Rite Aid Corp. (RAD) Upgraded to Strong-Buy by Vetr Inc.
Vetr upgraded shares of Rite Aid Corp. (NYSE:RAD) from a buy rating to a strong-buy rating in a research note published on Friday.
A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Rite Aid Corp. from a hold rating to a sell rating in a research note on Thursday. JPMorgan Chase & Co. restated a hold rating on shares of Rite Aid Corp. in a research note on Friday, June 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $9.11.
Shares of Rite Aid Corp. (NYSE:RAD) opened at 7.70 on Friday. Rite Aid Corp. has a 12 month low of $5.98 and a 12 month high of $8.74. The firm has a market cap of $8.04 billion, a P/E ratio of 59.69 and a beta of 1.77. The company has a 50-day moving average of $7.79 and a 200-day moving average of $7.70.
Rite Aid Corp. (NYSE:RAD) last issued its earnings results on Thursday, September 22nd. The company reported $0.03 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.03. The business had revenue of $8 million for the quarter. Rite Aid Corp. had a net margin of 0.41% and a return on equity of 32.41%. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.02 EPS. Equities analysts forecast that Rite Aid Corp. will post $0.14 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Rite Aid Corp. by 3.6% in the second quarter. Vanguard Group Inc. now owns 75,940,721 shares of the company’s stock valued at $568,796,000 after buying an additional 2,621,953 shares in the last quarter. Franklin Resources Inc. raised its stake in Rite Aid Corp. by 0.4% in the second quarter. Franklin Resources Inc. now owns 30,213,370 shares of the company’s stock valued at $226,300,000 after buying an additional 128,155 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Rite Aid Corp. by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 26,928,062 shares of the company’s stock valued at $201,691,000 after buying an additional 831,727 shares in the last quarter. CNH Partners LLC raised its stake in Rite Aid Corp. by 12.5% in the second quarter. CNH Partners LLC now owns 19,634,002 shares of the company’s stock valued at $147,059,000 after buying an additional 2,174,367 shares in the last quarter. Finally, State Street Corp raised its stake in Rite Aid Corp. by 3.4% in the first quarter. State Street Corp now owns 18,204,115 shares of the company’s stock valued at $148,362,000 after buying an additional 603,510 shares in the last quarter. 63.13% of the stock is owned by institutional investors and hedge funds.
About Rite Aid Corp.
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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