Walgreens Boots Alliance Ditches U.K. Business Sale


The company said no third parties made suitable offers on its Boots chain

Walgreens Boots Alliance Inc (NASDAQ:WBA) is ditching plans to sell its pharmacy business in the United Kingdom, noting no third parties made suitable offers on its Boots chain, which is made up of 2,200 pharmacies, health, and beauty stores. The blue-chip name said volatility in the global financial markets was to blame. At last check, WBA is down 1.9% to trade at $41.37.

 

The shares had been attempting to bounce back from a June 16, one-year low of $39.14 prior to today’s drop. It has been a rough year so far for Walgreens Boots Alliance stock, which has struggled with overhead pressure from the 60-day moving average since late January, and now carries a 19.1% year-to-date deficit. 

In terms of analyst sentiment, those in coverage of the pharmacy name look to have a grim view. Specifically, nine of the 11 firms in coverage carry a tepid “hold” rating, while two say “sell” or worse.



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