Walgreen Co. (WAG: Quote) reported third quarter EPS of $0.62 Tuesday morning, down from $0.65 last year. The consensus estimate was for EPS of $0.62. The company announced a 22.2 percent increase in its quarterly dividend to 27.5 cents per share, from the previous rate of 22.5 cents per share.
Walgreens also announced that it will invest about $6.7 billion in cash and stock, which comprise $4 billion in cash and 83.4 million shares, in exchange for a 45 percent equity ownership stake in Alliance Boots.
Walgreen gapped open lower Tuesday and fell in early trade, before settling into a range. The stock finished down by 1.87 at $30.09 on the highest volume of the year. Walgreen closed testing the lows of the year, trading at a 2-week low.
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by RTT Staff Writer
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