Rite Aid Corporation (RAD) Bonds Rise 3.3% During Trading

An issue of Rite Aid Corporation (NYSE:RAD) bonds rose 3.3% as a percentage of their face value during trading on Monday. The debt issue has a 6.125% coupon and is set to mature on April 1, 2023. The bonds in the issue are now trading at $100.75 and were trading at $98.63 last week. Price moves in a company’s bonds in credit markets often predict parallel moves in its share price.

Several equities research analysts have commented on RAD shares. Zacks Investment Research downgraded shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 4th. Royal Bank Of Canada started coverage on shares of Rite Aid Corporation in a report on Tuesday. They set a “sector perform” rating and a $2.50 price objective on the stock. Bank of America Corporation reaffirmed an “underperform” rating and set a $2.00 price objective on shares of Rite Aid Corporation in a report on Friday, June 30th. Cowen and Company reaffirmed an “outperform” rating and set a $4.70 price objective on shares of Rite Aid Corporation in a report on Monday, June 12th. Finally, Mizuho downgraded shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price objective on the stock. in a report on Thursday, July 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $4.08.

Shares of Rite Aid Corporation (NYSE RAD) traded up 1.458% during midday trading on Wednesday, hitting $2.435. 22,212,084 shares of the stock were exchanged. The stock’s market cap is $2.55 billion. Rite Aid Corporation has a 52-week low of $2.21 and a 52-week high of $8.77. The firm’s 50 day moving average price is $2.38 and its 200-day moving average price is $3.36.

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 the Zacks’ consensus estimate of ($0.01) by ($0.04). The company 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 company’s 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. On average, equities research analysts expect that Rite Aid Corporation will post ($0.10) earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in RAD. Advisor Group Inc. grew its stake in shares of Rite Aid Corporation by 49.8% during the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after acquiring an additional 12,140 shares during the period. Capstone Asset Management Co. grew its stake in shares of Rite Aid Corporation by 7.9% during the 1st quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock valued at $110,000 after acquiring an additional 1,890 shares during the period. Smithfield Trust Co. grew its stake in shares of Rite Aid Corporation by 37.8% during the 2nd quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after acquiring an additional 10,330 shares during the period. Comerica Bank grew its stake in shares of Rite Aid Corporation by 9.2% during the 2nd quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after acquiring an additional 3,753 shares during the period. Finally, Pinnacle Associates Ltd. grew its stake in shares of Rite Aid Corporation by 8.1% during the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after acquiring an additional 2,900 shares during the period. Institutional investors own 52.62% of the company’s stock.

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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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