Walgreens Boots Alliance (Nasdaq: WBA) plans to release its first quarter 2023 results on January 5, before the market opens. According to TipRanks’ website traffic tool, global visits to Walgreens’ website declined 9.9% year-over-year in the first quarter. A decline in website traffic may indicate that demand for the company’s products and services was not strong during the quarter.
Walgreens is a retail pharmacy chain with approximately 13,000 locations in the United States, Europe and Latin America.
A decline in the number of COVID-19 cases compared to the same quarter last year is expected to impact the company’s sales. Nonetheless, Walgreens’ cost control measures, extended flu season, and expansion of its healthcare platform may have supported earnings.
The company is expected to report earnings of $1.12 per share in the first quarter, down from $1.68 per share in the previous year. Earnings, on the other hand, are pegged at his $32.8 billion, down 3.2% year-over-year.
Should I buy WBA stock?
On TipRanks, the WBA has a consensus rating of holds based on 3 buys, 7 holds, and 1 sell. An average price target of $41.70 implies a potential upside of 11.6% or more.
thoughts of the end
Walgreens has made significant strides beyond pharmacy retail with the help of its acquisition of Summit Health-CityMD announced in November 2022. The transaction is expected to increase earnings in the healthcare segment. Nonetheless, its involvement in opioid-related litigation and reduced demand for vaccines may affect results in the next quarter.