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WBA

Walgreens Boots speeds up investment in VillageMD

Walgreens Boots Alliance (NASDAQ:WBA) +0.7% post-market after saying it will accelerate its investment in VillageMD to support the opening 600-700 Village Medical at Walgreens primary care clinics over the next four years, with the goal of building hundreds more later. The companies say they have re-negotiated the terms of their July 2020 agreement to enable Walgreens to accelerate its investment to increase the pace and scale of the rollout of the clinics. WBA said in July it would invest $1B in equity and debt in VillageMD over three years, including an initial $250M equity investment; it now says the remaining $750M investment has been completed. WBA rallied 4.5% in today's trade following news it agreed to sell the majority of its pharmacy wholesale unit to AmerisourceBergen in a ~$6.5B deal.

WBA

Walgreens Boots Q1 2021 Earnings Preview

Walgreens Boots (NASDAQ:WBA) is scheduled to announce Q1 earnings results on Thursday, January 7th, before market open. The consensus EPS Estimate is $1.04 (-24.1% Y/Y) and the consensus Revenue Estimate is $35.01B (+2.0% Y/Y). Analysts expect gross margin of 19.7%; and operating margin of 3.3%. Over the last 2 years, WBA has beaten EPS estimates 63% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, EPS estimates have seen 6 upward revisions and 11 downward. Revenue estimates have seen 6 upward revisions and 5 downward. Recent earnings Analysis from our contributors: Walgreens Earnings Preview: A Recovery Stock With A 10% FCF Yield And 4.5% Dividend Yield

WBA

Walgreens +2% after landing post-earnings upgrades from Guggenheim, Baird

Guggenheim lifts Walgreens Boots Alliance (NASDAQ:WBA) to a Buy rating from Neutral on its view that the retailer is finally positioned for an upward earnings revision cycle "While WBA continues to battle ongoing structural pressures in the retail pharmacy industry, we believe the company is finally positioned for a potential upward earnings revision cycle (relative to consensus estimates), coupled with significant capital deployment optionality after the Alliance Healthcare divestiture." The firm assigns a price target of $55. Also on the Street, Baird hikes WBA to an Outperform rating from Neutral and also assigns a price target of $55. Shares of Walgreens are up 1.73% premarket to $45.99. Walgreens impressed with its earnings report last week.

WBA

Walgreens expands in financial services with Synchrony, Mastercard partnership

Walgreens (NASDAQ:WBA) will launch new credit cards issued by Synchrony Financial (NYSE:SYF) as well as a separate debit card. Both will run on Mastercard's (NYSE:MA) network. The credit cards will be connected with Walgreens' new customer loyalty program, myWalgreens, which started in November 2020. Cardholders will be able to receive myWalgreens cash rewards and other offers. Additionally, the flagship, co-branded credit card will offer a range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers. The new cards will be the first in a range of new financial products and services planned by Walgreens, to continue its health and well-being focus. The retailer plans to explore a number of Mastercard solutions across the payments technology ecosystem, including services such as insight and analytics, customer engagement and loyalty, cybersecurity, and point-of-sale financing, including installments. The new Walgreens credit cards are slated to be available in H2 2021.

WBA

Walgreens’ CEO hire helps extend its big January rally: At the Open

Walgreens Boots Alliance (WBA, +4%) is one of the best performing stocks premarket after the drugstore chain announced that it had tapped Roz Brewer, operating chief at Starbucks (SBUX, -3%) as its new CEO. Wall Street is generally impressed by Brewer as an exec, but there was concern about a consumer-focused hire. Jefferies, which has a Hold on the stock, said she was “an impressive CEO hire,” but said investors will be wanting deals in healthcare, according to Bloomberg. Guggenheim, which has a Buy rating, also said investors would be concerned the new chief does not have a healthcare background. Cowen, with a Market Perform rating, likes the company’s “focus on finding a CEO who has led businesses through periods of significant transformation, as traditional retail models adapt to a more digital world and changing consumer behavior”. This morning’s move, if it holds, will firm up a now-solid technical picture for the stock. Unlike many stocks, Walgreens didn’t bounce back through summer trading from pandemic lows and didn’t bottom out until Oct. 30. But shares are up nearly 45% since then and up 23% this year alone. The stock survived a test of its 50-day simple moving average on the last day of 2020 and then threw a bullish “golden cross” signal when the 50-day crossed above the 200-day SMA on Jan. 12. The stock is now 21% above its 200-day SMA, the widest gap since December 2018. The next bullish move would be for the 200-day to cross below the 100-day. Today’s gains will move the stock further into overbought territory, though, which it just hit yesterday when the relative strength index moved to 71.42. On Monday, Seeking Alpha contributor The Dividend Portfolio, argued that” Walgreens is at an appealing valuation and is expected to have significant EPS growth in part due to the company expanding its primary care clinics, retail pharmacy stores, and online pharmacy which is expected to lead to significant EPS growth over the next few years.” “Furthermore, Walgreens has undertaken significant cost-cutting measures and is divesting its stake in AmerisourceBergen to streamline operations which should help improve the company’s efficiency.” Sector Watch As highlighted in Seeking Alpha’s Catalyst Watch, Delta Air Lines (DAL, -2%) CEO Delta Ed Bastian will appear at the Bloomberg – The Year Ahead event. The U.S. Jets ETF (JETS, -2%) is falling premarket. The airline sector has seen lots of selling as countries ramp up new restrictions on travel to prevent the spread of COVID variants.

