After further troubleshooting discovered that issue was self-inflicted. Apparently, something was inadvertently pressed on my keyboard that enabled the issues I was experiencing. I was able to resolve it by "resetting" my keyboard. This was done by removing the keyboard drivers and uninstalling keyboard from the Windows Device Manager. I was able to isolate this issue to keyboard after playing another game that required walking within an open world environment where I experienced the same stutter walk issues in the game.
I hope this helps others who may run into similar issues.