Walgreens further cuts stake in drug distributor Cencora
) sold $400 million worth of shares in drug distributor Cencora back to the company, further lowering its stake to about 12% from about 13%, the companies said on Wednesday.For the past year, the pharmacy chain has been gradually reducing its stake in the drug distributor.
In November, Walgreens sold about $674 million worth of shares in Cencora and, prior to that, in August, sold some shares for proceeds of about $1.85 billion.The sale has no impact to the long-term partnership between the two companies, Walgreens said. Separately, Cencora said it is now raising its fiscal 2024 profit forecast to $13.35 to $13.55 per share, up from the previous range of $13.30 to $13.50 per share.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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