Rite Aid Corporation (RAD) Bonds Rise 3.3% During Trading
An issue of Rite Aid Corporation (NYSE:RAD) debt rose 3.3% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 6.125% coupon and will mature on April 1, 2023. The debt is now trading at $100.75 and was trading at $98.63 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
Several equities analysts have recently weighed in on RAD shares. Zacks Investment Research cut shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 4th. Cowen and Company reiterated an “outperform” rating and issued a $4.70 price objective on shares of Rite Aid Corporation in a research note on Monday, June 12th. Guggenheim reiterated a “neutral” rating on shares of Rite Aid Corporation in a research note on Monday, July 3rd. Bank of America Corporation reiterated an “underperform” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a research note on Friday, June 30th. Finally, Mizuho cut shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price objective on the stock. in a research note on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $4.28.
Rite Aid Corporation (NYSE RAD) traded up 3.80% during midday trading on Monday, reaching $2.73. 53,252,816 shares of the company traded hands. The stock’s market capitalization is $2.86 billion. Rite Aid Corporation has a 1-year low of $2.21 and a 1-year high of $8.77. The firm has a 50-day moving average of $2.37 and a 200-day moving average of $3.38.
Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $7.78 billion during the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the firm posted $0.02 earnings per share. The company’s revenue was down 4.9% compared to the same quarter last year. On average, analysts predict that Rite Aid Corporation will post ($0.10) earnings per share for the current year.
A number of large investors have recently made changes to their positions in RAD. Advisor Group Inc. lifted its holdings in Rite Aid Corporation by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after acquiring an additional 12,140 shares during the period. Capstone Asset Management Co. lifted its holdings in Rite Aid Corporation by 7.9% in the first quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock valued at $110,000 after acquiring an additional 1,890 shares during the period. Smithfield Trust Co. lifted its holdings in Rite Aid Corporation by 37.8% in the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after acquiring an additional 10,330 shares during the period. Comerica Bank lifted its holdings in Rite Aid Corporation by 9.2% in the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after acquiring an additional 3,753 shares during the period. Finally, Pinnacle Associates Ltd. lifted its holdings in Rite Aid Corporation by 8.1% in the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after acquiring an additional 2,900 shares during the period. 52.62% of the stock is owned by institutional investors.
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Rite Aid Corporation Company Profile
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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