Alpine Associates Management Inc. raised its position in Rite Aid Co. (NYSE:RAD) by 35.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,514,200 shares of the company’s stock after purchasing an additional 3,502,400 shares during the quarter. Alpine Associates Management Inc. owned 1.27% of Rite Aid worth $22,840,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of RAD. Franklin Resources Inc. raised its position in Rite Aid by 21.9% in the 1st quarter. Franklin Resources Inc. now owns 51,310,675 shares of the company’s stock worth $86,202,000 after purchasing an additional 9,213,475 shares during the period. Private Management Group Inc. purchased a new stake in Rite Aid in the 2nd quarter worth about $11,435,000. Millennium Management LLC raised its position in Rite Aid by 3,323.5% in the 1st quarter. Millennium Management LLC now owns 5,437,416 shares of the company’s stock worth $9,135,000 after purchasing an additional 5,278,592 shares during the period. Schwab Charles Investment Management Inc. raised its position in Rite Aid by 58.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,129,600 shares of the company’s stock worth $12,335,000 after purchasing an additional 2,618,183 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its position in Rite Aid by 14.3% in the 1st quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 18,806,544 shares of the company’s stock worth $31,595,000 after purchasing an additional 2,349,244 shares during the period. 55.64% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on RAD. Cowen reaffirmed a “buy” rating and set a $2.35 target price on shares of Rite Aid in a research report on Thursday, June 28th. Zacks Investment Research lowered shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Mizuho reaffirmed a “hold” rating and set a $2.00 target price on shares of Rite Aid in a research report on Thursday, August 9th. Finally, TheStreet lowered shares of Rite Aid from a “c-” rating to a “d” rating in a research report on Wednesday, August 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a strong buy rating to the company’s stock. Rite Aid presently has a consensus rating of “Hold” and an average target price of $2.54.
Shares of NYSE:RAD opened at $1.40 on Friday. The company has a market cap of $1.54 billion, a PE ratio of -70.50 and a beta of 1.78. Rite Aid Co. has a one year low of $1.27 and a one year high of $2.80. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.85 and a current ratio of 1.49.
Rite Aid (NYSE:RAD) last issued its earnings results on Wednesday, June 27th. The company reported ($0.01) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The business had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.32 billion. Rite Aid had a net margin of 5.18% and a negative return on equity of 2.88%. The company’s quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the company posted ($0.05) earnings per share. sell-side analysts anticipate that Rite Aid Co. will post 0.01 earnings per share for the current year.
Rite Aid Company Profile
Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.
Featured Article: Do You Need a Fiduciary?
Want to see what other hedge funds are holding RAD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rite Aid Co. (NYSE:RAD).
Receive News & Ratings for Rite Aid Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rite Aid and related companies with MarketBeat.com's FREE daily email newsletter.