Walmart Stock (WMT) Hit By Fears Over Right Wing Consumer Boycott
If any Walmart (WMT) executive wanted to find out whether people of different political views have equally different shopping lists, they may keep an eye on sales this weekend.
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Far Right Anger
That's because far-right influencers are calling on their followers and President Donald Trump supporters to boycott Walmart stores following the comments of one of the heiresses of the founding family.
Christy Walton, who inherited a 1.9% stake in Walmart from her late husband John Walton and is one of America's richest women, took out a full-page ad in The New York Times last Sunday promoting the 'No Kings' protests planned for the day of Trump's military parade this weekend.
Those protests are set to take place in hundreds of cities across the U.S. against the military parade itself, which will likely see Abrams battle tanks rolling through American streets, and Trump's recent crackdown on immigration.
Walton encouraged Trump critics to mobilize against the parade, which will take place on Saturday, June 14th. 'The honor, dignity, and integrity of our country are not for sale,' the advert read.
Trump fans, including Florida Rep. Anna Paulina Luna, attacked Walton over the ad. 'Looks like the Walmart dynasty is big mad about China Tariffs,' Luna wrote.
Walmart Distances Itself
One influencer said: 'If there was ever a time to boycott Walmart, it's now.'
A spokesperson for Walmart told the U.S. publication HuffPost that 'the advertisements from Christy Walton are in no way connected to or endorsed by Walmart.'
The controversy has, however, impacted the Walmart share price, with it dropping 3% over the last five days.
Walmart is no stranger to recent customer boycotts. Last month, advocacy group People's Union USA led a boycott of Walmart between May 20 and May 26 driven by ire over the company allegedly 'crushing small businesses' and 'underpaying' its employees.
Now it's not just left wing but right looking to flee the aisles.
Is WMT a Good Stock to Buy Now?
On TipRanks, WMT has a Strong Buy consensus based on 28 Buy and 2 Hold ratings. Its highest price target is $120. WMT stock's consensus price target is $109.71 implying a 16.12% upside.
See more WMT analyst ratings
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