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SAN DIEGO, Sept. 18, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers of Walgreens Boots Alliance, Inc. (NASDAQ: WBA) (“Walgreens” or the “Company”) common stock between July 1, 2021 and June 26, 2024, inclusive (the “Class Period”), charging the Company and certain of its current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).
Walgreens investors have until November 18, 2024 to seek appointment as lead plaintiff of the Walgreens class action lawsuit.
If you purchased Walgreens common stock between July 1, 2021 and June 26, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/walgreens-2/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Hani Farah by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Walgreens is one of the largest providers of retail, pharmacy, and healthcare services across the United States and internationally, with operations in three business segments: U.S. Retail Pharmacy; International; and U.S. Healthcare. In 2019, Walgreens announced a collaboration with VillageMD in which VillageMD would operate primary care facilities next to Walgreens stores. The purported success of the partnership led to a $1 billion investment by Walgreens into VillageMD and an expansion of the relationship.
The Walgreens lawsuit alleges that: (1) despite repeated assurances, Walgreens inefficiently deployed capital meant to grow its U.S. Healthcare segment and did not know how to implement and expand its partnership with VillageMD; (2) Walgreens was not able to profitably scale VillageMD; (3) Walgreens’ rollout of VillageMD clinics was not proceeding as planned; (4) Walgreens’ U.S. Healthcare segment was growing slower than anticipated because Walgreens built too many VillageMD clinics, causing these newly created medical clinics to be understaffed and see fewer patients; and (5) Walgreens executives had failed to manage investor expectations about the negative impact that the VillageMD rollout would have on the Company’s short-term profits, the exaggeration of VillageMD’s value, and the risk that the Company would be required to divest its take, in whole or in part, in VillageMD.
The truth began to emerge on June 27, 2023, when Walgreens announced disappointing earnings results for its fiscal third quarter of 2023, reduced its 2023 guidance, and revealed the Company was “experiencing a slower profit ramp for U.S. Health Care” due to VillageMD’s underperformance. On this news, the price of Walgreens common stock fell $2.95 per share, or 9.3%. However, the Company continued to misrepresent its success in scaling the VillageMD partnership, which kept Walgreens’ stock price inflated.
Then, on July 27, 2023, Walgreens announced the departure of its Chief Financial Officer. On this news, the price of Walgreens common stock fell $0.83 per share, or nearly 3%. Similarly, on September 1, 2023, Walgreens announced the departure of its Chief Executive Officer (“CEO”), causing the Company’s stock price to decline $1.88 per share, or 7.4%.
On January 4, 2024, Walgreens announced disappointing financial results for its fiscal first quarter of 2024, which analysts attributed to operations in the VillageMD clinics. On this news, the price of Walgreens common stock fell $1.31 per share, or 5%.
Finally, on June 27, 2024, Walgreens announced disappointing financial results for its fiscal third quarter of 2024. On that same day, in an interview with The Wall Street Journal, Walgreens’ new CEO announced the Company would reduce its stake in VillageMD and would no longer be its majority owner. On this news, the price of Walgreens common stock fell $3.47 per share, or 22%.
About DiCello Levitt
At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.
Attorney Advertising. Prior results do not guarantee a similar outcome.
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Amy Coker4747 Executive Drive, Suite 240San Diego, CA 92121619-963-2426investors@dicellolevitt.com
The most recent trading session ended with Walgreens Boots Alliance (WBA) standing at $9.01, reflecting a -0.55% shift from the previouse trading day's closing. The stock trailed the S&P 500, which registered a daily loss of 0.29%. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
Coming into today, shares of the largest U.S. drugstore chain had lost 15.56% in the past month. In that same time, the Retail-Wholesale sector gained 4.15%, while the S&P 500 gained 1.57%.
Investors will be eagerly watching for the performance of Walgreens Boots Alliance in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 15, 2024. In that report, analysts expect Walgreens Boots Alliance to post earnings of $0.36 per share. This would mark a year-over-year decline of 46.27%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $35.8 billion, up 1.08% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Walgreens Boots Alliance. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 17.23% lower. Walgreens Boots Alliance is holding a Zacks Rank of #4 (Sell) right now.
From a valuation perspective, Walgreens Boots Alliance is currently exchanging hands at a Forward P/E ratio of 5.13. This represents a discount compared to its industry's average Forward P/E of 5.3.
Also, we should mention that WBA has a PEG ratio of 1.03. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Retail - Pharmacies and Drug Stores industry currently had an average PEG ratio of 0.92 as of yesterday's close.