WBA

Walgreens Boots taps Starbucks exec as new CEO

Walgreens Boots Alliance (NASDAQ:WBA) is tapping Starbucks' (NASDAQ:SBUX) chief operating officer to become its new chief executive officer, The Wall Street Journal reports. Roz Brewer is moving to the drugstore chain to take the helm from Stefano Pessina, who is shifting to the role of executive chairman. That will make Brewer the only Black female in the top executive post of a Fortune 500 company. Prior to joining Starbucks, Brewer was CEO of Walmart's Sam's Club. WBA is up 1% after hours. SBUX is 1.6% lower.

WBA

Walgreens Boots declares $0.4675 dividend

Walgreens Boots (NASDAQ:WBA) declares $0.4675/share quarterly dividend, in line with previous. Forward yield 3.66% Payable March 12; for shareholders of record Feb. 19; ex-div Feb. 18. See WBA Dividend Scorecard, Yield Chart, & Dividend Growth.

WBA

Weekly COVID-19 vaccine doses to pharmacies doubling, White House says

White House Press Secretary Jen Psaki said today that the number of COVID-19 vaccine doses pharmacies will get per week will double from 1M to 2M under a federal program. Psaki added that the federal government is increasing its vaccine supply to 13.5M doses per week. Pharmacy chain stocks are down in afternoon trading: CVS Health (NYSE:CVS) -4.2%; Rite Aid (NYSE:RAD) -6.7%; and Walgreens Boots Alliance (NASDAQ:WBA) -2.6%

WBA

Morgan Stanley seeking alpha in a post-Covid world: At the Open

Morgan Stanley is forecasting GDP to be back to trend growth in the third quarter and thinks stock picking will be more important as that rebound is largely priced into the major indexes. "With the market broadly pricing a post-COVID rebound, we look for alpha opportunities where COVID-related benefits and damage appear mispriced," analysts wrote in a note. The Morgan Stanley team used what they call a Quantamental analysis to identify names with potential. The three-pronged approach looks at: pre-Covid relative valuations and those of today, stocks more likely to surprise on low expectations (or disappoint on high), and the thoughts of their fundamental analysis team. The stocks where there is upside surprise potential include: Boeing (NYSE:BA), Delta (NYSE:DAL), Southwest (NYSE:LUV), Avis (NASDAQ:CAR), American Express (NYSE:AXP), Aramark (NYSE:ARMK), ConocoPhillips (NYSE:COP), Exxon Mobil (NYSE:XOM), HP (NYSE:HPQ), McDonald's (NYSE:MCD), Wynn Resorts (NASDAQ:WYNN), UnitedHealth (NYSE:UNH), Walgreens (NASDAQ:WBA), Raymond James (NYSE:RJF), Margin Marietta (NYSE:MLM), Fox (NASDAQ:FOXA), GE (NYSE:GE), Visa (NYSE:V), Simon Property (NYSE:SPG), Western Digital (NASDAQ:WDC), TJX (NYSE:TJX), Sabre (NASDAQ:SABR), Coca-Cola (NYSE:KO) and Cisco Systems (NASDAQ:CSCO). See the crossover with stocks that both hedge funds and mutual funds love.

WBA

Co-Diagnostics COVID-19 saliva test available through Walgreens

A rapid response COVID-19 saliva test from Clinical Reference Laboratory, a partner of Co-Diagnostics (NASDAQ:CODX), is now available through Walgreens (NASDAQ:WBA) Find Care. The test, HealthConfirm, which has received FDA Emergency Use Authorization, allows consumers to self-administer a PCR-based test at home. The Walgreens Find Care platform gives consumers access to telehealth services, as well as connect them to health care providers. Co-Diagnostics shares are down 1.8% to $16.38 and Walgreens Boots Alliance shares are up 1.2% to $49.78 in morning trading.

