose securities are being reported
• 07 Trade & Services (company) — organization name associated with the filing

Forward-Looking Statements

• The Walton family will maintain a significant, passive ownership stake in Walmart Inc. (Walmart Inc.) — high confidence, target: 2025-12-31
• Walmart Inc. will continue to benefit from the stability associated with its founding family's long-term investment. (Walmart Inc.) — medium confidence, target: 2025-12-31

FAQ

Filing Documents

• sc13g-ax123123.htm (SC 13G/A) — 175KB
• 0000104169-24-000007.txt ( ) — 177KB

Ownership

Item 4. Ownership (a) Amount Beneficially Owned See Schedule A hereto. (b) Percent of Class See Schedule A hereto. (c) Number of shares as to which the person has (i) Sole power to vote or to direct the vote . (ii) Shared power to vote or to direct the vote . (iii) Sole power to dispose or to direct the disposition of . (iv) Shared power to dispose or to direct the disposition of . Instruction. For computations regarding securities which represent a right to acquire an underlying security see rule 240.13d-3(d)(1). See Schedule A hereto.

Ownership of Five Percent or Less of a Class

Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following . Page 7 of 14 Instruction Dissolution of a group requires a response to this item. Not applicable.

Ownership of More than Five Percent on Behalf of Another Person

Item 6. Ownership of More than Five Percent on Behalf of Another Person. If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Not applicable. Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. If a parent holding company or control person has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Not applicable.

Identification and Classification of Members of the Group

Item 8. Identification and Classification of Members of the Group. If a group has filed this schedule pursuant to Rule 240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to Rule 240.13d-1(c) or Rule 240.13d-1(d), attach an exhibit stating the identity of each member of the group. The identity of each member of the group is disclosed on the cover pages attached hereto.

Notice of Dissolution of Group

Item 9. Notice of Dissolution of Group. Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. Not applicable.

Certification

Item 10. Certification. (a) The following certification shall be included if the statement is filed pursuant to rule 240.13d-1(b) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Not applicable. Page 8 of 14 (b) The following certification shall be included if the statement is filed pursuant to Rule 240.13d-1(c) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. Not applicable. Page 9 of 14

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 9, 2024 Date s S. Robson Walton S. Robson Walton, individually and in his capacity as cotrustee of the John T. Walton Estate Trust s Jim C. Walton Jim C. Walton, individually and in his capacity as cotrustee of the John T. Walton Estate Trust s Alice L. Walton Alice L. Walton, individually and in her capacity as cotrustee of the John T. Walton Estate Trust The original statement shall be signed by each person on whose behalf the statement is filed or his authorized representative. If the statement is signed on behalf of a person by his authorized representative other than an executive officer or general partner of the filing person, evidence of the representative's authority to sign on behalf of such person shall be filed with the statement, provided, however, that a power of attorney for this purpose which is already on file with the Commission may be incorporated by reference. The name and any title of each person who signs the statement shall be typed or printed beneath his signature. NOTE Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 240.13d-7 for other parties for whom copies are to be sent. Attention Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) Page 10 of 14 Schedule A BENEFICIAL OWNERSHIP OF COMMON STOCK In the following table, each reference to the percentage of common stock beneficially owned by a reporting person is calculated using the 2,692,233,703 shares of common stock outstanding on November 28, 2023, as shown by the most recent report published by the issuer. The footnotes to the following table describe, among other things, the extent to which each reporting person disclaims beneficial ownership of

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