Walgreens Boots Alliance (NASDAQ: WBA) is coming off another uninspiring quarter. The pharmacy retailer's bottom line isn't in great shape, and investors are losing patience as the stock is trading around a 12-year low. While it offers a high dividend yield today, is it only a matter of time before the company cuts its payout?

On June 27 Walgreens reported its third-quarter earnings numbers, and they weren't great. Earnings per share (EPS) of $0.14 for the period ending May 31 were down by 58% compared to the $0.33 per-share profit that the pharmacy retailer reported in the prior-year period.

Walgreens blamed the diminished results on a decline in demand for COVID-19 vaccines and testing. And as a result of that, it also slashed its forecast for adjusted EPS for the fiscal year (which ends in August). The company projects its adjusted EPS will be between $4.00 and $4.05, which is down from a previous forecasted range of $4.45 and $4.65. This updated forecast also factors in "a more cautious macroeconomic forward view."

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Source Fool.com