Rhumbline Advisers increased its position in Rite Aid Co. (NYSE:RAD) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,096,828 shares of the company’s stock after purchasing an additional 30,154 shares during the period. Rhumbline Advisers owned approximately 0.10% of Rite Aid worth $1,898,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in RAD. Destination Wealth Management boosted its stake in Rite Aid by 5,513.1% in the 2nd quarter. Destination Wealth Management now owns 65,000 shares of the company’s stock worth $112,000 after purchasing an additional 63,842 shares in the last quarter. NEXT Financial Group Inc boosted its stake in Rite Aid by 62.5% in the 1st quarter. NEXT Financial Group Inc now owns 73,850 shares of the company’s stock worth $124,000 after purchasing an additional 28,400 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new position in Rite Aid in the 1st quarter worth about $134,000. Nomura Asset Management Co. Ltd. boosted its stake in Rite Aid by 377.4% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 95,000 shares of the company’s stock worth $160,000 after purchasing an additional 75,100 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its stake in Rite Aid by 597.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 130,905 shares of the company’s stock worth $226,000 after purchasing an additional 112,125 shares in the last quarter. Institutional investors own 55.58% of the company’s stock.
RAD remained flat at $$1.15 during midday trading on Friday. 12,675,035 shares of the company’s stock traded hands, compared to its average volume of 18,099,066. Rite Aid Co. has a 1-year low of $1.14 and a 1-year high of $2.55. The company has a quick ratio of 0.94, a current ratio of 1.62 and a debt-to-equity ratio of 2.41. The company has a market cap of $1.36 billion, a PE ratio of -57.50 and a beta of 1.66.
Rite Aid (NYSE:RAD) last issued its quarterly earnings data on Thursday, September 27th. The company reported ($0.01) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Rite Aid had a net margin of 3.26% and a negative return on equity of 1.97%. The firm had revenue of $5.42 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same quarter in the prior year, the business earned ($0.01) EPS. The business’s quarterly revenue was up 1.4% on a year-over-year basis. Research analysts forecast that Rite Aid Co. will post -0.02 earnings per share for the current fiscal year.
A number of brokerages recently issued reports on RAD. Zacks Investment Research upgraded shares of Rite Aid from a “sell” rating to a “hold” rating in a research note on Friday. Loop Capital set a $1.00 target price on shares of Rite Aid and gave the company a “hold” rating in a research note on Friday, September 28th. Royal Bank of Canada set a $1.00 target price on shares of Rite Aid and gave the company a “hold” rating in a research note on Monday, September 24th. Goldman Sachs Group began coverage on shares of Rite Aid in a research note on Thursday, September 6th. They set a “sell” rating and a $1.00 target price on the stock. Finally, Cowen cut shares of Rite Aid from an “outperform” rating to a “market perform” rating and upped their target price for the company from $2.35 to $6.00 in a research note on Monday, August 13th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $2.16.
About Rite Aid
Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
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