Discount retailer Walmart (WMT) has announced a three-for-one stock split.
News of the split comes with Walmart’s stock trading near an all-time high of just under $170 U.S. per share.
The company said the additional shares will be payable to stockholders of record on Feb. 22 of this year. The stock will begin trading on a split-adjusted basis on Feb. 26.
In a news release, Walmart said it is splitting the stock, in part, to allow more employees to buy into its stock purchase plan.
Walmart, which is today the largest grocery retailer in America, is trying to boost employee benefits to inspire loyalty and retain talent.
The company recently said that it would increase store manager wages to an average of $128,000 U.S. per year and make managers eligible for a bonus of up to 200% of their salary.
This is Walmart’s first stock split since 1999. In total, the company has executed 11 stock splits in its history. However, all previous stock splits were carried out on a two-for-one basis.
The latest three-for-one stock split should lower Walmart’s shares to around $56 U.S. based on the all-time high share price of $169.94 U.S.
The stock of Walmart has gained 15% in the last 12 months and is up 76% over five years.
