State of New Jersey Common Pension Fund D increased its stake in shares of Rite Aid Corporation (NYSE:RAD) by 46.3% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 6,000,000 shares of the company’s stock after buying an additional 1,900,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Rite Aid Corporation were worth $17,700,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in RAD. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in Rite Aid Corporation during the first quarter valued at $322,000. Commerzbank Aktiengesellschaft FI boosted its stake in 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 period. Vanguard Group Inc. boosted its stake in 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 period. Beach Point Capital Management LP bought a new stake in Rite Aid Corporation during the first quarter valued at $4,386,000. Finally, Macquarie Group Ltd. boosted its stake in 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 period. Institutional investors and hedge funds own 56.38% of the company’s stock.
Shares of Rite Aid Corporation (NYSE:RAD) opened at 2.44 on Tuesday. The company’s market cap is $2.55 billion. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77. The stock’s 50 day moving average is $2.74 and its 200-day moving average is $4.28.
Rite Aid Corporation (NYSE:RAD) last posted its quarterly earnings results 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 positive return on equity of 0.52% and a negative net margin of 0.21%. The firm had revenue of $7.78 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the company posted $0.02 EPS. Rite Aid Corporation’s quarterly revenue was down 4.9% compared to the same quarter last year. Equities research analysts expect that Rite Aid Corporation will post ($0.09) earnings per share for the current year.
RAD has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 16th. Cowen and Company restated an “outperform” rating and set a $4.70 target price on shares of Rite Aid Corporation in a report on Monday, July 3rd. Mizuho cut shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 target price on the stock. in a report on Thursday, July 20th. Guggenheim restated a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Finally, Bank of America Corporation restated an “underperform” rating and set a $2.00 target price 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 given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $4.53.
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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