Rite Aid Corporation (RAD) Receives $3.68 Consensus PT from Analysts
Shares of Rite Aid Corporation (NYSE:RAD) have been given a consensus recommendation of “Hold” by the eleven analysts that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $3.68.
RAD has been the subject of a number of analyst reports. Mizuho set a $2.00 price objective on shares of Rite Aid Corporation and gave the company a “hold” rating in a research note on Saturday, October 7th. Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 29th. Loop Capital assumed coverage on Rite Aid Corporation in a report on Monday, September 11th. They issued a “hold” rating and a $2.50 target price on the stock. Guggenheim reiterated a “neutral” rating and issued a $2.00 target price on shares of Rite Aid Corporation in a report on Monday, October 2nd. Finally, Royal Bank Of Canada set a $2.00 price objective on Rite Aid Corporation and gave the stock a “hold” rating in a report on Wednesday, October 25th.
In other news, Director Myrtle S. Potter sold 28,189 shares of the 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 legal filing with the Securities & Exchange Commission, which is available through this link. 2.29% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of RAD. Advisor Group Inc. lifted its position in Rite Aid Corporation 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 during the period. Smithfield Trust Co. raised its stake in Rite Aid Corporation by 37.8% during the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after acquiring an additional 10,330 shares in the last quarter. Comerica Bank raised its stake in Rite Aid Corporation by 9.2% during the second quarter. Comerica Bank now owns 44,460 shares of the company’s stock worth $111,000 after acquiring an additional 3,753 shares in the last quarter. Pinnacle Associates Ltd. raised its stake in Rite Aid Corporation by 8.1% during the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its stake in Rite Aid Corporation by 31.1% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 40,000 shares of the company’s stock worth $118,000 after acquiring an additional 9,500 shares in the last quarter. 51.98% of the stock is owned by hedge funds and other institutional investors.
Shares of Rite Aid Corporation (NYSE RAD) traded up $0.05 during midday trading on Friday, reaching $1.69. 20,036,757 shares of the company’s stock were exchanged, compared to its average volume of 27,595,057. Rite Aid Corporation has a 52 week low of $1.38 and a 52 week high of $8.77. The company has a debt-to-equity ratio of 9.71, a current ratio of 1.74 and a quick ratio of 0.77.
Rite Aid Corporation (NYSE:RAD) last issued 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). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The company had revenue of $7.68 billion during the quarter, compared to the consensus estimate of $7.83 billion. During the same period in the prior year, the company earned $0.03 EPS. Rite Aid Corporation’s revenue was down 4.4% on a year-over-year basis. equities research analysts forecast that Rite Aid Corporation will post -0.1 EPS for the current year.
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About Rite Aid Corporation
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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