Drugstore chain operator Walgreen Company (WAG) on Tuesday said its second quarter earnings fell 8% from last year, hurt by its refusal to deal with ExpressScripts (ESRX), although results still beat Wall Street’s view.
The Deerfield, IL-based company reported fiscal second quarter net income of $683 million, or 78 cents per share, compared with $739 million, or 80 cents per share, in the year-ago period.
Revenue edged slightly higher from last year to $18.65 billion.
On average, Wall Street analysts expected slightly lower profits of 77 cents per share, on smaller revenue of $18.57 billion.
Walgreen shares rose 50 cents, or +1.5%, in premarket trading Tuesday.
The Bottom Line
Shares of Walgreen Company (WAG) have a 2.62% dividend yield, based on last night’s closing stock price of $34.37. The stock has technical support in the $31-$32 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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