Crude Oil Moves Lower; Walgreens Posts Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Walgreens Boots Alliance Inc (NASDAQ:WBA) reported first-quarter earnings with a 10% year-over-year increase in sales to $36.7 billion, surpassing the consensus of $34.86 billion. Adjusted EPS fell 43.1% to $0.66 but beat the consensus of $0.61. However, Walgreens lowered its quarterly dividend by 48% to 25 cents per share. Meanwhile, crude oil prices declined by 0.7%, and U.S. stocks traded mixed with the Dow Jones gaining and NASDAQ falling slightly.
January 04, 2024 | 7:15 pm
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Walgreens reported higher Q1 sales but reduced its quarterly dividend by 48%, which may concern dividend-focused investors.
While the earnings beat is positive, the significant dividend cut is likely to be viewed negatively by investors, especially those seeking income, potentially leading to a short-term negative impact on the stock price.
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IMPORTANCE 80
RELEVANCE 100