The Retail - Pharmacies and Drug Stores industry is part of the Retail-Wholesale sector. With its current Zacks Industry Rank of 237, this industry ranks in the bottom 7% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
BOCA RATON, Fla., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the “Class Action”) in the United States District Court for the Northern District of Illinois against Walgreens Boots Alliance, Inc. (“Walgreens” or the “Company”) (NASDAQ: WBA) and certain of its executive officers (collectively, “Defendants”). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and U.S. Securities and Exchange Commission (“SEC”) Rule 10b-5 promulgated thereunder on behalf of all persons or entities who purchased Walgreens common stock between July 1, 2021 and June 26, 2024, inclusive (the “Class Period”), and were damaged thereby (the “Class”). The Class Action filed by Saxena White is captioned: Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Walgreens Boots Alliance, Inc., et al., No. 24-cv-8559 (N.D. Ill.).
Walgreens is one of the largest providers of retail, pharmacy, and healthcare services in the world, operating in three business segments, including U.S. Healthcare. In 2019, to facilitate Walgreens’ transition to become a healthcare company rather than just a retail pharmacy, Walgreens announced it was collaborating with Village Practice Management Company, LLC (“VillageMD”) on a trial period to open primary care clinics next to five Walgreens stores. In July 2020, following a “highly successful trial[,]” Walgreens announced a new agreement and expanded partnership with VillageMD to invest $1 billion over the next three years, acquire a 30% stake in VillageMD, and become the “first national pharmacy chain to offer full-service doctor offices co-located at its stores at a large scale.” By January 2021, Walgreens announced it had already completed its $1 billion investment and renegotiated the terms of its agreement with VillageMD. This enabled Walgreens to accelerate rollout of “600 to 700 Village Medical at Walgreens primary care clinics in more than 30 U.S. markets within the next four years, with the intent to build hundreds more thereafter.” Then, in October 2021, Walgreens announced an additional $5.2 billion investment in VillageMD, increasing the Company’s ownership stake in VillageMD from 30% to 63%.
Throughout the Class Period, Defendants touted Walgreens’ partnership with VillageMD and the Company’s ability to scale VillageMD’s business to drive long-term growth. For example, a Walgreens executive touted that “VillageMD is a unique business that has the scale and momentum to drive tremendous long-term growth[,]” with “a clear path to national expansion and rapid growth, especially given their partnership with Walgreens.”
The Class Action alleges that, during the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects, including that: (1) despite repeated assurances, Walgreens was not disciplined about deploying capital to grow the U.S. Healthcare segment and did not know how to work with and scale the VillageMD model; (2) Walgreens was not able to profitably scale VillageMD to support the Company’s long-term growth initiatives; (3) Walgreens’ rollout of VillageMD clinics was not going according to plan; (4) Walgreens’ U.S. Healthcare segment was experiencing slower growth than expected because Walgreens had oversaturated markets with VillageMD clinics, leading these newly created medical clinics to be understaffed and see fewer patients; (5) Walgreens executives had failed to manage investor expectations regarding the negative impact that the VillageMD expansion would have on Walgreens’ short-term profits, overstatement of the value of VillageMD, and the risk that the Company would be forced to divest part or all of its stake in VillageMD; and (6) as a result of the above, Defendants’ statements about Walgreens’ business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times .
The truth began to be revealed prior to the markets opening on June 27, 2023, when Walgreens announced disappointing earnings results for the fiscal third quarter of 2023, slashed its fiscal year 2023 guidance, and revealed Walgreens was “experiencing a slower profit ramp for U.S. Health Care” due to “VillageMD [] underperformance.” On this news, the price of Walgreens common stock fell over 10%, from a closing price of $31.59 per share on June 26, 2023, to a closing price of $28.64 per share on June 27, 2023.
On July 27, 2023, after the markets closed, Walgreens announced the departure of its Chief Financial Officer. On this news, the price of Walgreens common stock declined by nearly 3%, from a closing price of $30.63 per share on July 27, 2023, to a closing of $29.80 per share on July 28, 2023. On September 1, 2023, before the markets opened, Walgreens announced the departure of its Chief Executive Officer. On this news, the price of Walgreens common stock fell more 7%, from a closing price of $25.31 per share on August 31, 2023, to a closing price of $23.43 per share on September 1, 2023.
On January 4, 2024, before the markets opened, Walgreens announced disappointing financial results for the fiscal first quarter of 2024, which analysts attributed to operations in the VillageMD clinics. On this news, the price of Walgreens common stock fell over 5%, from a closing price of $25.57 per share on January 3, 2024, to a closing price of $24.26 per share on January 4, 2024.
Finally, on June 27, 2024, before the markets opened, Walgreens announced that its financial results for the fiscal third quarter of 2024 were well below expectations. On that same day, in an interview with The Wall Street Journal, Walgreens’ new Chief Executive Officer said that the Company would reduce its stake in VillageMD, and would no longer be its majority owner. On this news, the price of Walgreens stock fell $3.47 per share, or over 22%, from a closing price of $15.66 per share on June 26, 2024, to a closing price of $12.19 per share on June 27, 2024.
