STOCKCHASE

Had a very poor 2nd quarter sparked by the new regulations by the Minister of Health. Starting to crawl back. Expect this will allow them to take market share from smaller pharmacies.

2010-07-21

BUY

36.210

It has bottomed. All the bad news has come out. Trading at a nice valuation. Possibility of a dividend increase. Pharmacy business can only get better.

2010-07-20

PAST TOP SHORT

36.070

Bill Carrigan

(A Top Short Aug 28/09. Up 16.5%.) When the market took off in March/09, the stock did not participate, which is why the picked this as a Short.

2010-07-16

TOP PICK

33.240

Has not found a bottom yet. It’s now trading at a cheaper multiple than since it was spun off from its prior owner. People under estimate how they make money in the front of the store. They’re going to be a mini-supermarket.

2010-07-06

TOP PICK

32.700

Martin Hubbes, CFA

Good for long-term investors. Could go lower because other provinces could follow Ontario’s suit on generics. Good management.

2010-07-05

SELL

33.000

Good company but there is not a lot of money flowing into the sector right now. If you can see it as a longer-term hold for a year or so, you may want to stick with it.

2010-07-02

DON'T BUY

32.920

Michael Sprung

(Market Call Minute.) Being hit by the generic rules in Ontario, which will spread across Canada and hurt them in the short term.

2010-06-30

DON'T BUY

35.000

Preeminent drug store chain in Canada. Recent issues in Ontario. Are putting measures in place to counter these issues. Other provinces may follow suit with Ontario. Longer term, this will do well but he would not be in it yet.

2010-06-22

BUY

35.500

Hank Cunningham

Shoppers Bonds: Interest is paid first and there is no risk to them at all. There is no threat to these bonds.

2010-06-07

BUY on WEAKNESS

35.920

Douglas Kee

He hopes it is hitting a bottom. It could go down depending on negotiations with the government. It could get to 33 and if it did he would definitely be buying there.

2010-06-02

HOLD

35.700

Brian Acker, CA

Fine to Hold here at around the $38 level. His model price is $46.33.

2010-05-27

HOLD

35.160

(Market Call Minute.) Great drug company but unfortunately Ontario's drug strategy may spread nationally.

2010-05-21

TOP SHORT

35.410

Ross Healy

Stock hasn't been able to stabilize after it had that sharp drop. Ontario is cutting off their rebates and it looks like the other provinces will be joining in. Looking for another 25% drop.

2010-05-20

SELL

36.530

Ron Meisels

Held a support level for quite some time, then it broke. Look for some retracement, say to $39.5 and get out because it will have a long bottoming process.

2010-05-18

PAST TOP PICK

36.830

(A Top Pick May 25/09. Down 14.48%.)

2010-05-17

DON'T BUY

37.060

This stock has some headwinds. The dispute in Ontario takes investors away for the time being. Probably not a big impact in the long-term. 2.4% yield is not attractive to investors. Wouldn't buy until stock starts to move up.

2010-05-14

Comment

37.120

Benj Gallander

Hasn't come down enough be a contrarian play. Would prefer Jean Coutu (PJC.A-T) if he were looking for a contrarian play in the drug sector.

2010-05-13

DON'T BUY

35.600

Nick Majendie

Had traded between $42 and $44 because of fears of what might happen in Ontario. Has since taken a big drop to the $35-$36 area. There is a fear it will spread to other provinces so suspects it will be stuck in this range for a while. Dead money for the next several months.

2010-05-04

HOLD

35.150

Steven Conville

At this point you don't know where the bottom is. If you bought it and you are down, hang on to it but if you don't own, wait a few more months to see where the dust settles.

2010-05-03

DON'T BUY

35.110

Don Vialoux

Chart does not look good. Had support for a long period of time but then the news broke out but Ontario legislation and the stock broke down very badly. Not showing signs of bottoming yet.

2010-04-30

DON'T BUY

37.450

Sandy McIntyre

Just made an agreement with Rogers to sell their products in their stores. This is not enough of a material event to make a difference in this stock. Stock had a nasty downdraft because of the Ontario government's proposed legislation.

