Pharmacy Chain Walgreens Cuts Dividend to Save Cash, Shares Slump

Pharmacy Chain Walgreens Cuts Dividend to Save Cash, Shares Slump
A person shops in a Walgreens store in Manhattan, New York, on Nov. 26, 2021. Andrew Kelly/Reuters
Reuters
Updated:

Walgreens Boots Alliance on Thursday nearly halved its dividend payout as it attempts to conserve cash amid low consumer spending and intense competition, sending the pharmacy chain’s shares down 11 percent.

The stock was the second-biggest drag on the blue chip Dow Jones Index, and the decline was set to wipe off more than $2 billion in Walgreens’ market capitalization.