Walgreens stock plunges after drugstore chain slashes quarterly dividend nearly in half
Publishing timestamp: 2024-01-04 11:56:25
Summary
Walgreens reported fiscal first-quarter adjusted earnings and revenue that exceeded expectations. However, the company also announced a significant cut to its quarterly dividend, which caused shares to drop more than 11%. The dividend cut is intended to strengthen the company's long-term balance sheet and cash position. Despite the dividend reduction, Walgreens reiterated its fiscal 2024 adjusted earnings guidance. The company is making investments to transform from a major drugstore chain to a large healthcare company.
Sentiment: MIXED
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Source: https://www.cnbc.com/2024/01/04/walgreens-wba-earnings-q1-2024.html