An issue of Rite Aid Corporation (NYSE:RAD) bonds rose 5.8% as a percentage of their face value during trading on Tuesday. The high-yield debt issue has a 6.125% coupon and will mature on April 1, 2023. The debt is now trading at $104.13 and was trading at $97.63 one week ago. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
A number of equities analysts have issued reports on RAD shares. Zacks Investment Research upgraded Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 16th. Guggenheim cut Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Mizuho cut Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 target price for the company. in a report on Thursday, July 20th. Cowen and Company reiterated an “outperform” rating and set a $4.70 target price on shares of Rite Aid Corporation in a report on Monday, June 12th. Finally, Bank of America Corporation restated an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $4.53.
Shares of Rite Aid Corporation (RAD) traded up 3.00% during midday trading on Monday, reaching $2.40. 3,268,072 shares of the company’s stock traded hands. The firm’s market cap is $2.51 billion. The stock has a 50-day moving average price of $2.74 and a 200 day moving average price of $4.28. Rite Aid Corporation has a 12 month low of $2.21 and a 12 month high of $8.77.
Rite Aid Corporation (NYSE:RAD) last announced its earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.04. The business had revenue of $7.78 billion for the quarter, compared to the consensus estimate of $8.29 billion. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The business’s quarterly revenue was down 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.02 earnings per share. Equities research analysts predict that Rite Aid Corporation will post ($0.09) earnings per share for the current year.
Several institutional investors have recently bought and sold shares of RAD. Howard Hughes Medical Institute increased its position in Rite Aid Corporation by 65.1% in the first quarter. Howard Hughes Medical Institute now owns 147,626 shares of the company’s stock valued at $627,000 after buying an additional 58,224 shares during the period. Canal Insurance CO increased its position in Rite Aid Corporation by 100.0% in the first quarter. Canal Insurance CO now owns 600,000 shares of the company’s stock valued at $2,550,000 after buying an additional 300,000 shares during the period. DORCHESTER WEALTH MANAGEMENT Co increased its stake in Rite Aid Corporation by 66.7% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 100,000 shares of the company’s stock worth $425,000 after buying an additional 40,000 shares during the last quarter. Candriam Luxembourg S.C.A. increased its stake in Rite Aid Corporation by 27.2% in the first quarter. Candriam Luxembourg S.C.A. now owns 78,184 shares of the company’s stock worth $332,000 after buying an additional 16,711 shares during the last quarter. Finally, Gemmer Asset Management LLC acquired a new stake in Rite Aid Corporation during the first quarter worth about $140,000. Institutional investors and hedge funds own 56.38% of the company’s stock.
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Rite Aid Corporation Company Profile
Rite Aid Corporation is a retail drugstore chain. The Company’s segments include Retail Pharmacy and Pharmacy Services. The Company operates under The Rite Aid name. It operates approximately 4,560 stores in over 30 states across the country and in the District of Columbia. The Company’s Retail Pharmacy segment consists of Rite Aid stores, RediClinic and Health Dialog.
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