If you purchased Walgreens common stock during the Class Period and were damaged thereby, you are a member of the “Class” and may be able to seek appointment as lead plaintiff. If you wish to apply to be lead plaintiff, a motion on your behalf must be filed with the U.S. District Court for the Northern District of Illinois no later than November 18, 2024. The lead plaintiff is a court-appointed representative for absent members of the Class. You do not need to seek appointment as lead plaintiff to share in any Class recovery in the Class Action. If you are a Class member and there is a recovery for the Class, you can share in that recovery as an absent Class member.
You may contact Marco A. Dueñas (mduenas@saxenawhite.com), a Senior Attorney at Saxena White P.A., to discuss your rights regarding the appointment of lead plaintiff or your interest in the Class Action. You also may retain counsel of your choice to represent you in the Class Action.
You may obtain a copy of the Complaint and inquire about actively joining the Class Action at www.saxenawhite.com.
Saxena White P.A., with offices in Florida, New York, California, and Delaware, is a leading national law firm focused on prosecuting securities class actions and other complex litigation on behalf of injured investors. Currently serving as lead counsel in numerous securities fraud class actions nationwide, Saxena White has recovered billions of dollars on behalf of injured investors.
CONTACT INFORMATIONMarco A. Dueñas, Esq.mduenas@saxenawhite.comSaxena White P.A.10 Bank Street, Suite 882White Plains, New York 10606Tel.: (914) 437-8551Fax: (888) 631-3611 www.saxenawhite.com
During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.
Benzinga readers can review the latest analyst takes on their favorite stocks by visiting Analyst Stock Ratings page. Traders can sort through Benzinga's extensive database of analyst ratings, including by analyst accuracy.
Below are the ratings of the most accurate analysts for three high-yielding stocks in the consumer staples sector.
Walgreens Boots Alliance, Inc.
Dividend Yield: 8.41%
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Latest Ratings for WBA
Date | Firm | Action | From | To |
---|---|---|---|---|
Dec 2021 | UBS | Maintains | Neutral | |
Dec 2021 | Morgan Stanley | Downgrades | Equal-Weight | Underweight |
Dec 2021 | Morgan Stanley | Downgrades | Equal-Weight | Underweight |
View More Analyst Ratings for WBA
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NEW YORK, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Walgreens Boots Alliance, Inc. (NASDAQ: WBA) on behalf of long-term stockholders following a class action complaint that was filed against Walgreens on July 12, 2024 with a Class Period from October 12, 2023 to June 26, 2024. Our investigation concerns whether the board of directors of Walgreens have breached their fiduciary duties to the company.
The complaint alleges that on June 27, 2024, Walgreens announced 3Q24 financial results and reduced its revenue guidance for the fourth quarter and full fiscal year 2024. The Company attributed its results and lowered guidance on the “significant challenges in the U.S. Retail Pharmacy business stemming from a worse-than-expected consumer environment and challenging pharmacy industry trends.”
Following this news, Walgreens stock began trading more than 20% lower than the previous day’s closing price of $15.65 per share.
If you are a long-term stockholder of Walgreens, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Marion Passmore, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com
On Friday, Walgreens Boots Alliance Inc. agreed to pay $106.8 million to settle allegations that it submitted false claims to government healthcare programs, violating the False Claims Act and state regulations.
The settlement resolves accusations that the pharmacy chain billed Medicare, Medicaid, and other federal health programs for processed prescriptions but never actually dispensed to beneficiaries.
The alleged fraudulent activity spanned from 2009 to 2020.
The Department of Justice alleges Walgreens collected tens of millions of dollars from the federal government for medications that never reached patients.
As part of the resolution, Walgreens has implemented updates to its electronic pharmacy management system to prevent similar issues from occurring.
Notably, the company received credit for proactively addressing the issue, including self-reporting certain instances and refunding $66.3 million before the settlement.
The settlement also involves significant contributions to individual states, with $14.9 million allocated to Medicaid-participating states. The federal government’s share of the recovery amounts to $91.9 million.
The settlement covers three cases filed under the qui tam provision of the False Claims Act, allowing private parties to sue on behalf of the government.
Two former Walgreens employees, Steven Turck and Andrew Bustos, were instrumental in these lawsuits. Turck, a former pharmacy manager, will receive $14.9 million, while Bustos, a former district pharmacy supervisor, will be awarded $1.6 million.
In a report, retail pharmacies such as Walgreens Boots Alliance and CVS Health Inc are becoming less convenient for consumers, as reflected in numerous customer complaints.
Despite their extensive network of locations, frustrations are mounting due to long wait times for assistance and prescription pickups, highlighting the broader issues facing retail pharmacy chains.
Price Action: WBA stock is down 2.5% at $8.98 at last check Monday.
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