Rite Aid Corporation (NYSE:RAD) had its price objective lowered by stock analysts at Mizuho from $2.95 to $2.25 in a report released on Friday, October 6th, MarketBeat Ratings reports. The brokerage presently has a “neutral” rating on the stock. Mizuho’s price target would indicate a potential upside of 21.62% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on RAD. Loop Capital reiterated a “hold” rating and issued a $2.00 price objective (down from $2.50) on shares of Rite Aid Corporation in a report on Friday, September 29th. Guggenheim reiterated a “neutral” rating and issued a $2.00 price objective on shares of Rite Aid Corporation in a report on Monday, October 2nd. Evercore ISI started coverage on Rite Aid Corporation in a report on Friday, June 30th. They set an “underperform” rating and a $2.50 target price on the stock. Royal Bank Of Canada began coverage on Rite Aid Corporation in a report on Tuesday, September 19th. They issued a “sector perform” rating and a $2.50 price objective on the stock. Finally, Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $3.73.
Shares of Rite Aid Corporation (NYSE:RAD) opened at 1.85 on Friday. Rite Aid Corporation has a 12-month low of $1.63 and a 12-month high of $8.77. The company has a market capitalization of $1.94 billion, a PE ratio of 22.02 and a beta of 1.79. The stock’s 50 day moving average price is $2.22 and its 200 day moving average price is $2.96.
Rite Aid Corporation (NYSE:RAD) last released its quarterly earnings data 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 negative return on equity of 7.51% and a net margin of 0.28%. The business had revenue of $7.68 billion during the quarter, compared to analyst estimates of $7.83 billion. During the same quarter last year, the business posted $0.03 EPS. The company’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.
In other news, Director Myrtle S. Potter sold 28,189 shares of Rite Aid Corporation 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.29% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Rite Aid Corporation by 4.2% during the 1st quarter. Vanguard Group Inc. now owns 84,435,016 shares of the company’s stock valued at $358,848,000 after purchasing an additional 3,420,318 shares during the period. Atlas Brown Inc. lifted its stake in shares of Rite Aid Corporation by 43.1% in the 2nd quarter. Atlas Brown Inc. now owns 103,000 shares of the company’s stock worth $304,000 after acquiring an additional 31,000 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of 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 worth $15,967,000 after acquiring an additional 2,711,300 shares during the period. Legal & General Group Plc raised its holdings in shares of Rite Aid Corporation by 26.5% in the 1st quarter. Legal & General Group Plc now owns 1,673,686 shares of the company’s stock worth $7,116,000 after purchasing an additional 350,240 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its holdings in shares of Rite Aid Corporation by 1.4% in the 2nd quarter. Mark Sheptoff Financial Planning LLC now owns 314,155 shares of the company’s stock worth $927,000 after purchasing an additional 4,199 shares in the last quarter. 52.64% of the stock is owned by hedge funds and other institutional investors.
Rite Aid Corporation 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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