Walmart announced a three-for-one stock split on Tuesday as the retailer’s shares sit just below their all-time high.
The company said the additional shares will be payable after the market closes on Feb. 23, to shareholders of record as of the previous day. Walmart’s stock will start trading on a post-split basis on Feb. 26.
Walmart said it chose to split the stock in part to allow more employees to buy into its stock purchase plan. The company “felt it was a good time to split the stock and encourage our associates to participate in the years to come,” CEO Doug McMillon said in a statement.
Walmart shares rose about 1% in extended trading.
The stock closed Tuesday at $165.59, shy of the all-time high of $169.94 it hit in November. Walmart shares have climbed about 5% this year.
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This story originally appeared on CNBC
