Wal-Mart Stores Inc. Chairman S. Robson Walton sold about $110.5 million worth of stock in November, his largest sale in about a decade, just a month before the world’s biggest retailer’s shares reached an all-time high.
Walton, son of company founder Sam Walton, sold 1.9 million shares from Nov. 10 to Nov. 29 at prices ranging from $57 to $59.81, according to Washington Service, which tracks insider trading. The transaction was for financial and estate planning and helped raise funds for charities, said company spokesman Les Copeland.
The sale is Walton’s biggest since at least 1990. He still owns about 2.1 million shares, according to Washington Service.
The Bentonville, Ark.-based company’s shares climbed to a record $70.19 this week, fueled partly by expectations for strong holiday sales and a recent Internet alliance with America Online Inc.
The stock has climbed 67% in the last year, making it the fifth-best performer among the 30 stocks in the Dow Jones industrial average. On Thursday, Wal-Mart rose 44 cents to $67.81 on the New York Stock Exchange.