Walmart (WMT) stockholders will see their number of shares increase next month when the company executes a three-to-one stock split in February, a move it says will make it easier for employees to purchase shares in the company.

At the close of business on Thursday, Feb. 23, Walmart shareholders will receive two additional shares for each one they own. Walmart shares will begin trading on a post-split basis on Monday, Feb. 26, using the same WMT symbol.

Walmart said the board approved the stock split so that its employees could more easily afford to purchase common stock, which would number about 8.1 billion outstanding shares after the split.

The company said about 400,000 employees participate in a stock purchase program, which lets them buy stock through payroll deductions while applying a 15% company match on the first $1,800 spent each year. 

The announcement comes as Walmart’s share price closed Tuesday at $165.59, gaining about 4% so far in 2024 to put it about $4 shy of the all-time-high the stock price hit in November.

Companies will often split their stock when its price reaches a level that makes it seem unaffordable, or to match other companies in its sector. While the stock split should work to reduce Walmart’s share price to roughly a third of its cost before the split, it won’t lower the value of the company.

However, while the split won’t impact the company’s market capitalization, small investors can perceive the stock as more affordable when it's priced lower, potentially drawing more trading volume and pushing share prices higher.