Walgreens Boots Alliance Inc

WBA: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$55.00	Pfss	Vhcgthly

Walgreens Earnings: Stock Drops From Steep Dividend Slash Despite Positive Results

Keonhee Kim

Jan 4, 2024

No-moat Walgreens posted first-quarter results that were slightly ahead of our expectations. Despite these positive results, the stock was down midsingle digits Jan. 4, which we attribute to the slashed dividend. However, we are maintaining our fair value estimate of $33 per share, and we are maintaining our Standard Capital Allocation Rating on the firm, despite this disappointing move for dividend-focused investors.

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