Rite Aid Corporation (RAD) Debt Trading 2.3% Higher
An issue of Rite Aid Corporation (NYSE:RAD) debt rose 2.3% against its face value during trading on Thursday. The high-yield debt issue has a 7.7% coupon and will mature on February 15, 2027. The bonds in the issue are now trading at $85.00 and were trading at $80.25 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
Several equities research analysts recently issued reports on the company. Mizuho set a $2.00 price target on Rite Aid Corporation and gave the company a “hold” rating in a research note on Saturday, October 7th. Zacks Investment Research cut Rite Aid Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Guggenheim reiterated a “neutral” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a research note on Monday, October 2nd. Loop Capital reiterated a “hold” rating and issued a $2.00 price target (down from $2.50) on shares of Rite Aid Corporation in a research note on Friday, September 29th. Finally, Royal Bank Of Canada assumed coverage on Rite Aid Corporation in a research note on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price target for the company. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $3.73.
Rite Aid Corporation (NYSE RAD) traded down 2.73% during midday trading on Friday, reaching $1.78. The company’s stock had a trading volume of 21,344,779 shares. Rite Aid Corporation has a 12 month low of $1.63 and a 12 month high of $8.77. The stock has a 50-day moving average price of $2.18 and a 200 day moving average price of $2.94. The company has a market cap of $1.87 billion, a PE ratio of 21.19 and a beta of 1.79.
Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The firm had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.83 billion. During the same period last year, the firm earned $0.03 EPS. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. Analysts expect that Rite Aid Corporation will post ($0.08) earnings per share for the current fiscal year.
In other Rite Aid Corporation news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total value of $58,915.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.29% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Advisor Group Inc. boosted its holdings in Rite Aid Corporation by 49.8% in the 2nd quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after purchasing an additional 12,140 shares during the period. Smithfield Trust Co. boosted its holdings in Rite Aid Corporation by 37.8% in the 2nd quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after purchasing an additional 10,330 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Rite Aid Corporation by 102.1% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 38,000 shares of the company’s stock valued at $162,000 after purchasing an additional 19,200 shares during the period. Pinnacle Associates Ltd. boosted its holdings in Rite Aid Corporation by 8.1% in the 2nd quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after purchasing an additional 2,900 shares during the period. Finally, Investors Asset Management of Georgia Inc. GA ADV boosted its holdings in Rite Aid Corporation by 31.1% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 40,000 shares of the company’s stock valued at $118,000 after purchasing an additional 9,500 shares during the period. 52.64% of the stock is owned by hedge funds and other institutional investors.
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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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