WBA

Walgreens to sell LabCorp at-home COVID-19 test

Beginning in the spring, Walgreens (NASDAQ:WBA) will sell Pixel by LabCorp (NYSE:LH) COVID-19 PCR tests over the counter that allows individuals to self-administer a swab test. Customers then send the swab to LabCorp via overnight delivery. Walgreens expects Pixel will be available in up to 6,000 stores by this spring. Walgreen Boots Alliance shares are up 0.6% to $48.71 and Laboratory Corporation of America Holdings shares are down 1.1% to $244.39

WBA

Struggling defensive sectors losing even more appeal ahead of more stimulus: At the Open

Another $1.9T is set to hit the U.S. economy, including direct stimulus checks, after the Senate passed the COVID relief bill on party lines over the weekend. Goldman Sachs' Abby Joseph Cohen tells Bloomberg it's not just a stimulus package, but a "relief package that's getting us out of a hole." But after Friday's blowout headline payrolls number, Wall Street is getting more bullish on the recovery and growth this year. "Reopening, fiscal stimulus, and pent-up savings should fuel very strong demand growth," Jan Hatzius, Goldman chief economist wrote, wrote in note that includes a forecast for a jobless rate of 4.1% at the end of 2021. Wells Fargo's Investment Institute boosted is forecast for U.S. GDP to end the year to 5.7% from 4.7% and inflation to 2.5% from 2.2%, while cutting its unemployment rate target to 5.5% from 6%. It now sees the S&P (SP500) (NYSEARCA:SPY) ending the year between 4,200 and 4,400, up from its previous target of 4,000 to 4,200. And its 10-year Treasury yield forecast is up 50 basis points to 1.75% to 2.25%. Wells Fargo still favors equities over fixed income and thinks even more money should rotate out of the classic defensive sectors. Those sectors - Healthcare (NYSEARCA:XLV), Consumer Staples (NYSEARCA:XLP), Utilities (NYSEARCA:XLU) - are already among the worst performers this year. Year to date, XLV is down 0.4%, XLP is down 4.1% and XLU is off 4.8%. In XLV, Lilly (NYSE:LLY), Laboratory Corp. (NYSE:LH) and Dentsply Sirona (NASDAQ:XRAY) have been the best performers, while Viatris (NASDAQ:VTRS), PerkinElmer (NYSE:PKI) and ResMed (NYSE:RMD) have declined the most. XLP's top three gainers are Walgreens (NASDAQ:WBA), Archer-Daniels-Midland (NYSE:ADM) and Tyson (NYSE:TSN) and the biggest decliners are Costco (NASDAQ:COST), McCormick (NYSE:MKC) and Colgate-Palmolive (NYSE:CL). And in XLU, AES (NYSE:AES), FirstEnergy (NYSE:FE) and NRG (NYSE:NRG) are the top performers (only five are up year to date), while the biggest decliners are American Water Works (NYSE:AWK), Entergy (NYSE:ETR) and CMS (NYSE:CMS). Wells Fargo is cutting its view on Healthcare to Neutral from Favorable and Cutting Consumer Staples and Utilities to Most Unfavorable from Unfavorable. "Given the fiscal and monetary environment, the equity market's favorable focus on sectors oriented to economic growth is likely to last some time," WFII says. The spread in XLU's dividend yield and the 10-year Treasury yield has narrowed to 2.2% from 3.7% last March, and the sector's "perceived safety and dividend yield advantage has become less attractive." XLP is facing tough earnings comps given the stockpiling in staples that happened a year ago, it adds. "In addition, we expect margin pressure, as staples firms find it challenging to pass rising raw materials costs on to consumers." In XLV, increased federal funding to combat COVID and the expansion of insurance coverage could be tailwinds in 2021, but legislation aimed at lowering drug prices could cost the industry billions of dollars if passed, Wells Fargo says. Last week Seeking Alpha contributor Geoff Considine made the case of XLU for income, saying that selling covered calls against XLU can provide total income of 7% or more.

WBA

Walgreens nears completion of COVID-19 vaccination program at long-term care facilities

After holding over 60,000 clinics at long-term care facilities, Walgreens (NASDAQ:WBA +0.1%) says it has vaccinated most of the residents and staff who selected the pharmacy chain as the outlet to get their COVID-19 shot. It has administered ~5M COVID-19 vaccinations across long-term care facilities, in stores, and through dedicated clinics, the company said in a statement. This week, under the Federal Retail Pharmacy Program, Walgreens is set to receive 1M doses of COVID-19 vaccines from Moderna, Pfizer/ BioNTech, and Johnson & Johnson. The company also announced a boost to its COVID-19 testing efforts adding another 1,500 stores that offer drive-thru, diagnostic COVID-19 tests raising the total number of test locations across the country to 5,000. With the expansion, the testing capacity is expected to reach 3M per month, over a threefold rise since last April. In mid-December, Walgreens announced the initiation of its vaccination campaign for residents and staff at long-term care facilities.

