Walgreens stock plunges after announcing dividend suspension
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Walgreens (WBA) shares fell sharply in Friday's pre-market trading after the company suspended its quarterly dividend. This move comes as the pharmaceutical retailer implements a turnaround strategy, prioritizing critical financial needs.
The company explicitly stated that allocating cash for litigation expenses and debt refinancing "were important considerations" in making this decision. This is the first time Walgreens has suspended its quarterly dividend since 1933.
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This post was written by Angel Smith
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