| When you look at Walgreens Boots Alliance's (Nasdaq: WBA) stock and see that it has a dividend yield of over 11%, you might think that it's a great investment. In fact, Walgreens has by far the largest dividend yield in the S&P 500. Even if the share price were to stay flat, you would net yourself a double-digit annual return without having to do anything. However, as is the case with many high dividend yields, this one may be too good to be true. Last year, Chief Income Strategist Marc Lichtenfeld reviewed Walgreens and gave it a "D" for dividend safety, meaning there was a high probability of a dividend cut. He cited Walgreens' drop in free cash flow in 2022 and 2023 as the main culprit. He also noted that the company's payout ratio was over 1,200%. This means that the company's total dividend payout was 12 times more than the amount of cash that it brought in. The only silver lining was that the company was expected to bounce back after a rough 2023 and grow its free cash flow in 2024. Today, since we're nearing the end of 2024, I thought it'd be a good time to see whether the company has turned things around. (Also, thank you to Wealthy Retirement reader Travis, who commented on a recent article to ask us to evaluate Walgreens' dividend. If you have a stock you'd like us to take a look at, leave a comment here.) I want to answer two questions today: Did Marc's "D" grade accurately assess Walgreens' dividend safety, and what is the risk of a cut this year? | 
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