WBA

Walgreens perks up after raising fiscal 2021 guidance

Despite a revenue miss, Walgreens Boots Alliance (NASDAQ:WBA) managed to beat the consensus earnings estimates for the second quarter of fiscal 2021. The company has raised the FY21 guidance for adjusted EPS from both total and continuing operations on a constant currency basis to mid-to-high single-digit growth. The earlier projection was for low single-digit growth. With upbeat earnings forecast from the management, the stock that is on course to record best performance in decades has added ~2.4% in the pre-market. Despite the COVID-related uncertainty in the second half, the revised guidance mirrors the better-than-expected H1 FY21 performance and strong H2 FY21 growth, the company said. In Q2 FY21 results, sales have risen ~3.5% YoY to $32.8B on a constant currency basis. The U.S., Walgreens’ major market, has contributed $27.3B at ~0.4% YoY growth, while the international segment has sourced ~$5.4B at ~32.6% YoY growth. In addition to 5M COVID-19 tests, Walgreens has administered over 8M COVID-19 vaccinations so far including 4M in March. EPS from continuing operations has increased ~8.7% to $1.06 compared to a $0.36 loss per share in the previous quarter. Cash and cash equivalents have reached ~$1.0B compared to $469M in FY20 end. The conference call is scheduled for today at 8:30 a.m. EST. Last January following its Q1 FY21 financial results, analysts from Guggenheim and Baird upgraded Walgreens to buy-equivalent ratings.

WBA

Walgreens Boots EPS beats by $0.13, misses on revenue

Walgreens Boots (NASDAQ:WBA): FQ2 Non-GAAP EPS of $1.26 beats by $0.13; GAAP EPS of $1.06 beats by $0.17. Revenue of $32.78B (+4.6% Y/Y) misses by $3.1B. The company raised FY2021 guidance to mid-to-high single digit growth in constant currency adjusted EPS from both total and continuing operations from low single-digit growth. Press Release

WBA

Walgreens Boots Q2 2021 Earnings Preview

Walgreens Boots (NASDAQ:WBA) is scheduled to announce Q2 earnings results on Wednesday, March 31st, before market open. The consensus EPS Estimate is $1.12 (-26.3% Y/Y) and the consensus Revenue Estimate is $35.91B (+0.3% Y/Y). Analysts expect Gross margin of 19.5%; and Operating margin of 3.4% Over the last 2 years, WBA has beaten EPS estimates 63% of the time and has beaten revenue estimates 75% of the time. Over the last 3 months, EPS estimates have seen 0 upward revisions and 15 downward. Revenue estimates have seen 6 upward revisions and 7 downward. Recent earnings Analysis from our contributors: Walgreens Earnings Preview: Margin Compression, A Killer - But Some Of That Is Recoverable Post-Pandemic

WBA

Walgreens collaborates with InComm Payments to expand financial services business

Walgreens (NASDAQ:WBA +0.3%) is set to make further inroads into financial services with the signing of an agreement with InComm Payments to launch a new bank account to allow its shoppers to earn loyalty rewards. Under the terms of the partnership, the two companies will launch a new bank account at MetaBank with a debit card that will enable both online and in-site Walgreens shoppers to earn myWalgreens Cash rewards on all purchases, the company announced. The bank account is expected to available in H2 2021. Also, the two companies plan to relaunch the Walgreens-branded gift card program. In January, announcing its plans to launch new credit cards issued by Synchrony Financial, Walgreens unveiled its plans to offer a separate debit card.

WBA

Walgreens Boots Alliance earns no upgrade from BofA despite guidance raise

Compared to the ~3.0% rise in the S&P 500, Walgreens Boots Alliance (WBA -1.5%) has climbed ~7.2% since the company lifted its FY21 guidance with second-quarter results announced last week. Notwithstanding the COVID-related uncertainty in H2 FY21, the company has upped its FY21 adjusted EPS guidance to mid-to-high single-digit growth from the earlier single-digit growth. With Q2 FY21 results beating the consensus, the analysts at Bank of America observe a lack of clarity over the guidance raise questioning the size of the H2 FY21 upside compared to the previous estimate. Citing FY21 uncertainty due to COVID-related headwinds and expected tailwinds, Michael Cherny and the team think the $5.14 EPS estimate for FY22 as ‘prudent’ based on management comments and a ‘reasonable mid-single digit “normalized” growth rate.’ The firm reiterates the underperform rating and the price target of $47.00 per share for the stock implying a ~17.3% downside to the last close. Despite a bullish view of authors, Walgreens Boots Alliance had its quant rating on Seeking Alpha changed to neutral at the end of March.

WBA

Walgreens-backed VillageMD is said to plan IPO, report says

Walgreens-back (NASDAQ:WBA) VillageMD is said to prepare for an IPO potentially in the third quarter that may raise more than $500m. The IPO may raise as much as $1b and value VillageMD, which was founded in 2013, at up to $10 billion, according to a Bloomberg report. Walgreens Boots in January announced it would speed up its investment in VillageMD. WBA said in July it would invest $1B in equity and debt in VillageMD over three years, including an initial $250M equity investment and in January said the remaining $750M investment has been completed. Recall Dec. 2, Walgreens to open 40 full-service Village Medical primary care clinics.

