Walgreens Boots Alliance did not come running out of the gate in its first fiscal quarter as earnings tumbled amid worldwide and pharmacy challenges. Finally, Pivotal Research reduced their price objective on shares of Walgreens Boots Alliance from $60.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, October 30th.
Walgreens additionally reaffirmed on Wednesday a forecast it made final fall for roughly flat earnings in fiscal 2020 in comparison with 2019, when it posted adjusted earnings of $5.99 per share.
Nothing in the company's figures for the first quarter indicates Walgreens is gaining momentum, said Neil Saunders, managing director of GlobalData Retail. Walgreens was also challenged by lower-than-expected prescription volume. First Bank & Trust now owns 3,393 shares of the pharmacy operator's stock worth $187,000 after purchasing an additional 201 shares during the period. The shares were sold at an average price of $63.16, for a total transaction of $14,801,861.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Voya Financial Advisors Inc. increased its stake in Walgreens Boots Alliance by 8.7% in the 3rd quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. First National Bank of South Miami now owns 10,386 shares of the pharmacy operator's stock valued at $566,000 after buying an additional 303 shares during the period. Earnings adjusted for non-recurring items amounted to $ 1.37 per share. Evoke Wealth LLC acquired a new stake in shares of Walgreens Boots Alliance during the 3rd quarter worth $3,106,000. The stock has a market cap of $52.92 billion, a price-to-earnings ratio of 9.32, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90. Analysts expected, on average, earnings of $1.41 per share. Walgreens Boots Alliance had a net margin of 2.91% and a return on equity of 21.99%. During the same period in the prior year, the company earned $1.46 earnings per share.
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Walgreens Boots Alliance, Inc operates as a pharmacy-led health and wellbeing company.
The company didn't address reports from late past year that it was in talks with private-equity firm KKR & Co. over a potential buyout.
THE WHY? The poor results follow a time of deep uncertainty for pharmaceutical companies as consumers increasingly purchase personal care products online.