Ameriprise Financial Inc. increased its stake in shares of Rite Aid Corp. (NYSE:RAD) by 1,391.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 2,462,799 shares of the company’s stock after buying an additional 2,297,720 shares during the period. Ameriprise Financial Inc. owned approximately 0.24% of Rite Aid Corp. worth $18,445,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pioneer Investment Management Inc. bought a new position in shares of Rite Aid Corp. during the fourth quarter valued at about $7,230,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Rite Aid Corp. by 4.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 130,700 shares of the company’s stock worth $1,024,000 after buying an additional 5,000 shares in the last quarter. Norges Bank acquired a new stake in shares of Rite Aid Corp. during the fourth quarter worth $56,562,000. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Rite Aid Corp. by 13.2% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 324,578 shares of the company’s stock worth $2,645,000 after buying an additional 37,913 shares in the last quarter. Finally, Glenmede Trust Co. NA boosted its stake in shares of Rite Aid Corp. by 19.1% in the first quarter. Glenmede Trust Co. NA now owns 71,997 shares of the company’s stock worth $586,000 after buying an additional 11,564 shares in the last quarter. Institutional investors and hedge funds own 63.13% of the company’s stock.

Shares of Rite Aid Corp. (NYSE:RAD) traded up 0.62% during trading on Tuesday, hitting $8.06. 5,219,827 shares of the stock were exchanged. The stock has a 50-day moving average of $7.58 and a 200 day moving average of $7.70. Rite Aid Corp. has a 12-month low of $5.88 and a 12-month high of $8.74. The stock has a market cap of $8.40 billion, a P/E ratio of 59.70 and a beta of 1.78.

RAD has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Rite Aid Corp. from a “sell” rating to a “hold” rating in a research note on Wednesday, June 8th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Rite Aid Corp. in a research note on Friday, June 17th. Finally, Evercore ISI cut shares of Rite Aid Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, June 1st. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Rite Aid Corp. currently has a consensus rating of “Hold” and an average target price of $9.11.

Rite Aid Corp. Company Profile

Rite Aid Corporation is a retail drugstore chain. The Company sells prescription drugs and a range of other merchandise, which are referred to as front-end products. The Company’s drugstores’ primary business is pharmacy services. It operates approximately 4,570 stores in 31 states across the country and in the District of Columbia.

5 Day Chart for NYSE:RAD

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