Mizuho cut shares of Rite Aid Corporation (NYSE:RAD) from a buy rating to a neutral rating in a research note published on Thursday, July 20th, MarketBeat.com reports. The firm currently has $2.95 price target on the stock.
A number of other equities analysts have also recently weighed in on RAD. Zacks Investment Research raised shares of Rite Aid Corporation from a strong sell rating to a hold rating in a research report on Tuesday, May 16th. Guggenheim cut shares of Rite Aid Corporation from a buy rating to a neutral rating in a research report on Tuesday, April 25th. Cowen and Company reissued an outperform rating and set a $4.70 price target on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Bank of America Corporation reissued an underperform rating and set a $2.00 price target on shares of Rite Aid Corporation in a research report on Friday, June 30th. Finally, Evercore ISI started coverage on shares of Rite Aid Corporation in a research report on Friday, June 30th. They issued an underperform rating and a $2.50 price objective on the stock. Three research analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $4.53.
Shares of Rite Aid Corporation (NYSE:RAD) traded down 2.254% during mid-day trading on Thursday, reaching $2.385. 12,794,006 shares of the company’s stock traded hands. The company’s 50 day moving average is $2.75 and its 200-day moving average is $4.28. Rite Aid Corporation has a 52 week low of $2.21 and a 52 week high of $8.77. The firm’s market cap is $2.50 billion.
Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by $0.04. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The business had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the business posted $0.02 earnings per share. Rite Aid Corporation’s revenue was down 4.9% compared to the same quarter last year. Equities analysts expect that Rite Aid Corporation will post ($0.09) earnings per share for the current fiscal year.
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A number of large investors have recently modified their holdings of the stock. DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in shares of Rite Aid Corporation during the first quarter valued at about $322,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Rite Aid Corporation by 8.6% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 58,242 shares of the company’s stock valued at $248,000 after buying an additional 4,601 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Rite Aid Corporation by 4.2% in the first quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after buying an additional 3,420,318 shares during the last quarter. Beach Point Capital Management LP acquired a new stake in shares of Rite Aid Corporation during the first quarter valued at about $4,386,000. Finally, Macquarie Group Ltd. raised its stake in shares of Rite Aid Corporation by 125.3% in the fourth quarter. Macquarie Group Ltd. now owns 22,300 shares of the company’s stock valued at $184,000 after buying an additional 12,400 shares during the last quarter. Hedge funds and other institutional investors own 56.38% of the company’s stock.
About Rite Aid Corporation
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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