5 Best Stocks to Buy Now for a $1 Million Portfolio

2. Walmart Inc. (NASDAQ:WMT)

Number of Hedge Fund Holders: 114

On May 13, Reuters reported that Walmart Inc. (NASDAQ:WMT) eliminated 1,000 roles as the retailer continues simplifying its operating structure, according to a source familiar with the matter.

Under CEO John Furner and a reshaped leadership team, Walmart has been pushing further into a technology-focused strategy as it targets higher-income shoppers and expands its marketplace and delivery businesses. According to a company memo, Walmart spent the past year moving away from operating separate structures for Walmart U.S., Sam’s Club, and its international markets. Instead, the retailer has been building a more unified system on a single shared platform. The company has also been accelerating its digital transformation efforts as it competes more aggressively with Amazon.com, Costco, and Aldi.

The Wall Street Journal, which first reported the development, said many affected employees were asked to relocate to Walmart’s offices in Bentonville or Northern California.

As of January 31, Walmart employed about 2.1 million people worldwide, according to its annual filing. The company remains the largest private employer in the United States, with roughly 1.6 million employees. About 92% of those workers are hourly employees.

Walmart Inc. (NASDAQ:WMT) operates as a technology-powered omnichannel retailer. The company runs retail and wholesale stores, clubs, e-commerce websites, and mobile applications across the United States, Africa, Canada, Central America, Chile, China, India, and Mexico.