2010-04-23

SELL

37.700

Michael Decter

Been pounded significantly since Ontario government decided to change the basic payment method on pharmaceuticals. There will also be price competition between brand drugs and generics, which will affect earnings.

2010-04-22

HOLD

37.760

Douglas Kee

Likes management and the model. Disappointing over the last year. It has gone nowhere. Thinks the worst is behind them. Earnings are going to be hit by 10-15%, by the still likes the model. He may sell if he finds something to invest the money in.

2010-04-20

BUY

37.690

Ontario government recently introduced a cost cutting measure, which not only lowers the costs they are paid but also cuts their professional allowance. Earnings growth will be cut for the next few years. Current valuation stock is properly priced. Good company over 2-3 years. 2.5% dividend.

2010-04-19

DON'T BUY

37.830

Has suffered because of the stroke of the government pen. You are now in “no man's land” with the stock being back to 2005-2006 levels. Analysts probably don't have a clue as to what earnings are going to be.

2010-04-15

BUY

38.360

Stock has suffered because of the proposed new legislation by the Ontario government. At this price, he would be a buyer. Although earnings will be lower, they will continue to grow for the foreseeable future.

2010-04-14

DON'T BUY

38.510

Steve Carlin

Expecting earnings power of only $3 in 2011, which is lower than in 2010. Most retailers would have a 13X multiple that would make a $39 target. Reduced his position significantly.

2010-04-12

PAST TOP PICK

38.920

(A Top Pick Apr 14/09. Down 7.67%.) Reduced his holdings.

2010-04-08

Comment

38.920

Earnings have been relatively flat. He is neutral on the stock at this point. He would rather look at the more cyclical retailers. Consumer staples space, which historically is not going to be one of your best drivers when the economy is rebounding.

2010-04-08

DON'T BUY

43.640

Not buying anything in this sector. The difficulty is that the story is out, growth is going to be going forward but it will be more and more difficult as you saturate your market. Would like it if they had a strong dividend.

2010-03-31

PAST TOP PICK

43.600

(A Top Pick March 2/09. Up 8.3% not including dividend.) 5.19% bond due 2014. (Manulife (MFC-T) acquired his bond fund.)

2010-03-29

TOP PICK

44.390

Stock has flat lined even though earnings have gone up. Expecting to grow square footage by 10% each year over the next 3 years. Adding new stores and rejuvenating old ones. The fear of the Ontario drug rebate program is built into the price. Deeply undervalued. Long-term hold.

2010-03-24

Comment

44.500

David Cockfield

Great company. Have been concerns at various times that a US big chain would come into Canada to compete. They run great stores and have a good cash flow. Stock is not moving because of a probable multiple correction. At some time, the multiple will get down to a point where it will be a Buy.

2010-03-19

BUY

44.660

(Market Call Minute) Very cheap here.

2010-02-22

PAST TOP PICK

42.870

(A Top Pick Feb 11/09. Up 3% excluding dividends.) Performance has been disappointing over the last year. Company has continued to perform. Possible changes to the Ontario drug benefit are an overhanging cloud. Trading at 14X earnings.

2010-02-10

DON'T BUY

43.120

Andrew McCreath

No need to own this now. Earnings will likely be fine based upon retail trends he has seen recently. However there is a lack of clarity in regards to the squabble they are having with the Ontario government. Until that is resolved, the stock will go nowhere.

2010-02-05

DON'T BUY

42.840

Really a consumer staple stock. Think investors will be moving to higher beta area such as technology, materials, resources etc.

2010-02-04

HOLD

43.070

Mike S. Newton, CIM FCSI

Stock hasn't moved because of pending Ontario legislation on dispensing fees. Would rather own something else than waiting for an announcement.

2010-02-02

PAST TOP PICK

42.550

(A Top Pick Jan 26/09. Down 3.63%.) Think there will be a pop on this one.

2010-01-29

BUY

42.550

Primary worry is drug policy reform in Alberta, Ontario and BC, which would reduce the margins for all drugstores. Thinks there are offsets to this. Front store merchandise sales can only get better. Well managed.

2010-01-29

PAST TOP PICK

42.900

(A Top Pick March 2/09. Up 13.58%.) 5.19% bond due 2014. No longer owns as he changed firms but still likes.

