Walgreens Boots Alliance, Inc. (Nasdaq: WBA) today announced that its board of directors has declared a quarterly dividend of 25 cents per share, a reduction of 48 percent from the previous quarter. The dividend is payable on March 12, 2024, to stockholders of record as of Feb. 20, 2024.

Chief Executive Officer Tim Wentworth said:

“Since the start of my tenure with WBA, we have been evaluating our options across our strategies and operations, including those related to our capital allocation. We have made the difficult decision to reduce our quarterly dividend payment to 25 cents per share, to strengthen our long-term balance sheet and cash position. This action reinforces our goal of increasing cash flow, while freeing up capital to invest in sustainable growth initiatives in our pharmacy and healthcare businesses, which we believe will ultimately improve shareholder value.”

Wallgreens Boots Alliance