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Longtime investor Nancy Tengler noted on Schwab Network recently that she had "trimmed" her position in Walmart Inc. (WMT) and had used the proceeds to buy the shares of several Big Tech stocks. Tengler was speaking prior to the retail giant reporting its first-quarter results on May 15 before the market opened.
Tengler is the CEO and Chief Investment Officer of Laffer Tengler Investments.
A manager standing in a hypermarket, pointing out items available for wholesale.
Why Tengler Cut Her Walmart Inc. (WMT) Holdings
WMT is "fully valued" and has "a hefty multiple," the investor stated. Additionally, "a lot of good news is priced into the stock at its current levels, Tengler said.
Further, the shares had become an "outsized position" in Tengler's portfolio, she noted.
Tengler Remains Bullish on Walmart Inc. (WMT)
The huge retailer "has pivoted to all the new technologies and raised its dividend twice in the last two years," the investor reported.
The Big Tech Names That Tengler Bought
The investor noted that she had acquired Tesla (TSLA) and Palantir (PLTR) in February. Additionally, the investor had bought Microsoft (MSFT) stock right before the tech giant reported its earnings and she added Uber (UBER) in recent weeks as well.
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Disclosure: None. This article is originally published at Insider Monkey