Daiwa Securities Group Inc. Buys 3,400 Shares of Rite Aid Corp. (RAD)
Daiwa Securities Group Inc. raised its stake in shares of Rite Aid Corp. (NYSE:RAD) by 16.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 24,500 shares of the company’s stock after buying an additional 3,400 shares during the period. Daiwa Securities Group Inc.’s holdings in Rite Aid Corp. were worth $184,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in shares of Rite Aid Corp. by 4.5% in the first quarter. Geode Capital Management LLC now owns 6,558,933 shares of the company’s stock worth $53,423,000 after buying an additional 285,370 shares during the last quarter. State Street Corp increased its position in shares of Rite Aid Corp. by 3.4% in the first quarter. State Street Corp now owns 18,204,115 shares of the company’s stock worth $148,362,000 after buying an additional 603,510 shares during the period. Quantum Capital Management increased its position in shares of Rite Aid Corp. by 27.4% in the first quarter. Quantum Capital Management now owns 2,258,875 shares of the company’s stock worth $18,409,000 after buying an additional 485,529 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Rite Aid Corp. by 25.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,000,000 shares of the company’s stock worth $8,150,000 after buying an additional 200,000 shares during the period. Finally, Renaissance Technologies LLC bought a new position in shares of Rite Aid Corp. during the first quarter worth about $768,000. 63.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Rite Aid Corp. (NYSE:RAD) traded down 2.77% during midday trading on Thursday, reaching $7.37. The company’s stock had a trading volume of 22,513,501 shares. The company’s 50-day moving average price is $7.79 and its 200 day moving average price is $7.69. The company has a market capitalization of $7.70 billion, a P/E ratio of 57.13 and a beta of 1.77. Rite Aid Corp. has a 12-month low of $5.98 and a 12-month high of $8.74.
Rite Aid Corp. (NYSE:RAD) last posted its quarterly earnings results on Thursday, September 22nd. The company reported $0.03 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.03. The business had revenue of $8 million for the quarter. Rite Aid Corp. had a return on equity of 32.41% and a net margin of 0.41%. Rite Aid Corp.’s revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.02 earnings per share. On average, equities research analysts forecast that Rite Aid Corp. will post $0.14 earnings per share for the current year.
A number of equities analysts have recently issued reports on RAD shares. Zacks Investment Research downgraded Rite Aid Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, September 29th. Vetr upgraded Rite Aid Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 30th. Finally, JPMorgan Chase & Co. restated a “hold” rating on shares of Rite Aid Corp. in a research report on Friday, June 17th. One analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $9.11.
Rite Aid Corp. 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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