Westchester Capital Management LLC trimmed its holdings in Rite Aid Co. (NYSE:RAD) by 93.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 368,200 shares of the company’s stock after selling 5,145,645 shares during the quarter. Westchester Capital Management LLC’s holdings in Rite Aid were worth $722,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Advisor Group Inc. lifted its holdings in Rite Aid 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 acquiring an additional 12,140 shares during the last quarter. Smithfield Trust Co. lifted its stake in Rite Aid by 37.8% during the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock valued at $111,000 after buying an additional 10,330 shares in the last quarter. Comerica Bank lifted its stake in Rite Aid by 9.2% during the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock valued at $111,000 after buying an additional 3,753 shares in the last quarter. Pinnacle Associates Ltd. lifted its stake in Rite Aid by 8.1% during the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock valued at $115,000 after buying an additional 2,900 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new stake in Rite Aid during the second quarter valued at about $120,000. 50.81% of the stock is owned by institutional investors.
A number of research firms have commented on RAD. Royal Bank Of Canada began coverage on shares of Rite Aid in a research note on Tuesday, September 19th. They set a “sector perform” rating and a $2.50 price objective for the company. Loop Capital began coverage on shares of Rite Aid in a research note on Monday, September 11th. They set a “hold” rating and a $2.50 price objective for the company. Zacks Investment Research raised shares of Rite Aid from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Mizuho reduced their price objective on shares of Rite Aid from $2.95 to $2.25 and set a “neutral” rating for the company in a research note on Friday, October 6th. Finally, Guggenheim reaffirmed a “neutral” rating and set a $2.00 price objective on shares of Rite Aid in a research note on Monday, October 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued 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 price target of $3.25.
In other news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The stock was 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 SEC, which is accessible through this link. 2.29% of the stock is owned by corporate insiders.
Shares of Rite Aid Co. (NYSE:RAD) remained flat at $$1.79 on Friday. 13,869,600 shares of the stock traded hands, compared to its average volume of 27,999,307. Rite Aid Co. has a twelve month low of $1.38 and a twelve month high of $8.77. The company has a quick ratio of 0.77, a current ratio of 1.74 and a debt-to-equity ratio of 9.71.
Rite Aid (NYSE:RAD) last issued its earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.01). The company had revenue of $7.68 billion for the quarter, compared to the consensus estimate of $7.83 billion. Rite Aid had a negative return on equity of 7.51% and a net margin of 0.28%. The firm’s quarterly revenue was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. sell-side analysts forecast that Rite Aid Co. will post -0.1 earnings per share for the current fiscal year.
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About Rite Aid
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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