Rite Aid Corporation (RAD) Receives Average Recommendation of “Hold” from Analysts
Rite Aid Corporation (NYSE:RAD) has earned an average recommendation of “Hold” from the nine research firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $5.08.
Several equities analysts have recently issued reports on RAD shares. Cowen and Company reiterated an “outperform” rating and set a $4.70 price objective on shares of Rite Aid Corporation in a research report on Monday, June 12th. Zacks Investment Research upgraded Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 16th. Guggenheim downgraded Rite Aid Corporation from a “buy” rating to a “neutral” rating in a research report on Tuesday, April 25th. Credit Suisse Group reiterated an “outperform” rating and set a $6.50 price objective on shares of Rite Aid Corporation in a research report on Monday, March 20th. Finally, Bank of America Corporation reiterated an “underperform” rating and set a $2.00 price objective on shares of Rite Aid Corporation in a research report on Friday, June 30th.
A number of large investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Rite Aid Corporation by 4,995.0% in the first quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock worth $214,510,000 after buying an additional 49,482,563 shares during the period. APG Asset Management N.V. increased its stake in Rite Aid Corporation by 70.6% in the first quarter. APG Asset Management N.V. now owns 15,262,729 shares of the company’s stock worth $64,867,000 after buying an additional 6,315,600 shares during the period. Vanguard Group Inc. increased its stake in Rite Aid Corporation by 4.2% in the first quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock worth $358,848,000 after buying an additional 3,420,318 shares during the period. Symons Capital Management Inc. purchased a new stake in Rite Aid Corporation during the first quarter worth $12,504,000. Finally, Credit Suisse AG increased its stake in Rite Aid Corporation by 55.7% in the first quarter. Credit Suisse AG now owns 5,881,061 shares of the company’s stock worth $24,994,000 after buying an additional 2,103,701 shares during the period. Hedge funds and other institutional investors own 56.85% of the company’s stock.
Rite Aid Corporation (NYSE RAD) traded down 0.86% during mid-day trading on Monday, hitting $2.31. The stock had a trading volume of 28,520,841 shares. The stock’s market cap is $2.42 billion. Rite Aid Corporation has a 12-month low of $2.21 and a 12-month high of $8.77. The company has a 50-day moving average of $3.47 and a 200-day moving average of $5.26.
Rite Aid Corporation (NYSE:RAD) last posted its earnings results on Thursday, June 29th. The company reported ($0.05) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.01) by $0.04. The company had revenue of $7.78 billion for the quarter, compared to the consensus estimate of $8.29 billion. Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The firm’s revenue for the quarter was down 4.9% compared to the same quarter last year. During the same period last year, the company posted $0.02 earnings per share. On average, analysts anticipate that Rite Aid Corporation will post ($0.09) earnings per share for the current fiscal year.
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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