An issue of Rite Aid Co. (NYSE:RAD) bonds fell 2% as a percentage of their face value during trading on Wednesday. The high-yield issue of debt has a 7.7% coupon and is set to mature on February 15, 2027. The debt is now trading at $95.00 and was trading at $87.81 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
A number of equities analysts have weighed in on RAD shares. Vetr downgraded Rite Aid from a “strong-buy” rating to a “buy” rating and set a $2.47 price target for the company. in a research report on Thursday, January 11th. Zacks Investment Research raised Rite Aid from a “sell” rating to a “hold” rating in a research report on Monday, February 5th. Deutsche Bank started coverage on Rite Aid in a research report on Monday, December 4th. They set a “hold” rating and a $2.25 price target for the company. Royal Bank of Canada set a $2.00 price target on Rite Aid and gave the stock a “hold” rating in a research report on Wednesday, October 25th. Finally, Evercore ISI began coverage on Rite Aid in a report on Thursday, January 4th. They issued an “underperform” rating and a $1.50 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $2.75.
Rite Aid Co. (NYSE RAD) traded down $0.18 during midday trading on Wednesday, hitting $2.02. The stock had a trading volume of 77,749,024 shares, compared to its average volume of 25,250,000. The firm has a market cap of $2,160.00, a P/E ratio of 18.36 and a beta of 1.76. The company has a current ratio of 0.86, a quick ratio of 0.59 and a debt-to-equity ratio of 3.66. Rite Aid Co. has a 12 month low of $1.38 and a 12 month high of $6.15.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Rite Aid by 0.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,772,210 shares of the company’s stock valued at $8,177,000 after buying an additional 11,385 shares during the last quarter. Advisor Group Inc. boosted its holdings in shares of 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 buying an additional 12,140 shares during the last quarter. Teachers Advisors LLC boosted its holdings in shares of Rite Aid by 1.9% in the 4th quarter. Teachers Advisors LLC now owns 1,331,687 shares of the company’s stock valued at $2,623,000 after buying an additional 25,238 shares during the last quarter. Brave Asset Management Inc. lifted its holdings in Rite Aid by 52.4% during the 4th quarter. Brave Asset Management Inc. now owns 80,000 shares of the company’s stock valued at $158,000 after purchasing an additional 27,500 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Rite Aid by 1.0% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 3,936,136 shares of the company’s stock valued at $7,755,000 after purchasing an additional 39,348 shares during the last quarter. 51.68% of the stock is owned by institutional investors.
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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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