沃尔玛股票回购历史 （WMT share buyback over the years）

AGA7d

历年WMT的股票数（DILUTED， 百万股）

2010-04 3,781
2010-01 3,820
2009-07 3,900
2009-04 3,930
2008-07 3,958
2007-07 4,108
2006-07 4,172
2005-07 4,180
2004-07 4,272
2003-07 4,388
2002-07 4,452
2001-07 4,486
2000-07 4,488

Current Yahoo (may be a bit outdated)
% of Shares Held by All Insider and 5% Owners:        46%
% of Shares Held by Institutional & Mutual Fund Owners:        36%
% of Float Held by Institutional & Mutual Fund Owners:        66%

Current Nasdaq:
% of Shares Held by Institutional & Mutual Fund Owners:        34%
or 1257(inst. holding)/3781(total)=33%

Based on the WMT news release, the exact amount spent on share repurchase needs to be deciphered.
In 2009-06-04 release,
"During the last five years, Wal-Mart has repurchased approximately $21 billion worth of its shares."
Appears to be spending during 2004-2009, share count is down 372 mln. The stock options/grants
may total 10-15 mln shares each quarter, each year it is about 50 mln shares. It seems there is a
problem here, but I think the dilution is mostly stock options so the actual cost to buy back the dilution
may be $10/share, making the actual dilution around 10 mln shares/yr.

In 2010-06-04 release,  
"During the past three years, our commitment to share repurchase was reflected in the company
buying $18.5 billion of shares", also in quarter ended 2010-04, "our $3 billion purchase representing
55.6 million shares, was a record for Walmart"

During 2000-2004 period, I have not found WMT disclose details in share repurchase. But during the
period, the share count dipped from 4488 to 4272, about 216 mln shares. I don't have the stock
option/grant information, so assume a 30 mln dilution and a $52 average purchase price, the total
amount would be $12.8 bln.

In summary, WMT has paid about $42 bln over the 10 yr period, reducing the total share count by
~700 mln shares. The assumption is that the dilution costs ~ $500 mln/yr. From 2009-04 to 2010-04,
WMT spent ~$8 bln on ～160 mln shares.

源济

ZZzz2000

AGA7d

The share repurchase (as called by WMT) started around 2001, been 10 years. The most
recent year, 2009-2010, WMT intensified its stock repurchase, the $8 bln is the most
during 10 yrs.

Right now, WMT funds the buyback mostly through bonds issuing. Given the low rate in its
bond, I find it a good investment. Some may ask why WMT needs to borrow from bond
market, it is because WMT also has an ambitious expansion plan. Still, WMT has an excellent
balance sheet, contrary to what Cramer claimed.

One should remember the recently-passed financial act on debit-card fees - WMT stands
to be the biggest gainer, with an estimated $1.8 bln saved yearly, or 48 cents per share.
It is easy to understand - WMT customers tend to use more debit-card for purchases.

southware

谢谢

mary

thanks

c3456

usamonkey

sooners

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