Loop Capital Initiates Coverage on Walgreens Boots Alliance, Inc. (WBA)
Investment analysts at Loop Capital initiated coverage on shares of Walgreens Boots Alliance, Inc. (NASDAQ:WBA) in a research report issued to clients and investors on Thursday. The firm set a “buy” rating and a $95.00 price target on the pharmacy operator’s stock. Loop Capital’s price target suggests a potential upside of 17.10% from the stock’s current price.
Several other research firms have also commented on WBA. Morgan Stanley reiterated an “overweight” rating and issued a $95.00 price target on shares of Walgreens Boots Alliance in a research report on Monday, July 3rd. Citigroup Inc. reiterated a “buy” rating on shares of Walgreens Boots Alliance in a research report on Monday, July 3rd. BidaskClub upgraded Walgreens Boots Alliance from a “strong sell” rating to a “sell” rating in a research report on Thursday, August 3rd. Guggenheim reiterated a “buy” rating on shares of Walgreens Boots Alliance in a research report on Monday, July 3rd. Finally, Jefferies Group LLC dropped their price target on Walgreens Boots Alliance from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, May 31st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $91.06.
Shares of Walgreens Boots Alliance (NASDAQ WBA) opened at 81.13 on Thursday. The firm has a market capitalization of $86.82 billion, a price-to-earnings ratio of 20.49 and a beta of 1.25. The company has a 50-day moving average price of $79.95 and a 200 day moving average price of $82.28. Walgreens Boots Alliance has a 1-year low of $75.18 and a 1-year high of $89.69. Walgreens Boots Alliance also saw unusually large options trading on Thursday. Stock traders bought 21,284 call options on the stock. This represents an increase of approximately 753% compared to the average daily volume of 2,495 call options.
Walgreens Boots Alliance (NASDAQ:WBA) last released its quarterly earnings results on Thursday, June 29th. The pharmacy operator reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.03. The company had revenue of $30.12 billion during the quarter, compared to analyst estimates of $29.72 billion. Walgreens Boots Alliance had a return on equity of 17.34% and a net margin of 3.69%. The firm’s revenue was up 2.1% on a year-over-year basis. During the same quarter last year, the business posted $1.18 earnings per share. On average, equities research analysts predict that Walgreens Boots Alliance will post $5.00 EPS for the current year.
Walgreens Boots Alliance declared that its Board of Directors has approved a share repurchase program on Thursday, June 29th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the pharmacy operator to reacquire up to 5.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
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In related news, Director William C. Foote sold 2,736 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $79.79, for a total value of $218,305.44. Following the completion of the transaction, the director now owns 19,151 shares of the company’s stock, valued at $1,528,058.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 13.50% of the company’s stock.
A number of institutional investors have recently modified their holdings of WBA. Russell Investments Group Ltd. increased its position in shares of Walgreens Boots Alliance by 72.9% in the first quarter. Russell Investments Group Ltd. now owns 482,962 shares of the pharmacy operator’s stock worth $40,115,000 after buying an additional 203,635 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Walgreens Boots Alliance by 9.3% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 75,821 shares of the pharmacy operator’s stock worth $6,296,000 after buying an additional 6,462 shares during the period. Welch & Forbes LLC increased its position in shares of Walgreens Boots Alliance by 4.8% in the first quarter. Welch & Forbes LLC now owns 96,882 shares of the pharmacy operator’s stock worth $8,046,000 after buying an additional 4,453 shares during the period. SpiderRock Advisors LLC acquired a new position in shares of Walgreens Boots Alliance during the first quarter worth approximately $301,000. Finally, Orrstown Financial Services Inc. increased its position in shares of Walgreens Boots Alliance by 14.1% in the second quarter. Orrstown Financial Services Inc. now owns 1,728 shares of the pharmacy operator’s stock worth $135,000 after buying an additional 213 shares during the period. 61.16% of the stock is owned by institutional investors.
About Walgreens Boots Alliance
Walgreens Boots Alliance, Inc (Walgreens Boots Alliance) is a holding company. The Company is a global pharmacy-led, health and wellbeing enterprise. Walgreens Boots Alliance operates through three divisions, including Retail Pharmacy USA, Retail Pharmacy International and Pharmaceutical Wholesale. The Company’s products are marketed under a number of brands, which include No7, the Botanics range, Almus (generic medicines), Boots Pharmaceuticals and Soap & Glory (bathing and beauty brand).
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