WBA

Abbott to sell rapid COVID-19 self test at Walgreens stores

As part of ongoing efforts to increase access to COVID-19 testing, Walgreens Boots Alliance (NASDAQ:WBA) has entered into an agreement with Abbott (NYSE:ABT) to sell the BinaxNOW Rapid Antigen Self Test over-the-counter in Walgreens stores nationwide. BinaxNOW Self Test is available for $23.99 as a 2-pack. Two tests are included in the pack. Beginning this week, this test will be available for purchase on Walgreens.com, and later this week, for in-store purchase, for curbside pick-up, and same day delivery. Walgreens has made significant strides to increase on-site COVID-19 testing capacity at more than 5,500 pharmacies. By May, Walgreens will expand testing to 6,000 drive-thru testing sites with half of these sites offering the no-cost, rapid Abbott ID NOW COVID-19 test. Customers can self-administer the test collection using a short nasal swab and check test results in 15 minutes. The BinaxNOW COVID-19 Self Test was first approved in the U.S. for professional use in August 2020. On March 31, 2021, Abbott received FDA Emergency Use Authorization for over-the-counter, non-prescription, asymptomatic use of its BinaxNOW COVID-19 Self Test for detection of COVID-19 infection.

WBA

Walgreens Boots declares $0.4675 dividend

Walgreens Boots (NASDAQ:WBA) declares $0.4675/share quarterly dividend, in line with previous. Forward yield 3.52% Payable June 11; for shareholders of record May 21; ex-div May 20. See WBA Dividend Scorecard, Yield Chart, & Dividend Growth.

WBA

Over 9 million doses ready to go into arms as states resume JNJ COVID-19 vaccine use

Despite manufacturing bottlenecks, more than 9M doses of the COVID-19 vaccine developed by Johnson & Johnson (NYSE:JNJ -0.7%) are waiting to be administered across America as states resume the vaccinations using the single-dose shot. On Friday, a CDC expert panel ended an 11-day suspension on the vaccine after extremely rare events caused the federal health officials to jointly recommend a halt on its use on April 13. According to the latest CDC data, only 8.0M doses of Janssen’s COVID-19 shot have been administered out of ~17.6M delivered so far. The millions of unused JNJ COVID-19 shots are likely to accelerate the U.S. vaccine rollout after many states resumed their use over the weekend. Indiana, Arizona, Colorado, Connecticut, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New York, Tennessee, Texas, and Virginia have already recommended a resumption of the Janssen vaccine, the Associated Press reported. At a mass vaccination site at the Indianapolis Motor Speedway, the Indiana Department of Health started administering the J&J shot on Saturday. A mass vaccination site at Yankee Stadium offered appointments for New York residents to get the vaccine on Sunday. Florida resumed JNJ vaccinations on Sunday at federally-backed vaccination sites in Tampa, Orlando, Jacksonville, and Miami. And drug retailers Walgreens Boots Alliance (NASDAQ:WBA -0.6%) and CVS Health (NYSE:CVS +0.0%) are set to restart vaccinations with the J&J shot this week, according to the Wall Street Journal. However, a higher percentage of Americans are wary of receiving the JNJ’s COVID-19 shot, the results from a Washington Post-ABC News poll indicate.

WBA

Uber app now allows booking of Walgreens vaccine appointment and ride

Uber (NYSE:UBER) customers can now book an appointment for a COVID-19 vaccination at a Walgreens (NASDAQ:WBA) and also schedule a ride to the pharmacy at the same time through the ride-sharing app. A new vaccine option in the app will allow users to enter their ZIP code and then book an appointment. Users then have the option a scheduling a ride to the Walgreens in advance. Also, Uber and Walgreens, along with PayPal, have donated $11M to the Vaccine Access Fund to help provide transportation from underserved communities to vaccine sites. Uber shares are up 1.3% to $57.90 and Walgreens shares are down 0.2% to $52.39 in morning trading.

WBA

CVS, Walgreens responsible for 70% of ~183K wasted vaccine doses - KHN

Of the 182,874 wasted COVID-19 vaccine doses recorded by the Centers for Disease Control and Prevention ("CDC") as of the end of March, CVS (NYSE:CVS) and Walgreens (NASDAQ:WBA) were responsible for ~125,000 -- 70% -- of them, according to Kaiser Health News. Based on that number, the two drugstore chains have wasted more doses than U.S. states, territories, and federal agencies combined. CDC data showed that CVS accounts for 49% of the waste, while for Walgreens, the figure is 21%. CVS told KHN that "nearly all" of the wasted dose occurred early in the vaccine rollout when the Trump administration relied heavily on drugstore chains to inoculate staff and residents of long-term care facilities. A CVS spokesperson also said that the company encountered limitations on redirecting unused doses. CVS shares are up 2% to $77.95 and Walgreens Boots Alliance shares are up 1.6% to $53.96 in morning trading.

