JPMorgan Chase & Co. lowered its position in Rite Aid Co. (NYSE:RAD) by 82.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 324,996 shares of the company’s stock after selling 1,510,281 shares during the quarter. JPMorgan Chase & Co.’s holdings in Rite Aid were worth $659,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Advisor Group Inc. grew its stake in Rite Aid by 49.8% in the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock worth $101,000 after purchasing an additional 12,140 shares in the last quarter. Comerica Bank grew its stake in Rite Aid by 9.2% in the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock worth $111,000 after purchasing an additional 3,753 shares in the last quarter. Verition Fund Management LLC bought a new position in Rite Aid in the second quarter worth approximately $120,000. Fort Pitt Capital Group LLC grew its stake in Rite Aid by 37.8% in the second quarter. Fort Pitt Capital Group LLC now owns 49,210 shares of the company’s stock worth $145,000 after purchasing an additional 13,500 shares in the last quarter. Finally, Harbor Advisors LLC grew its stake in Rite Aid by 300.0% in the third quarter. Harbor Advisors LLC now owns 80,000 shares of the company’s stock worth $157,000 after purchasing an additional 60,000 shares in the last quarter. 50.72% of the stock is currently owned by institutional investors.
Shares of Rite Aid Co. (NYSE:RAD) opened at $2.39 on Tuesday. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66. The firm has a market capitalization of $2,540.00, a price-to-earnings ratio of 21.73 and a beta of 1.83. Rite Aid Co. has a twelve month low of $1.38 and a twelve month high of $8.77.
Several brokerages recently issued reports on RAD. Zacks Investment Research cut Rite Aid from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Vetr cut Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 price objective on the stock. in a research note on Thursday, January 11th. Royal Bank of Canada set a $2.00 price objective on Rite Aid and gave the stock a “hold” rating in a research note on Wednesday, October 25th. Loop Capital reissued a “hold” rating and issued a $2.00 price objective (down previously from $2.50) on shares of Rite Aid in a research note on Friday, September 29th. Finally, Guggenheim reissued a “neutral” rating and issued a $2.00 price objective on shares of Rite Aid in a research note on Monday, October 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Rite Aid presently has a consensus rating of “Hold” and a consensus target price of $2.74.
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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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