Canada Pension Plan Investment Board increased its stake in shares of Rite Aid Corporation (NYSE:RAD) by 83.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,156,874 shares of the company’s stock after buying an additional 981,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.20% of Rite Aid Corporation worth $6,363,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RAD. Longfellow Investment Management Co. LLC boosted its position in Rite Aid Corporation by 48.5% in the first quarter. Longfellow Investment Management Co. LLC now owns 1,336,500 shares of the company’s stock valued at $5,680,000 after buying an additional 436,500 shares in the last quarter. IFP Advisors Inc boosted its position in Rite Aid Corporation by 5.1% in the first quarter. IFP Advisors Inc now owns 72,338 shares of the company’s stock valued at $307,000 after buying an additional 3,500 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its position in Rite Aid Corporation by 10.8% in the first quarter. State of New Jersey Common Pension Fund D now owns 4,100,000 shares of the company’s stock valued at $17,425,000 after buying an additional 400,000 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Rite Aid Corporation by 65.9% in the first quarter. Janney Montgomery Scott LLC now owns 69,211 shares of the company’s stock valued at $294,000 after buying an additional 27,500 shares in the last quarter. Finally, Clear Harbor Asset Management LLC boosted its position in Rite Aid Corporation by 719.0% in the first quarter. Clear Harbor Asset Management LLC now owns 312,600 shares of the company’s stock valued at $1,329,000 after buying an additional 363,100 shares in the last quarter. 54.77% of the stock is currently owned by hedge funds and other institutional investors.

Rite Aid Corporation (NYSE RAD) opened at 2.22 on Monday. The firm’s market cap is $2.32 billion. Rite Aid Corporation has a 12 month low of $2.21 and a 12 month high of $8.77. The firm’s 50 day moving average is $2.39 and its 200-day moving average is $3.88.

Rite Aid Corporation (NYSE:RAD) last posted its quarterly earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by $0.04. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The business had revenue of $7.78 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm earned $0.02 EPS. The business’s revenue for the quarter was down 4.9% on a year-over-year basis. On average, equities analysts forecast that Rite Aid Corporation will post ($0.09) EPS for the current year.

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Several research firms have weighed in on RAD. Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, May 16th. Guggenheim cut shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating in a report on Tuesday, April 25th. Cowen and Company reissued an “outperform” rating and issued a $4.70 price target on shares of Rite Aid Corporation in a report on Monday, June 12th. Bank of America Corporation reissued an “underperform” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a report on Friday, June 30th. Finally, Evercore ISI assumed coverage on shares of Rite Aid Corporation in a report on Friday, June 30th. They issued an “underperform” rating and a $2.50 price target on the stock. Three analysts have rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $4.53.

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

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