CNBC’s Jim Cramer on Wednesday praised the incoming CEO of Walgreens Boots Alliance, saying trade veteran Tim Wentworth is the suitable alternative to steer the struggling pharmacy chain in its transition to providing extra health-care companies.
“This guy is the real deal. I just salute him and think he can take you to a higher price, and the stock should be bought — perhaps aggressively,” Cramer mentioned on “Squawk on the Street.”
Wentworth, whose appointment was introduced Thursday night time, beforehand served as CEO of Express Scripts, a pharmacy advantages supervisor acquired by well being insurer Cigna in 2018. He stayed on for a couple of years as an govt at Cigna.
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Wentworth’s first day at Walgreens is ready for Oct. 23, lower than two months after former chief govt Roz Brewer left her submit. The firm mentioned it was searching for a brand new CEO who had “deep” expertise within the health-care trade.
Shares of Walgreens rose greater than 1% Wednesday, to $22.66. However, up to now in 2023, the Dow Jones Industrial Average constituent is down almost 40%.
“I like Wentworth, and there is now hope for a stock that I held no hope for,” Cramer mentioned.
The CNBC Investing Club portfolio doesn’t personal Walgreens however does have some publicity to health-care companies by way of Amazon, which purchased a major care firm and has a web-based prescription drug retailer.
Here’s a full listing of the shares in Jim’s Charitable Trust, the portfolio utilized by the CNBC Investing Club.
Source: www.cnbc.com”