Rite Aid Corporation (RAD) Shares Bought by Utah Retirement Systems
Utah Retirement Systems boosted its position in Rite Aid Corporation (NYSE:RAD) by 2.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 192,500 shares of the company’s stock after purchasing an additional 4,800 shares during the period. Utah Retirement Systems’ holdings in Rite Aid Corporation were worth $568,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RAD. BlackRock Inc. increased its stake in Rite Aid Corporation by 4,995.0% in the 1st quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock valued at $214,510,000 after purchasing an additional 49,482,563 shares in the last quarter. Vanguard Group Inc. increased its stake in Rite Aid Corporation by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after purchasing an additional 3,420,318 shares in the last quarter. Symons Capital Management Inc. purchased a new position in Rite Aid Corporation in the 1st quarter valued at approximately $12,504,000. Credit Suisse AG increased its stake in Rite Aid Corporation by 55.7% in the 1st quarter. Credit Suisse AG now owns 5,881,061 shares of the company’s stock valued at $24,994,000 after purchasing an additional 2,103,701 shares in the last quarter. Finally, Coronation Fund Managers Ltd. increased its stake in Rite Aid Corporation by 79.4% in the 1st quarter. Coronation Fund Managers Ltd. now owns 4,447,133 shares of the company’s stock valued at $18,900,000 after purchasing an additional 1,967,750 shares in the last quarter. 52.63% of the stock is owned by hedge funds and other institutional investors.
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Several research firms recently weighed in on RAD. Evercore ISI began coverage on Rite Aid Corporation in a research note on Friday, June 30th. They issued an “underperform” rating and a $2.50 price objective for the company. Loop Capital began coverage on Rite Aid Corporation in a research note on Monday. They issued a “hold” rating and a $2.50 price objective for the company. Bank of America Corporation reaffirmed an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a research note on Friday, June 30th. Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Finally, Zacks Investment Research downgraded Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $4.28.
Rite Aid Corporation (NYSE:RAD) opened at 2.51 on Thursday. 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 $2.34 and its 200 day moving average price is $3.47. The stock’s market cap is $2.63 billion.
Rite Aid Corporation (NYSE:RAD) last released its earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). The firm had revenue of $7.78 billion during the quarter, compared to analyst estimates of $8.29 billion. Rite Aid Corporation had a positive return on equity of 0.52% and a negative net margin of 0.21%. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.02 earnings per share. Equities analysts predict that Rite Aid Corporation will post ($0.09) earnings per share for the current year.
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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