Walgreens Boots Alliance (NASDAQ:WBA) Price Target Cut to $50.00 by Analysts at Bank of America

Walgreens Boots Alliance (NASDAQ:WBA) had its price objective reduced by research analysts at Bank of America from $51.00 to $50.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “underperform” rating on the pharmacy operator’s stock. Bank of America‘s target price points to a potential downside of 4.56% from the company’s previous close.

A number of other research analysts have also recently commented on WBA. Morgan Stanley decreased their target price on shares of Walgreens Boots Alliance from $61.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, August 23rd. JPMorgan Chase & Co. decreased their target price on shares of Walgreens Boots Alliance from $74.00 to $73.00 and set an “overweight” rating on the stock in a research report on Friday, June 28th. Royal Bank of Canada cut shares of Walgreens Boots Alliance to a “hold” rating and set a $59.00 target price on the stock. in a research report on Friday, September 27th. Cleveland Research reaffirmed a “hold” rating on shares of Walgreens Boots Alliance in a research report on Monday, September 9th. Finally, Deutsche Bank initiated coverage on shares of Walgreens Boots Alliance in a research report on Thursday, September 12th. They issued a “sell” rating on the stock. Seven research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $62.24.

NASDAQ WBA traded down $0.44 during trading hours on Thursday, reaching $52.39. The company had a trading volume of 527,154 shares, compared to its average volume of 5,037,425. The stock has a 50-day moving average of $52.73 and a 200 day moving average of $54.11. Walgreens Boots Alliance has a 1-year low of $49.03 and a 1-year high of $86.31. The company has a current ratio of 0.76, a quick ratio of 0.37 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $49.95 billion, a P/E ratio of 8.70, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89.

In related news, CAO Marco Patrick Anthony Pagni sold 215,323 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $50.48, for a total transaction of $10,869,505.04. Following the sale, the chief accounting officer now directly owns 357,851 shares in the company, valued at $18,064,318.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 15.73% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in WBA. First Trust Advisors LP lifted its holdings in shares of Walgreens Boots Alliance by 76.5% during the first quarter. First Trust Advisors LP now owns 1,460,684 shares of the pharmacy operator’s stock worth $92,417,000 after purchasing an additional 632,919 shares during the period. MML Investors Services LLC lifted its holdings in shares of Walgreens Boots Alliance by 16.8% during the first quarter. MML Investors Services LLC now owns 58,643 shares of the pharmacy operator’s stock worth $3,710,000 after purchasing an additional 8,436 shares during the period. Ontario Teachers Pension Plan Board lifted its holdings in shares of Walgreens Boots Alliance by 74.3% during the first quarter. Ontario Teachers Pension Plan Board now owns 37,758 shares of the pharmacy operator’s stock worth $2,389,000 after purchasing an additional 16,094 shares during the period. GAM Holding AG lifted its holdings in shares of Walgreens Boots Alliance by 63.8% during the first quarter. GAM Holding AG now owns 51,843 shares of the pharmacy operator’s stock worth $3,280,000 after purchasing an additional 20,198 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Walgreens Boots Alliance by 1.1% during the first quarter. Principal Financial Group Inc. now owns 1,276,508 shares of the pharmacy operator’s stock worth $80,765,000 after purchasing an additional 14,410 shares during the period. Hedge funds and other institutional investors own 59.69% of the company’s stock.

About Walgreens Boots Alliance

Walgreens Boots Alliance, Inc operates as a pharmacy-led health and wellbeing company. It operates through three segments: Retail Pharmacy USA, Retail Pharmacy International, and Pharmaceutical Wholesale. The Retail Pharmacy USA segment sells prescription drugs and an assortment of retail products, including health, beauty, personal care, consumable, and general merchandise products through its retail drugstores and convenient care clinics.

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Analyst Recommendations for Walgreens Boots Alliance (NASDAQ:WBA)

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