Rite Aid Corp. Upgraded to Outperform by Zacks (RAD)
Rite Aid Corp. (NYSE:RAD) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Thursday, Analyst Ratings Network.com reports. The firm currently has a $5.30 price target on the stock. Zacks‘ price objective suggests a potential upside of 9.73% from the stock’s previous close.
Zacks‘ analyst wrote, “We have upgraded our long-term recommendation on Rite Aid to Outperform following the company’s outstanding performance during second-quarter fiscal 2014. Rite Aid posted earnings of $0.08 per share that fared far better than the year-ago quarter’s loss of $0.05 as well as the Zacks Consensus Estimate of a loss of $0.04. This is the fourth consecutive quarter that the company has posted a quarterly profit. Going forward, Rite Aid remains focused on expanding its portfolio of generic medications, which in turn will facilitate the company to enhance margins. Moreover, Rite Aid is expanding its pharmacy and clinical services through its Wellness+ customer loyalty program and remodeling its wellness stores. We believe that such measures will enable the company to broaden its customer base and help to sustain its upbeat performance.”
In other Rite Aid Corp. news, EVP Tony Montini sold 414,500 shares of Rite Aid Corp. stock on the open market in a transaction dated Friday, October 4th. The stock was sold at an average price of $5.21, for a total transaction of $2,159,545.00. Following the transaction, the executive vice president now directly owns 643,713 shares of the company’s stock, valued at approximately $3,353,745. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Rite Aid Corp. (NYSE:RAD) traded up 3.93% on Thursday, hitting $5.02. 25,143,380 shares of the company’s stock traded hands. Rite Aid Corp. has a 52-week low of $0.95 and a 52-week high of $5.33. The stock has a 50-day moving average of $4.09 and a 200-day moving average of $3.08. The company has a market cap of $4.599 billion and a price-to-earnings ratio of 15.24.
Rite Aid Corp. (NYSE:RAD) last released its earnings data on Thursday, September 19th. The company reported $0.03 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.04) by $0.07. The company had revenue of $6.30 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, analysts predict that Rite Aid Corp. will post $0.23 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Raymond James raised their price target on shares of Rite Aid Corp. from $5.00 to $6.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Jefferies Group initiated coverage on shares of Rite Aid Corp. in a research note to investors on Monday. They set a “hold” rating and a $5.30 price target on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Rite Aid Corp. from $5.00 to $6.00 in a research note to investors on Friday, October 4th. They now have an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $4.44.
Rite Aid Corporationis a retail drugstore chain in the United States. As of March 3, 2012, the Company operated drugstores in 31 states across the country and in the District of Columbia.
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