Rite Aid Corporation (RAD) Shares Sold by American International Group Inc.

American International Group Inc. cut its stake in shares of Rite Aid Corporation (NYSE:RAD) by 3.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,430 shares of the company’s stock after selling 885 shares during the period. American International Group Inc.’s holdings in Rite Aid Corporation were worth $100,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Howard Hughes Medical Institute increased its stake in shares of 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 in the last quarter. Canal Insurance CO increased its stake in shares of 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 in the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its stake in shares of Rite Aid Corporation by 66.7% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 100,000 shares of the company’s stock valued at $425,000 after buying an additional 40,000 shares in the last quarter. Candriam Luxembourg S.C.A. increased its stake in shares of 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 valued at $332,000 after buying an additional 16,711 shares in the last quarter. Finally, Gemmer Asset Management LLC bought a new stake in shares of Rite Aid Corporation during the first quarter valued at $140,000. 56.38% of the stock is owned by institutional investors and hedge funds.

Rite Aid Corporation (NYSE RAD) traded up 2.67% on Friday, reaching $2.31. The company’s stock had a trading volume of 14,484,308 shares. Rite Aid Corporation has a 52-week low of $2.21 and a 52-week high of $8.77. The firm’s market capitalization is $2.42 billion. The firm has a 50-day moving average price of $2.57 and a 200 day moving average price of $4.03. Rite Aid Corporation also was the target of some unusual options trading on Wednesday. Stock traders purchased 24,321 call options on the company. This represents an increase of approximately 239% compared to the average daily volume of 7,173 call options.

Rite Aid Corporation (NYSE:RAD) last released its quarterly earnings data on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $7.78 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the firm earned $0.02 EPS. The company’s revenue for the quarter was down 4.9% compared to the same quarter last year. Equities analysts anticipate that Rite Aid Corporation will post ($0.09) earnings per share for the current fiscal year.

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Several equities research analysts recently weighed in on the company. Zacks Investment Research raised Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 16th. Guggenheim downgraded Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Cowen and Company reaffirmed an “outperform” rating and set a $4.70 price target on shares of Rite Aid Corporation in a report on Monday, June 12th. Bank of America Corporation reaffirmed an “underperform” rating and set a $2.00 price target on shares of Rite Aid Corporation in a report on Friday, June 30th. Finally, Evercore ISI assumed coverage on Rite Aid Corporation in a report on Friday, June 30th. They set an “underperform” rating and a $2.50 price target for the company. Three analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Rite Aid Corporation presently has an average rating of “Hold” and a consensus target price of $4.53.

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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Institutional Ownership by Quarter for Rite Aid Corporation (NYSE:RAD)

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