Walmart on Tuesday announced a three-for-one stock split, as its shares are approaching the all-time high set in November.

Why it matters: The retailer says the move is being driven, in part, by its desire to let store workers (aka "associates") purchase company stock.

• "Sam Walton believed it was important to keep our share price in a range where purchasing whole shares, rather than fractions, was accessible to all of our associates," explained Walmart president and CEO Doug McMillon in a statement.
• Walmart added that the split plan follows an "ongoing review of optimal trading and spread levels."

The bottom line: This would be Walmart's 12th stock split in its history, but its first since 1999.

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