WBA

Walgreens launches nationwide Same Day Delivery within two hours

Walgreens (NASDAQ:WBA -0.5%) has launched the Same Day Delivery in under two hours for retail products enabling its nationwide client base to order more than 24K items on offer directly from the retailer. The direct same-day delivery is an improvement from its previously launched third-party on-demand delivery made in partnership with Postmates (POSTM), DoorDash, and Instacart. Yesterday, it was reported that Walgreens and its rival CVS were responsible for 70% of COVID-19 vaccine wastage. Meanwhile, to expand the vaccine uptake, Walgreens has announced the launch of mobile clinics in Chicago. The company plans to implement additional mobile clinics across the country over the next two months. The move will likely further enhance the company’s COVID-19 vaccination program which has so far led to the administration of over 15M COVID-19 vaccines.

WBA

Glenview's Robbins pitches SPACs Fortress Value, Thoma Bravo at Sohn conference

Hedge fund manager Larry Robbins pitched SPACs Fortress Value Acquisition Corp. II (NYSE:FAII), Thoma Bravo Advantage (NYSE:TBA) and Fast Acquisition Corp. (NYSE:FST). While Robbins joked that SPACs are now a four letter word, he said some SPACs are worth owning at the charity conference. Fortress Value is in a deal to take ATI Physical Therapy public, while Thoma Bravo Advantage is taking mobile marketing firm IronSource public and Fast Acquisition is taking Fertitta Entertainment public. Robbins said FAII is trading at 14x 22 Ebitda vs public peer at 22.5x. He said IronSource management projections will likely prove "extremely conservative." Robbins also pitched his typical healthcare picks including McKesson (NYSE:MCK), Myriad Genetics (NASDAQ:MYGN), Walgreens Boots (NASDAQ:WBA), Brookdale Senior Living (NYSE:BKD). He also pitched DXC Technology (NYSE:DXC). See contributor John Vincent's item from March entitled "Tracking Larry Robbins' Glenview Capital Management Portfolio - Q4 2020 Update."

WBA

Eminence Capital buys ETWO exits WWE; adds DNB, AMZN, trims DFS

Eminence Capital fund initiates position in E2open Parent Holdings (NYSE:ETWO); Facebook (NASDAQ:FB) and Walgreens Boots Alliance (NASDAQ:WBA), according to its latest 13F filing. Exits position from Change Healthcare (NASDAQ:CHNG); Dow Chemical (NYSE:DOW); Outfront Media (NYSE:OUT) and CarGurus (NASDAQ:CARG). Trims position in Discover Financial Services (NYSE:DFS); US Foods Holding (NYSE:USFD); Lennar (NYSE:LEN) and Ryman Hospitality Properties (NYSE:RHP). Boost stakes in Dun & Bradstreet Holdings (NYSE:DNB) and Amazon.com (NASDAQ:AMZN).

WBA

Amazon to make presence in physical pharmacy space (updated)

Amazon (AMZN +0.5%) is evaluating options to make a foothold in the space of physical retail pharmacies in the U.S., Business Insider says citing people familiar with the matter. The plans part of the tech giant’s intentions to take a bigger share in the prescription drug industry are not finalized yet, the people have said noting the mostly exploratory nature of discussions. It could take at least a year before any meaningful rollout of physical stores, one of the people said. The company has considered opening standalone stores in several areas including Boston and Phoenix and has held talks for locating some stores inside its Whole Foods chain. Related tickers: CVS Health Corporation (CVS -3.1%), Walgreens Boots Alliance (WBA -4.7%), Rite Aid Corporation (RAD -4.4%) The retail stores could help company accelerate shipments to patients with more urgent needs thereby increasing the clientele it currently serves with Amazon Pharmacy.

WBA

Walgreens Boots Alliance closes healthcare businesses divesting with AmerisourceBergen

Walgreens Boots Alliance (NASDAQ:WBA) closed the sale of its Alliance Healthcare businesses to AmerisourceBergen (NYSE:ABC) for ~$6.5B, consisting of $6.275B in cash (subject to a customary net cash and working capital adjustment) and 2M shares of AmerisourceBergen. Cash proceeds will be used to reduce debt and accelerate growth of its core retail pharmacy and healthcare businesses. The company has used partial funds to repay the outstanding amount owed on a $3.8B term loan that funded the bond tender completed by the company on Apr. 26, 2021; thereby eliminating $3.3B in debt from the company’s balance sheet. Remaining net cash proceeds are planned to be invested in strategic opportunities and to expand healthcare offerings and fuel company’s growth strategy. "Completion of this transaction represents a significant step forward in our transformation and will fuel investments to grow WBA's core retail pharmacy and healthcare businesses," CEO Rosalind Brewer commented. WBA and AmerisourceBergen will also execute on the expansion and extension of commercial agreements for driving incremental growth and synergies.