2010-01-26

WEAK BUY

43.010

Michael Smedley

Solid company, core holding. Not going to be vigorous stock. Solid defensive. Prefers Dollarama.

2010-01-21

DON'T BUY

44.750

Ross Healy

Doesn't think it ever met its downside target. He has a Sell-out on the stock. Has been rising recently but is up against resistance.

2010-01-11

BUY

45.960

(Market Call Minute.) It is so cheap that it has to go higher. A bargain.

2010-01-04

TOP PICK

44.650

Essentially flat for the year because of concerns about the Ontario government's possible legislation on pharmaceuticals. 20% below where it would normally be. Very cheap.

2009-12-30

PAST TOP PICK

44.650

Mark Carpani

(A Top Pick Jan 27/09. Up 9.62%.) January/12 @ 4.8%. Still likes.

2009-12-29

HOLD

43.970

(Market Call Minute.) Hold for now but coming up soon as a Buy.

2009-12-23

Comment

43.750

David Cockfield

Had long-term concerns about some US drug chains coming into Canada. Extremely well run. Excellent penetration in the pharmaceutical area. Have cosmetics. Excellent locations and stay open late. Concerns about pressure from the Ontario government on the prescription side. If you want growth, consider selling.

2009-12-21

PAST TOP PICK

43.510

(A Top Pick Jan 5/09. Down 3.59%.) This has been a disappointment. Has had really good earnings and have done all the right things in terms of renewing their stores and opening new real estate but hasn't had any respect from the market. Really cheap and still a buy.

2009-12-15

BUY

43.140

Big risk is a cap on prices. It has held back the price. But it is a play on demographics. There is no competition. They had a great year and the stock is down. Free cash flow will grow significantly and company could raise dividend. The risk is fully priced in. The stock looks cheap.

2009-12-02

PAST TOP PICK

43.270

(A Top Pick May 5/09.) Doesn't own since he is managing a new fund. Still likes.

2009-11-27

BUY on WEAKNESS

43.270

Michael Sprung

Fixed a lot of operations so profitability continued to go up. Then reached the zenith and continued at a premium price is if the improvement profitability was going to continue. Rebates on generic drug products are falling and have to be made up on the front end of the store. Would like to see the price below $40.

2009-11-27

TOP PICK

43.330

Laura Wallace

A bit of a cloud because of changes coming in Ontario legislation, which probably won't be until spring. Best drugstore company in North America. A way of playing aging population, increasing demand for drugs in a company that has high and growing margins. Still has great potential for adding square footage in new stores.

2009-11-26

BUY

43.330

Christine Poole

Likes this one long-term. Traffic has been weaker generally for all retailers because of the recession. Likes the demographics of the aging population. Well organized merchandise front end in their stores. Good, long-term Buy.

2009-11-26

TOP PICK

43.740

Michele Robitaille

A bit of an overhang right now because of the Ontario government's drug reform. Expects a significant increase in free cash flow over the next several years. 1.97% yield.

2009-11-25

PAST TOP PICK

43.570

Brooke Thackray

(A Top Pick May 5/09. No change.) A dead stock now waiting for the Ontario government to make a decision.

2009-11-23

PAST TOP PICK

43.150

Mark Carpani

(A Top Pick Jan 27/09. Up 9.5%.) January/12 @ 4.8%. Recently trimmed art of his position.

2009-11-17

WATCH

43.520

Lower quality, more cyclical stocks have been leading the market as opposed to consumer/non-discretionary have lagged. Also Ontario government are looking at their reimbursement policy for pharmacies. Looking at this one and may invest in it in the near future.

2009-11-16

DON'T BUY

43.710

Ken McCord

A market neutral play. Earnings coming out next week and he expects them to be reasonably good. Same-store sales are good but not sure they can continue at the same pace.

2009-11-04

BUY on WEAKNESS

43.700

Looking at this one very carefully. A bit sceptical on the damage by the new Ontario legislation. Would prefer it at $40.

2009-11-02

PAST TOP PICK

43.700

Craig MacAdam

(A Top Pick May 14/09. Down 1.7%.) Historically the pharmaceutical side is very profitable but the Ontario regulatory review is making investors nervous.

