Drugstore chain operator Walgreen Company ( WAG ) on Wednesday posted lower-than-expected fiscal first quarter earnings, sending its shares plummeting in premarket trading.
The Deerfield, IL-based company reported first quarter net income of $554 million, or 63 cents per share, compared with $580 million, or 62 cents per share, in the year-ago period.
Sales rose 4.7% from last year to $18.16 billion.
On average, Wall Street analysts expected a higher profit of 67 cents per share, on matching revenue of $18.16 billion.
Walgreen shares plunged $2.09, or -6.4%, in premarket trading Wednesday.
The Bottom Line
Shares of Walgreen Company ( WAG ) have a 2.69% dividend yield, based on last night's closing stock price of $33.50. The stock has technical support in the $27-$30 price area. If the shares can firm up, we see overhead resistance around the $35-$36 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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