Cohen Capital Management Inc. grew its stake in shares of Rite Aid Co. (NYSE:RAD) by 91.7% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,955 shares of the company’s stock after buying an additional 41,588 shares during the period. Cohen Capital Management Inc.’s holdings in Rite Aid were worth $111,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of RAD. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its stake in Rite Aid by 20.2% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 22,604,480 shares of the company’s stock valued at $39,106,000 after buying an additional 3,797,936 shares in the last quarter. Alpine Associates Management Inc. raised its holdings in Rite Aid by 35.0% in the 2nd quarter. Alpine Associates Management Inc. now owns 13,514,200 shares of the company’s stock valued at $22,840,000 after acquiring an additional 3,502,400 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Rite Aid by 124.0% during the 2nd quarter. Northern Trust Corp now owns 12,115,100 shares of the company’s stock worth $20,959,000 after buying an additional 6,706,701 shares during the last quarter. IndexIQ Advisors LLC increased its holdings in shares of Rite Aid by 11.5% during the 2nd quarter. IndexIQ Advisors LLC now owns 7,863,047 shares of the company’s stock worth $13,603,000 after buying an additional 812,530 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Rite Aid by 58.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 7,129,600 shares of the company’s stock worth $12,335,000 after buying an additional 2,618,183 shares during the last quarter. 54.19% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE:RAD opened at $1.07 on Wednesday. Rite Aid Co. has a 1-year low of $0.98 and a 1-year high of $2.55. The company has a quick ratio of 0.94, a current ratio of 1.62 and a debt-to-equity ratio of 2.41. The company has a market cap of $1.29 billion, a P/E ratio of -53.50 and a beta of 1.48.

Rite Aid (NYSE:RAD) last issued its earnings results on Thursday, September 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.36 billion. Rite Aid had a net margin of 3.26% and a negative return on equity of 1.97%. The company’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS.

RAD has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Rite Aid from a “sell” rating to a “hold” rating in a report on Friday, August 24th. Goldman Sachs Group initiated coverage on Rite Aid in a report on Thursday, September 6th. They set a “sell” rating and a $1.00 price objective for the company. Cowen downgraded Rite Aid from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $2.35 to $6.00 in a report on Monday, August 13th. Mizuho reiterated a “hold” rating and issued a $2.00 price target on shares of Rite Aid in a report on Thursday, August 9th. Finally, TheStreet downgraded Rite Aid from a “c-” rating to a “d” rating in a report on Wednesday, August 8th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Rite Aid presently has a consensus rating of “Hold” and a consensus price target of $2.06.

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About Rite Aid

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.

Further Reading: Beta

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Institutional Ownership by Quarter for Rite Aid (NYSE:RAD)

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