2009-11-02

WATCH

42.990

David Cockfield

Runs a great operation. Some doubt has crept in to some people’s minds. Noises from provincial government about cutting back margins. This Christmas will be a good test of their new strategies.

2009-10-30

BUY

43.290

Stock went down after 2nd quarter earnings. Market was a little distraught at their forecast for growth but latest earnings were pretty good. Same-store sales were up sharply. Concern about cutting back on prescription reimbursements had an overreaction.

2009-10-27

TOP SHORT

43.380

Ross Healy

Stock hasn't gone anywhere in the past year. When this happens to a stock, it is either building strength or it never got to where it wanted to go in the first place on the downside. Expects it to go 20% lower to around $36-$37 with a slim outside chance it could be worse on the downside.

2009-10-26

TOP PICK

43.810

Gavin Graham

(Top Pick Nov 3/08, Down 1.82%)

2009-10-23

TOP PICK

43.850

Continually produced great results quarter after quarter. They are in discussion with e ODB in Ontario but he thinks that is way overblown. It’s a great opportunity to buy probably Canada’s best retailer at 13 times next year’s earnings.

2009-10-21

DON'T BUY

43.180

David Burrows

Defensive sector – has under performed. The problem with SC is what’s going on in Ontario.

2009-10-19

WAIT

43.490

He is looking at buying it. It was a growth stock and is becoming more of a value stock. There is legislation potentially coming on in Ontario that will potentially affect how they are paid for prescriptions. They are actually losing money on servicing those prescriptions. Thinks the stock is being overly pressured by this news and it would present an opportunity. He is waiting to see that the government will not do anything rash to the industry.

2009-10-13

BUY

43.860

John Zechner

Not too worried about legislative changes affecting them. Top of the list for consumer staples, which is lagging right now. Looking to add to the position.

2009-10-06

DON'T BUY

43.930

Steven Conville

Having a lot of expansion and he is concerned about how many stores a community needs. Doesn't see it moving much higher from here. Doesn't have an extremely attractive dividend.

2009-10-02

WAIT

43.320

Michael Simpson, CFA

Waiting to see what new reforms the Ontario government is going to have in pharmacy regulations.

2009-09-17

DON'T BUY

43.320

A retailer but he looks at it more as a consumer staple. If you are looking at an economic recovery, he is not sure how well this will do relative to something else. Trading at 14X earnings. Has always had a bit of a premium.

2009-09-17

Comment

43.410

Steve Carlin

In an interesting dilemma. Stock hasn't performed lately because of possible changes to prescription drugs/regulations in Ontario. Some think this will affect them by $.40 a share in earnings. He sees $.20. This makes it a no-growth company rather than a low-growth company. 2% dividend.

2009-09-16

TOP PICK

43.390

Market has reacted to regulatory changes in Ontario for the worst-case scenario. He thinks it’s actually a really safe place to be.

2009-09-15

TOP PICK

43.740

Michele Robitaille

Great cash flow story. 2% dividend is probably on the low side of what she would be looking for but the growth in dividends over time is going to be pretty marked. A defensive staple name. Very visible growth outlook.

2009-09-11

TOP PICK

43.000

Thought the earnings were pretty good but the market hated it. Growth rate may not be as strong at 6%-7% but they are consistently profitable. Makes money both in the pharmacy and in the front of the store. Trading around 14X next year's earnings, which is cheap for them.

2009-08-31

TOP SHORT

42.950

Bill Carrigan

Not participating with the rest of the market. A laggard. Either Short or if you own Sell. If you Short don't let it go over $46. He thinks the stock will take out the 52-week low of $41.39. Before Shorting, you could wait to see if it goes below $41.39.

2009-08-28

PAST TOP PICK

42.950

(A Top Pick May 5/09. Up 4.3%.) 5.19% Bond due January 2014.

2009-08-28

PAST TOP PICK

43.350

Gavin Graham

(A Top Pick Sept 17/08. Down 17.27%.) Continues to operate very well. This is a stock that everyone should have in their portfolio. Still a Buy.

2009-08-25

HOLD

43.200

(Market Call Minute.) A little expensive. There is some uncertainty as to what is going to be happening with their relationship with the Ontario government regarding prescription drugs.