WBA

Ex-Walgreens CEO launches $250M IPO for new SPAC Foresight Acquisition Corp. II

Bruce Bennett/Getty Images News Former Walgreens CEO Greg Wasson is launching a $250M IPO for his second special purpose acquisition company just weeks after his first SPAC agreed to take medical-care network P3 Health Partners public at a $2.3B valuation. Wasson’s Foresight Acquisition Corp. II (FACQ)(FACQU) filed an S-1 with the U.S. Securities and Exchange Commission to sell 25M investment units to the public for $10 apiece. Each will consist of one Class A share and 0.33 warrants entitling the holder to buy a second share in the future at $11.50. The SPAC has also granted underwriters the option to buy as many as 3.75M extra units for overallotments. Additionally, the SPAC’s sponsor will invest $7.5M to buy 750,000 units. That will rise to $8.25M for 825,000 units if underwriters exercise all overallotment options. Plans call for Foresight Acquisition Corp. II’s unit to list on the Nasdaq under the ticker symbol “FACQU.” Its shares and warrants will also later trade separately under the symbols “FACQ” and “FACQWS,” respectively. Wasson served at Walgreens for 34 years, working his way up from an intern to CEO. Originally trained as a pharmacist, Wasson headed the company for seven years until he helped engineer its 2014 merger with U.K.-based Alliance Boots to create Walgreens Boots Alliance (NASDAQ:WBA). He stepped down after the merger closed. Foresight Acquisition Corp. II wrote in its S-1 that the SPAC intends to “capitalize on the track record and experience of our management team and sponsor and focus our [acquisition] search in the technology-enabled consumer and consumer healthcare industries.” Last month, Foresight Acquisition Corp. I (NASDAQ:FORE) agreed to merge with P3 Health Partners, a health-management company that focuses on serving Medicare Advantage patients. The companies expect that deal to close in 2021’s second half.

WBA

Walgreens now offering same day delivery via Uber Eats across the U.S.

Walgreens (NASDAQ:WBA) to offer retail products directly on the Uber Eats platform to customers across the United States. The on-demand delivery service is now available from more than 7,800 stores across the United States with Puerto Rico to soon follow. “Walgreens provides our customers with seamless health and well-being experiences, and offering them convenient delivery solutions on whichever platform they prefer to shop is key,” said Stefanie Kruse, vice president, digital commerce and omnichannel at Walgreens. “Our collaboration with Uber for on-demand delivery through both Walgreens and Uber’s channels, as well as integrated vaccine scheduling, gives customers simple and easy ways to put their health and well-being needs at the forefront – which will continue to be important to them as we emerge from the pandemic.” Earlier, Uber and Walgreens have worked together to schedule a new vaccine appointment via the Uber app. Last week, the company has closed the sale of its Alliance Healthcare businesses to AmerisourceBergen for ~$6.5B,

WBA

CVS Health and Walgreens regain lost momentum thanks to immunization drive

Bruce Bennett/Getty Images News With CEOs under fire, CVS Health (CVS -1.4%) and Walgreens Boots (WBA -1.8%) were struggling before the pandemic as the drugstore chains were battling the emerging competition from Amazon. The health crisis would threaten their comeback, the two companies warned last year as COVID-19 swept across the U.S. “A few years ago, they were a mess,” the Wall Street Journal quoted Ari Singh, an analyst at mutual-fund giant Neuberger Berman as saying. “The big question was always, ‘Was the drugstore model in secular decline?’ and it was ‘Yes,’” for most people. However, this spring their fortunes have changed. The two companies who saw their share price plummet throughout 2020 have recovered to outperform the broader market this year as shown in the graph. The payment from the U.S. Centers for Medicare and Medicaid Services for vaccination centers such as pharmacies has nearly doubled to $40 for each COVID-19 vaccine dose compared to $28 for a single dose and $45 for two doses earlier, the Journal points out. According to drug store chains, the vaccine recipients also tend to spend money at their stores with CVS projecting a 2% increase in front-store sales at places where it offers vaccines. As the pandemic turned into a moneymaker for both companies which dominate the retail pharmacy space with ~20K U.S. outlets between them, both CVS and Walgreens raised their fiscal 2021 guidance, recently.

WBA

J&J to stop selling opioid meds as part of $230M settlement with New York

Cappi Thompson/Moment via Getty Images Johnson & Johnson (NYSE:JNJ) has agreed to stop selling opioid medications across the country as part of a nearly $230M settlement with New York state over the company's alleged role in contributing to the nation's opioid crisis. Payments to the state would be made over nine years. In addition, J&J would have to pay an additional $30M in the first year if Gov. Andrew Cuomo (Dem.) signs into law a bill that was approved by the state legislature creating an opioid settlement fund. The drugmaker will stop the manufacture and sale of any of its opioid medications, and will stop shipping them anywhere in the US. J&J is also prohibited from promoting opioids through sales representatives, and disciplining those reps for not meeting sales quotas. The company is also prohibited from lobbying lawmakers on opioids. The deal removes J&J from a trial involving other drugmakers, distributors, and pharmacies involved opioid manufacturing and distribution set to begin Tuesday in Long Island, N.Y. These companies include Teva Pharmaceutical (NYSE:TEVA), McKesson (NYSE:MCK), and Walgreens Boots Alliance (NASDAQ:WBA). J&J still faces similar cases in other states. In a statement, the company said the settlement is not an admission of guilt and is consistent with a prior agreement from October 2020 that includes an all-in settlement of $5B to resolve opioid claims from states. J&J opioid products are manufactured by the company's Janssen division and include Duragesic (fentanyl patch) and Nucynta (tapentadol), though J&J says both are no longer sold in the US.

