Westchester Capital Management LLC trimmed its stake in Rite Aid Co. (NYSE:RAD) by 93.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 368,200 shares of the company’s stock after selling 5,145,645 shares during the period. Westchester Capital Management LLC’s holdings in Rite Aid were worth $722,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in RAD. Aperio Group LLC lifted its stake in shares of Rite Aid by 53.5% during the second quarter. Aperio Group LLC now owns 179,584 shares of the company’s stock valued at $530,000 after acquiring an additional 62,569 shares during the period. Janney Montgomery Scott LLC lifted its stake in shares of Rite Aid by 21.8% during the second quarter. Janney Montgomery Scott LLC now owns 84,271 shares of the company’s stock valued at $249,000 after acquiring an additional 15,060 shares during the period. Smithfield Trust Co. lifted its stake in shares of 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 acquiring an additional 10,330 shares during the period. Canada Pension Plan Investment Board lifted its stake in shares of Rite Aid by 83.5% during the second quarter. Canada Pension Plan Investment Board now owns 2,156,874 shares of the company’s stock valued at $6,363,000 after acquiring an additional 981,700 shares during the period. Finally, New Jersey Better Educational Savings Trust lifted its stake in shares of Rite Aid by 12.5% during the second quarter. New Jersey Better Educational Savings Trust now owns 90,000 shares of the company’s stock valued at $266,000 after acquiring an additional 10,000 shares during the period. Hedge funds and other institutional investors own 50.81% of the company’s stock.
In other Rite Aid news, Director Myrtle S. Potter sold 28,189 shares of the firm’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $2.09, for a total value of $58,915.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.29% of the stock is owned by company insiders.
Several equities analysts have recently issued reports on RAD shares. Zacks Investment Research raised Rite Aid from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Loop Capital initiated coverage on Rite Aid in a research note on Monday, September 11th. They issued a “hold” rating and a $2.50 target price on the stock. Royal Bank of Canada initiated coverage on Rite Aid in a research note on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 target price on the stock. Guggenheim reissued a “neutral” rating and issued a $2.00 target price on shares of Rite Aid in a research note on Monday, October 2nd. Finally, Mizuho dropped their price target on Rite Aid from $2.95 to $2.25 and set a “neutral” rating on the stock in a research report on Friday, October 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $3.25.
Rite Aid Co. (RAD) traded up $0.04 during trading hours on Friday, hitting $1.85. The company had a trading volume of 22,718,206 shares, compared to its average volume of 27,199,988. 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 Co. has a fifty-two week low of $1.38 and a fifty-two week high of $8.77.
Rite Aid (NYSE:RAD) last posted its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.01). The firm had revenue of $7.68 billion during 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 business’s revenue was down 4.4% compared to the same quarter last year. During the same period last year, the company earned $0.03 earnings per share. research analysts predict that Rite Aid Co. will post -0.1 earnings per share for the current year.
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Rite Aid 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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