Rite Aid Corporation (RAD) Given a $2.00 Price Target at Mizuho

Mizuho set a $2.00 target price on Rite Aid Corporation (NYSE:RAD) in a research note issued to investors on Saturday. The firm currently has a hold rating on the stock.

A number of other brokerages have also recently weighed in on RAD. Zacks Investment Research cut shares of Rite Aid Corporation from a hold rating to a strong sell rating in a research report on Tuesday, July 4th. Royal Bank Of Canada started coverage on shares of Rite Aid Corporation in a research report on Tuesday, September 19th. They set a sector perform rating and a $2.50 price target for the company. Bank of America Corporation reaffirmed an underperform rating and set a $2.00 price target on shares of Rite Aid Corporation in a research report on Friday, June 30th. Cowen and Company reaffirmed an outperform rating and set a $4.70 price target on shares of Rite Aid Corporation in a research report on Monday, June 12th. Finally, Loop Capital started coverage on shares of Rite Aid Corporation in a research report on Monday, September 11th. They set a hold rating and a $2.50 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Rite Aid Corporation presently has an average rating of Hold and an average price target of $3.73.

Rite Aid Corporation (NYSE:RAD) opened at 1.86 on Friday. Rite Aid Corporation has a 12-month low of $1.83 and a 12-month high of $8.77. The company has a 50-day moving average price of $2.30 and a 200-day moving average price of $3.07. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of 22.14 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.01). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The firm had revenue of $7.68 billion during the quarter, compared to analysts’ expectations of $7.83 billion. During the same period in the prior year, the company earned $0.03 EPS. The firm’s revenue was down 4.4% on a year-over-year basis. On average, equities research analysts forecast that Rite Aid Corporation will post ($0.08) earnings per share for the current year.

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In other Rite Aid Corporation news, Director Myrtle S. Potter sold 28,189 shares of the company’s stock in a transaction dated Tuesday, October 3rd. The shares were 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 can be accessed through this hyperlink. Corporate insiders own 2.29% of the company’s stock.

A number of large investors have recently bought and sold shares of RAD. BlackRock Inc. boosted its position in Rite Aid Corporation by 4,995.0% in the 1st quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock valued at $214,510,000 after buying an additional 49,482,563 shares during the last quarter. FMR LLC boosted its position in Rite Aid Corporation by 204.0% in the 2nd quarter. FMR LLC now owns 29,123,366 shares of the company’s stock valued at $85,914,000 after buying an additional 19,542,772 shares during the last quarter. OxFORD Asset Management LLP purchased a new position in Rite Aid Corporation in the 2nd quarter valued at about $14,659,000. Vanguard Group Inc. boosted its position in Rite Aid Corporation by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after buying an additional 3,420,318 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Rite Aid Corporation by 100.4% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,412,603 shares of the company’s stock valued at $15,967,000 after buying an additional 2,711,300 shares during the last quarter. 52.62% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Rite Aid Corporation (NYSE:RAD)

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