Walgreens posts earnings beat but slashes quarterly dividend nearly in half

A man walks near a Walgreens pharmacy on March 09, 2023 in New York City.Walgreens reported fiscal first-quarter adjusted earnings and revenue that topped expectations on Thursday, but cut its quarterly dividend nearly in half. The retail pharmacy giant slashed its dividend to 25 cents per share from 48 cents per share to "strengthen [its] long-term balance sheet and cash position," CEO Tim Wentworth, who officially took the helm during the quarter, said in a statement. Walgreens' dividend yield is now 3.9% ...