HighPoint Advisor Group LLC Takes Position in Rite Aid Co. (RAD)
HighPoint Advisor Group LLC bought a new position in Rite Aid Co. (NYSE:RAD) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 79,102 shares of the company’s stock, valued at approximately $112,000.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. HRT Financial LLC purchased a new position in shares of Rite Aid in the second quarter worth $105,000. GSA Capital Partners LLP purchased a new position in Rite Aid during the 2nd quarter valued at $105,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Rite Aid during the 2nd quarter valued at $108,000. Destination Wealth Management increased its position in Rite Aid by 5,513.1% during the 2nd quarter. Destination Wealth Management now owns 65,000 shares of the company’s stock valued at $112,000 after purchasing an additional 63,842 shares during the period. Finally, NEXT Financial Group Inc increased its position in Rite Aid by 62.5% during the 1st quarter. NEXT Financial Group Inc now owns 73,850 shares of the company’s stock valued at $124,000 after purchasing an additional 28,400 shares during the period. 55.59% of the stock is currently owned by institutional investors.
A number of research analysts have issued reports on RAD shares. Cowen reissued a “buy” rating and set a $2.35 price objective on shares of Rite Aid in a research report on Thursday, June 28th. Zacks Investment Research downgraded shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Tuesday, July 10th. Mizuho reissued a “hold” rating and set a $2.00 price objective on shares of Rite Aid in a research report on Thursday, August 9th. TheStreet downgraded shares of Rite Aid from a “c-” rating to a “d” rating in a research report on Wednesday, August 8th. Finally, Goldman Sachs Group started coverage on shares of Rite Aid in a research report on Thursday, September 6th. They set a “sell” rating and a $1.00 price objective on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $2.37.
Rite Aid (NYSE:RAD) last announced its earnings results on Wednesday, June 27th. The company reported ($0.01) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.01). Rite Aid had a net margin of 5.18% and a negative return on equity of 2.88%. The firm had revenue of $5.39 billion for the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the business posted ($0.05) EPS. The company’s quarterly revenue was down .9% on a year-over-year basis. analysts forecast that Rite Aid Co. will post -0.02 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.
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