Walgreens Boots Alliance Inc. (NASDAQ:WBA) shares saw a fourth consecutive day of losses on Wednesday, dropping 2.13% to $20.63, even as major market indices reported gains. The S&P 500 Index and Dow Jones Industrial Average rose by 1.05% and 0.67% respectively, indicating a contrasting performance.
In the broader market, Walgreens' competitors had mixed results. Amazon.com Inc. (NASDAQ:AMZN) saw its stock climb 2.94% to $137.00, while McKesson Corp. (NYSE:NYSE:MCK) increased by 0.93% to $459.59. CVS Health Corp. (NYSE:NYSE:CVS), however, fell slightly by 0.41% to $68.73.
Despite the overall market uptrend, Walgreens' share price remains significantly below its peak of $42.29 recorded on December 13th, reflecting a challenging period for the company in recent months.
Adding to the concerns, Walgreens' trading volume on Wednesday reached 16 million, surpassing its 50-day average volume, a sign that investors may be reacting to the company's recent performance and adjusting their holdings accordingly.
InvestingPro Insights
InvestingPro data provides an insightful view of Walgreens Boots Alliance Inc. (WBA). With a market cap of 17.82B USD, the company has shown promising signs with a revenue growth of 4.81% over the last twelve months as of Q4 2023. Despite trading near its 52-week low, the company has a history of consistent dividend payments, having raised its dividend for 48 consecutive years and offering a substantial dividend yield of 9.31% as of December 2023.
InvestingPro Tips highlight that Walgreens is a prominent player in the Consumer Staples Distribution & Retail industry. Its net income is expected to grow this year, indicating potential for future profitability. However, the stock has taken a significant hit over the last six months. It's worth noting that six analysts have revised their earnings downwards for the upcoming period, which could be a factor contributing to its recent performance.
InvestingPro offers an additional 8 tips and a wealth of other data for Walgreens, as well as real-time metrics and expert advice for a variety of other companies. This valuable information can help investors make informed decisions about their portfolio.
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