Scotia Capital Discusses Dividend Raise, Buyback From Walgreen

Scotia Capital is out with a research report on Walgreen Company WAG after the company raised its dividend and announced a new buyback. It has a one year price target of $46 and a Sector Outperform rating. In a note to clients, Scotia Capital writes, "Investors will certainly welcome WAG's continued commitment to returning cash to shareholders. We had expected WAG to renew its NCIB at the $1B level and see the $2B program as a significant positive." Shares of WAG lost 64 cents yesterday to close at $42.15, a loss of 1.5%.