JPMorgan Chase & Co. Cuts Stake in Rite Aid Co. (RAD)

JPMorgan Chase & Co. reduced its stake in shares of Rite Aid Co. (NYSE:RAD) by 82.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 324,996 shares of the company’s stock after selling 1,510,281 shares during the period. JPMorgan Chase & Co.’s holdings in Rite Aid were worth $659,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of RAD. Advisor Group Inc. lifted its position in Rite Aid by 49.8% during the second quarter. Advisor Group Inc. now owns 36,518 shares of the company’s stock valued at $101,000 after purchasing an additional 12,140 shares during the period. Comerica Bank lifted its position 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 purchasing an additional 3,753 shares during the period. Verition Fund Management LLC acquired a new position in Rite Aid during the second quarter valued at $120,000. Fort Pitt Capital Group LLC lifted its position in Rite Aid by 37.8% during the second quarter. Fort Pitt Capital Group LLC now owns 49,210 shares of the company’s stock valued at $145,000 after purchasing an additional 13,500 shares during the period. Finally, Harbor Advisors LLC lifted its position in Rite Aid by 300.0% during the third quarter. Harbor Advisors LLC now owns 80,000 shares of the company’s stock valued at $157,000 after purchasing an additional 60,000 shares during the period. Institutional investors and hedge funds own 50.03% of the company’s stock.

A number of research analysts recently issued reports on the stock. Loop Capital restated a “hold” rating and set a $2.00 target price (down from $2.50) on shares of Rite Aid in a research report on Friday, September 29th. Vetr upgraded shares of Rite Aid from a “hold” rating to a “strong-buy” rating and set a $2.54 target price for the company in a research report on Tuesday, January 16th. Guggenheim reaffirmed a “neutral” rating and issued a $2.00 price objective on shares of Rite Aid in a report on Monday, October 2nd. Evercore ISI started coverage on shares of Rite Aid in a report on Thursday, January 4th. They issued an “underperform” rating and a $1.50 price objective for the company. Finally, Zacks Investment Research cut shares of Rite Aid from a “hold” rating to a “sell” rating in a report on Tuesday, January 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $2.75.

Rite Aid Co. (NYSE:RAD) opened at $2.29 on Tuesday. Rite Aid Co. has a fifty-two week low of $1.38 and a fifty-two week high of $7.45. The company has a debt-to-equity ratio of 3.66, a current ratio of 0.86 and a quick ratio of 0.59. The firm has a market cap of $2,465.95, a price-to-earnings ratio of 15.27 and a beta of 1.83.

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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.

Institutional Ownership by Quarter for Rite Aid (NYSE:RAD)

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