Arizona State Retirement System lowered its stake in Rite Aid Co. (NYSE:RAD) by 6.6% in the second quarter, HoldingsChannel.com reports. The firm owned 15,011 shares of the company’s stock after selling 1,065 shares during the quarter. Arizona State Retirement System’s holdings in Rite Aid were worth $245,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the stock. Captrust Financial Advisors increased its holdings in shares of Rite Aid by 20.8% in the first quarter. Captrust Financial Advisors now owns 4,594 shares of the company’s stock valued at $94,000 after purchasing an additional 792 shares in the last quarter. BDO Wealth Advisors LLC acquired a new stake in Rite Aid during the 1st quarter worth $31,000. Commonwealth Equity Services LLC grew its holdings in Rite Aid by 16.6% during the 1st quarter. Commonwealth Equity Services LLC now owns 12,076 shares of the company’s stock worth $247,000 after acquiring an additional 1,715 shares during the period. Barclays PLC grew its holdings in Rite Aid by 3.3% during the 1st quarter. Barclays PLC now owns 59,938 shares of the company’s stock worth $1,226,000 after acquiring an additional 1,909 shares during the period. Finally, Meeder Asset Management Inc. acquired a new stake in Rite Aid during the 1st quarter worth $40,000. 56.03% of the stock is owned by institutional investors and hedge funds.
A number of research firms have commented on RAD. Zacks Investment Research raised shares of Rite Aid from a “sell” rating to a “hold” rating and set a $18.00 target price for the company in a report on Tuesday, August 24th. JPMorgan Chase & Co. lowered shares of Rite Aid from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $21.00 to $12.00 in a report on Friday, June 25th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Rite Aid from $27.00 to $18.00 and set a “hold” rating for the company in a report on Tuesday, June 22nd. Finally, TheStreet cut shares of Rite Aid from a “c-” rating to a “d+” rating in a research report on Wednesday, July 21st. Two investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $13.50.
Shares of NYSE RAD opened at $17.17 on Wednesday. The company’s fifty day moving average is $15.84 and its 200-day moving average is $18.38. The stock has a market cap of $945.84 million, a price-to-earnings ratio of -22.89 and a beta of 0.86. Rite Aid Co. has a twelve month low of $8.85 and a twelve month high of $32.48. The company has a quick ratio of 0.67, a current ratio of 1.35 and a debt-to-equity ratio of 5.02.
Rite Aid (NYSE:RAD) last announced its quarterly earnings results on Wednesday, June 23rd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.16. The company had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.21 billion. Rite Aid had a negative net margin of 0.17% and a positive return on equity of 2.35%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. On average, research analysts anticipate that Rite Aid Co. will post -0.8 EPS for the current fiscal year.
Rite Aid Company Profile
Rite Aid Corp. engages in the ownership and management of retail drug stores. It operates through following segments: Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment includes branded and generic prescription drugs, health and beauty aids, personal care products, and walk-in retail clinics.
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