Shares of Walgreens dove early Friday, a day after the drugstore chain said it was suspending its dividend, breaking a streak of quarterly shareholder payouts that stretches back more than 90 years.
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Chief Financial Officer Manmohan Mahajan told analysts earlier this month that Walgreens still was evaluating “the appropriateness and size of our dividend as part of our capital allocation policy.” There were only two dividend suspensions last year in the S&P 500, including one from the chipmaker Intel. There generally are only a few each year.
But he added that markets frequently see a dividend suspension as a positive sign initially because the company recognizes it has a problem and is taking a step to correct it.
Michael Cherny Howard Silverblatt Business
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