Needham & Company LLC Reaffirms Buy Rating for Walgreens Boots Alliance, Inc. (WBA)
Walgreens Boots Alliance, Inc. (NASDAQ:WBA)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday. They presently have a $94.00 target price on the pharmacy operator’s stock. Needham & Company LLC’s target price points to a potential upside of 36.39% from the stock’s current price.
Several other brokerages also recently weighed in on WBA. Morgan Stanley reaffirmed an “overweight” rating and set a $95.00 price target on shares of Walgreens Boots Alliance in a research report on Monday, July 3rd. Raymond James Financial, Inc. restated a “market perform” rating on shares of Walgreens Boots Alliance in a research report on Wednesday, September 27th. BidaskClub upgraded Walgreens Boots Alliance from a “sell” rating to a “hold” rating in a research report on Wednesday, August 30th. Royal Bank Of Canada began coverage on Walgreens Boots Alliance in a research report on Tuesday, September 19th. They set an “outperform” rating and a $96.00 target price on the stock. Finally, Citigroup Inc. restated a “buy” rating on shares of Walgreens Boots Alliance in a research report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $91.31.
Shares of Walgreens Boots Alliance (NASDAQ WBA) traded up 0.51% during trading on Thursday, hitting $69.27. The stock had a trading volume of 2,955,492 shares. Walgreens Boots Alliance has a 12-month low of $68.55 and a 12-month high of $88.00. The firm has a 50 day moving average price of $79.08 and a 200 day moving average price of $80.85. The firm has a market cap of $74.13 billion, a P/E ratio of 17.49 and a beta of 1.25.
Walgreens Boots Alliance announced that its Board of Directors has initiated a share buyback program on Thursday, June 29th that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the pharmacy operator to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other news, Director William C. Foote sold 2,736 shares of the firm’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 transaction of $218,305.44. Following the completion of the sale, the director now owns 19,151 shares in the company, valued at approximately $1,528,058.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 13.50% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Fulton Bank N.A. increased its holdings in Walgreens Boots Alliance by 18.8% in the 3rd quarter. Fulton Bank N.A. now owns 5,761 shares of the pharmacy operator’s stock valued at $445,000 after purchasing an additional 912 shares during the last quarter. Eqis Capital Management Inc. increased its holdings in Walgreens Boots Alliance by 11.5% in the 3rd quarter. Eqis Capital Management Inc. now owns 14,824 shares of the pharmacy operator’s stock valued at $1,145,000 after purchasing an additional 1,533 shares during the last quarter. Hefty Wealth Partners increased its holdings in Walgreens Boots Alliance by 5,097.8% in the 3rd quarter. Hefty Wealth Partners now owns 9,616 shares of the pharmacy operator’s stock valued at $743,000 after purchasing an additional 9,431 shares during the last quarter. Perpetual Ltd increased its holdings in Walgreens Boots Alliance by 22.4% in the 2nd quarter. Perpetual Ltd now owns 6,552 shares of the pharmacy operator’s stock valued at $513,000 after purchasing an additional 1,200 shares during the last quarter. Finally, MPS Loria Financial Planners LLC acquired a new stake in Walgreens Boots Alliance in the 2nd quarter valued at approximately $457,000. Hedge funds and other institutional investors own 60.16% of the company’s stock.
Walgreens Boots Alliance Company Profile
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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