Walgreen Company Upgraded by Bank of America to “Neutral” (WAG)
Walgreen Company (NYSE:WAG) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Thursday. The firm currently has a $66.00 price target on the stock, up from their previous price target of $30.00. Bank of America’s price objective indicates a potential upside of 6.45% from the company’s current price. The analysts noted that the move was a valuation call.
In other Walgreen Company news, SVP Mia M. Scholz sold 81,015 shares of the company’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $61.93, for a total transaction of $5,017,258.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank cut their price target on shares of Walgreen Company to $69.00 in a research note on Tuesday, August 12th. Separately, analysts at BB&T Corp. cut their price target on shares of Walgreen Company from $80.00 to $65.00 in a research note on Thursday, August 7th. They now have a “buy” rating on the stock. Finally, analysts at Cowen and Company reiterated a “market perform” rating on shares of Walgreen Company in a research note on Thursday, August 7th. They now have a $62.00 price target on the stock, down previously from $74.00. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $72.83.
Walgreen Company (NYSE:WAG) traded down 0.74% during mid-day trading on Thursday, hitting $61.54. 3,236,055 shares of the company’s stock traded hands. Walgreen Company has a one year low of $46.75 and a one year high of $76.39. The stock’s 50-day moving average is $68.51 and its 200-day moving average is $68.2. The company has a market cap of $58.867 billion and a P/E ratio of 21.16. Walgreen Company also was the target of a significant growth in short interest in July. As of July 31st, there was short interest totalling 21,387,669 shares, a growth of 15.8% from the July 15th total of 18,465,510 shares. Based on an average daily volume of 6,229,905 shares, the days-to-cover ratio is currently 3.4 days. Approximately 2.4% of the shares of the company are short sold.
Walgreen Company (NYSE:WAG) last posted its quarterly earnings results on Tuesday, June 24th. The company reported $0.91 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.94 by $0.03. The company had revenue of $19.40 billion for the quarter, compared to the consensus estimate of $19.33 billion. During the same quarter in the prior year, the company posted $0.85 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. Analysts expect that Walgreen Company will post $3.31 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 12th. Investors of record on Thursday, August 21st will be given a dividend of $0.3375 per share. This represents a $1.35 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend is Tuesday, August 19th. This is an increase from Walgreen Company’s previous quarterly dividend of $0.32.
Walgreen Co (NYSE:WAG), together with its subsidiaries, operates as a retail drugstore chain in the United States.
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