The Woolworths Limited (ASX: WOW) share price is trading slightly lower in today’s session.
Shares in the supermarket giant have stalled after the company announced a change to its holdings.
Let’s take a look at what Woolworths announced.
Woolworths sells $54 million stake in Marley Spoon
Earlier today, Woolworths announced that the company has ceased being a substantial holder in Marley Spoon AG (ASX: MMM).
As reported by my Foolish colleague, the retail conglomerate has sold its stake in the food box delivery company.
Woolworths announced that it had sold 28,026,000 Chess Depository Interests (CDIs) in Marley Spoon via an underwritten block trade.
The trade, worth approximately $54 million, represented a 9.87% stake in Marley Spoon.
Woolworths sold its interest at $1.91 per CDI, equating to a 6% discount on Marley Spoon’s previous closing price.
In 2019 and 2021, Woolworths invested nearly $30 million in the food box delivery company via its subsidiary W23 Investments Pty Ltd.
More on Woolworths
Apart from the Marley Spoon announcement, the Woolworths share price has been in the spotlight recently.
In May, the supermarket giant made headlines following the demerger of its Endeavour business.
The demerger saw Endeavour Group Ltd (ASX: EDV) become a separately listed entity that owns retail and drinks businesses.
Late last month, shares in Woolworths received a boost after reporting strong full-year results for FY21.
Highlights from the company’s report included;
- Group sales rose 5.7% to $67,278 million
- eCommerce sales surged 58.1% to $5,602 million
- Group earnings before interest and tax (EBIT) increased 13.7% to $3,663 million
- Group net profit after tax up 22.9% to $1,972 million
- Final dividend of 55 cents per share
Most recently, Woolworths released its first annual sustainability report.
Since launching its Sustainability Plan 2025 in 2020, Woolworths announced its carbon emissions are 27% less than its 2015 baseline.
For FY21, the company also highlighted it has reduced its plastic usage by more than 2,500 tonnes.
Snapshot of the Woolworths share price
Shares in the company have had a stellar year thus far, hitting record highs in late August.
Since the start of the year, the Woolworths share price has surged more than 16%.
At the time of writing, shares in the supermarket giant are trading slightly lower for the year at around $40.42.
The post Woolworths (ASX:WOW) share price lower after selling stake in meal box company appeared first on The Motley Fool Australia.
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More reading
- Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
- Marley Spoon (ASX:MMM) share price sinks 8% after Woolworths sells its stake
- Here’s why the Woolworths (ASX:WOW) share price is in focus today
- The Woolworths (ASX:WOW) share price has gained 17% in the last 6 months
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Marley Spoon AG. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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