2009-08-24

SELL

43.610

Andrew McCreath

Is front a center in drug re-pricing. Province of Ontario is going to chip away at the margins. However is a good company with a strong balance sheet in a premier positioning the market place.

2009-08-18

Comment

44.200

Benj Gallander

(Market Call Minute.) For people who want to dividend it could be worthwhile but not his kind of company.

2009-08-07

DON'T BUY

43.990

This will continue its downtrend. Sales per square foot and same store sales are slowing a little. (Front end is doing better than the pharmacy.) Ontario government announced July 10 a major review of reimbursement plan for prescriptions and he expects significant downward pressure. Look to $40 for an entry point.

2009-08-05

BUY

43.990

Numbers were terrific. Another solid quarter and continuing their 15% year-over-year growth, quarter after quarter. Conference call talked about pending changes by the Ontario government in their drug formula and what they are willing to pay on prescriptions. This has worried investors and it was oversold.

2009-08-05

DON'T BUY

44.620

Excellent franchise but as a stock pick he would probably avoid it at this time. They matched the street estimates but the street has been lowering their estimates for next quarter's earnings, which is not a good sign. Consider Canadian Tire (CTC.A-T), which ranks well in his model.

2009-07-30

Comment

43.910

Michael Sprung

Came out with earnings last week, which were not too bad. Front store sales were up 5.5%-6%, which looked pretty good. Issued a warning on Ontario drug reforms, which potentially could put pressure on margins on pharmaceutical sales. This is put pressure on the stock. Fairly high PE multiple of 16.

2009-07-28

TOP PICK

43.900

Reported earnings, which he didn't think were so bad but the street hammer them because their growth forecasts were not very exciting. Very strong management team. Stock has been oversold.

2009-07-27

PAST TOP PICK

47.490

Mark Carpani

(A Top Pick Jan 27/09. Up 7.1%.) 4.8% bond. Needed to raise some cash so he just sold this.

2009-07-21

TOP PICK

47.950

Laura Wallace

Recession resistant but still has growth; a good combination in what she thinks will be a very difficult environment. Have a lot of ways to grow, square footage, private label, acquisition etc. Trading at a low multiple. Dividend yield in the 2% area but with a recent record of increasing it. Great balance sheet.

2009-06-23

BUY

46.370

Didn't come down as hard as a lot of stocks, which probably speaks to its more defensive nature. Great retailer and has great growth. Trading at 15X earnings.

2009-06-10

Comment

44.300

(Market Call Minute.) This is okay and it is doing all right and thinks it will do better over time.

2009-05-28

TOP PICK

43.880

Defensive growth. Recently reported a good quarter. Continued to grow right through the recession. Still have plans to add about 10% square footage in their stores. Expecting 12% to 15% earnings growth.

2009-05-25

TOP PICK

44.420

Craig MacAdam

Market leader. Very strong management team. Recurring revenue model is very impressive. Front of the store is very well managed and focuses on health, beauty and convenience items. Have a strong track record of generating same-store sales growth. Higher loyalty in their customer base.

2009-05-14

HOLD

44.320

Mike Lyons CA, CFA

Great company. Well run. Nice solid balance sheet. Thinks it is fully valued. Tends not to sell off on its own but only during a market selloff.

2009-05-11

TOP PICK

43.990

Brooke Thackray

Solid company with some good growth potential and very defensive characteristics. Trading at about 16X PE and about 1:22 S&P Composite. Get out on October 27.

2009-05-05

TOP PICK

43.990

(A Top Pick March 2/09.) 5.19% Bond due January 2014. Now yielding 4%. Great company that consistently hits its numbers. Still a Buy.

2009-05-05

DON'T BUY

43.850

Likes it. Would need to get in below $40

2009-05-04

SELL

45.010

Brian Acker, CA

45.61 is model price and target is 2-1/2 target. It was way over valued. Couchtard he likes, based on balance sheet and owns.

2009-04-21

TOP PICK

43.050

Recession resistant in the front of the store and in the back of the store. Growth stock because they take market share away from competition. Hasn’t participated in the rally of the last month.

2009-04-14

TOP PICK

43.490