Rite Aid Co. (RAD) Expected to Post Quarterly Sales of $7.74 Billion
Wall Street brokerages expect that Rite Aid Co. (NYSE:RAD) will post $7.74 billion in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Rite Aid’s earnings. The lowest sales estimate is $7.63 billion and the highest is $7.84 billion. Rite Aid posted sales of $8.09 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 4.3%. The company is expected to issue its next earnings report before the market opens on Thursday, December 21st.
According to Zacks, analysts expect that Rite Aid will report full-year sales of $7.74 billion for the current fiscal year, with estimates ranging from $29.65 billion to $30.96 billion. For the next year, analysts anticipate that the company will post sales of $21.64 billion per share, with estimates ranging from $20.96 billion to $22.32 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Rite Aid.
Rite Aid (NYSE:RAD) last released its quarterly earnings data on Thursday, September 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). The company had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.83 billion. Rite Aid had a net margin of 0.28% and a negative return on equity of 7.51%. Rite Aid’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 earnings per share.
A number of research analysts have commented on the stock. Royal Bank Of Canada initiated coverage on shares of Rite Aid in a research note on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price objective on the stock. Loop Capital began coverage on shares of Rite Aid in a research report on Monday, September 11th. They issued a “hold” rating and a $2.50 price target for the company. Zacks Investment Research raised shares of Rite Aid from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Mizuho cut their price objective on shares of Rite Aid from $2.95 to $2.25 and set a “neutral” rating on the stock in a research report on Friday, October 6th. Finally, Guggenheim reaffirmed a “neutral” rating and set a $2.00 price objective on shares of Rite Aid in a research report on Monday, October 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Rite Aid currently has an average rating of “Hold” and a consensus target price of $3.25.
Rite Aid (NYSE:RAD) remained flat at $$1.79 during midday trading on Friday. 13,869,600 shares of the company’s stock were exchanged, compared to its average volume of 27,999,307. Rite Aid has a 52 week low of $1.38 and a 52 week high of $8.77. The company has a current ratio of 1.74, a quick ratio of 0.77 and a debt-to-equity ratio of 9.71.
In other news, Director Myrtle S. Potter sold 28,189 shares of the stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total transaction of $58,915.01. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.29% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. California Public Employees Retirement System grew its position in Rite Aid by 37.2% during the third quarter. California Public Employees Retirement System now owns 3,296,247 shares of the company’s stock worth $6,461,000 after buying an additional 893,314 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Rite Aid by 35.5% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 225,131 shares of the company’s stock valued at $441,000 after acquiring an additional 59,000 shares during the period. Cowen Inc. increased its position in Rite Aid by 173.9% during the 3rd quarter. Cowen Inc. now owns 858,400 shares of the company’s stock valued at $1,682,000 after buying an additional 545,000 shares in the last quarter. Stifel Financial Corp increased its position in Rite Aid by 17.2% during the 3rd quarter. Stifel Financial Corp now owns 536,366 shares of the company’s stock valued at $1,049,000 after buying an additional 78,805 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Rite Aid by 71.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,745,233 shares of the company’s stock valued at $9,302,000 after buying an additional 1,973,023 shares in the last quarter. 50.81% of the stock is owned by hedge funds and other institutional investors.
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About Rite Aid
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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