WBA

Walgreens drops as Q4 estimates disappoint analysts

BCFC/iStock Editorial via Getty Images Despite an initial rise in the pre-market on the news of Q3 earnings beat and a guidance raise for FY21, the shares of Walgreens Boots Alliance (WBA -5.7%) is trading sharply lower in morning hours as several analysts point to disappointing Q4 FY21 estimates. The increase of adjusted earnings guidance to ~10% growth on a constant currency basis should not be compared against the consensus, Evercore analyst Elizabeth Anderson says. Anderson has an in-line rating and a $58.00 per share target on the stock indicates a premium of ~10.2% to the last close. Meanwhile, Jefferies analyst Brian Tanquilut with a hold rating and a per-share target of $59.00 sees a conservative Q4 guidance despite a decline in COVID-19 vaccinations nationally. However, Baird analyst Eric W. Coldwell attributes the lower-than-expected Q4 guidance to the Street mismodeling and the current trajectory of the pandemic in the U.S. “We like what we see here and believe shares should gain on the day,” Coldwell wrote with an outperform rating and a $72.00 per share target implying a premium of ~36.9%. The consensus estimate for Q4 FY21 earnings at $1.19 per share implies a ~17.1% YoY growth. Seeking Alpha Quant Ratings remained neutral on Walgreens since the end of March.

WBA

Walgreens rises after earnings beat and guidance raise for fiscal 2021

Bruce Bennett/Getty Images News Walgreens Boots Alliance (NASDAQ:WBA) has added ~1.9% in the pre-market after the company’s third-quarter financials for fiscal 2021 came ahead of expectations. The pharmacy retail chain has also lifted its 2021 guidance to reflect the strong quarterly data and the impact of COVID-19 vaccinations. “This quarter’s results demonstrate continued momentum, and while challenges lie ahead, we are in a strong position to grow and innovate our core retail and pharmacy businesses for the future,” noted Rosalind Brewer who will shortly lead the WBA conference call for the second time as its CEO. WBA sales from continuing operations have risen ~12.1% YoY to $34.0B driven by the solid growth in international and U.S. segments aided by the joint venture formed in Germany. The U.S. and international segments saw sales rise ~5.1% and ~75.8% YoY to $28.7B and $5.3B, respectively. Comparable sales in the U.S. have increased ~6.4% YoY driven by ~8.4% YoY and ~1.7% YoY in comparable pharmacy sales and comparable retail sales, respectively. Including a ~600 basis point benefit from COVID-19 immunizations, the prescriptions filled in the quarter have jumped ~9.8% YoY. Earnings from continuing operations have stood at $1.27 per share compared with a loss of $2.05 in the prior-year quarter. Net cash during the first nine months has increased by $912M to $4.3B while the free cash flow jumped by $873M to $3.3B. WBA has completed the divestiture of the Alliance Healthcare businesses to AmerisourceBergen for $6.5B, and a portion of proceeds has been used to eliminate $3.3B of debt. The remainder will be used “to accelerate growth of its core retail pharmacy and healthcare businesses,” the company said. WBA has lifted the 2021 adjusted earnings guidance to ~10% growth from mid-to-high single-digit growth on a constant currency basis. The consensus earnings guidance for FY21 indicates $4.75 EPS with a ~0.2% YoY growth. The company has administered 25M COVID-19 vaccinations to date and has conducted over 8M COVID-19 tests. The conference call is scheduled for today at 8:30 a.m. EST. Previously the rival Rite Aid, which had administered over 6M COVID-19 vaccine doses during its immunization drive, fell after revealing a mixed performance with Q1 FY22 results.

WBA

Walgreens Boots EPS beats by $0.23, beats on revenue

Walgreens Boots (NASDAQ:WBA): Q3 Non-GAAP EPS of $1.38 beats by $0.23; GAAP EPS of $1.27 beats by $0.36. Revenue of $34.03B (+12.1% Y/Y) beats by $560M. The company raised FY2021 guidance from mid-to-high single digit growth to around 10% growth in constant currency adjusted EPS from continuing operations. The company is on track to deliver in excess of $2B in annual cost savings by FY2022. Shares +2.6% PM. Press Release