Walgreens Boots Alliance (NASDAQ: WBA) stock is struggling. That's putting it lightly as the shares are trading at levels they haven't seen since the previous millennium. Buying on the dip simply hasn't worked for investors over the past few years because the pharmacy retailer's stock has continued to fall to new lows.

But could that be about to change? Could now, after the company has made multiple adjustments, be an optimal time to take a contrarian stance and assume that it may have finally bottomed out? Or is Walgreens a stock that's still too risky to invest in?

One thing that has always troubled me about Walgreens as an investment and that has prevented me from wanting to own the stock is that the business's fundamentals have never been all that strong. In retail, companies have to fight for customers and that puts pressure on margins. Even though Walgreens focuses more on the healthcare and pharmacy side of things, that hasn't made things any easier.

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Source Fool.com