Howard Hughes Medical Institute trimmed its position in Rite Aid Corporation (NYSE:RAD) by 29.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,548 shares of the company’s stock after selling 44,078 shares during the quarter. Howard Hughes Medical Institute’s holdings in Rite Aid Corporation were worth $305,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capstone Asset Management Co. boosted its holdings in shares of Rite Aid Corporation by 7.9% in the first quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock worth $110,000 after buying an additional 1,890 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Rite Aid Corporation by 24.4% in the first quarter. Nordea Investment Management AB now owns 29,061 shares of the company’s stock worth $124,000 after buying an additional 5,706 shares during the period. Fort Pitt Capital Group LLC acquired a new position in shares of Rite Aid Corporation in the first quarter worth about $152,000. Pinnacle Associates Ltd. boosted its holdings in shares of Rite Aid Corporation by 28.6% in the first quarter. Pinnacle Associates Ltd. now owns 36,000 shares of the company’s stock worth $153,000 after buying an additional 8,000 shares during the period. Finally, Smithfield Trust Co. boosted its holdings in shares of Rite Aid Corporation by 37.8% in the second quarter. Smithfield Trust Co. now owns 37,650 shares of the company’s stock worth $111,000 after buying an additional 10,330 shares during the period. Institutional investors own 52.62% of the company’s stock.
Rite Aid Corporation (RAD) traded up 4.753% during mid-day trading on Monday, hitting $2.755. 16,621,388 shares of the company traded hands. The company’s 50-day moving average price is $2.36 and its 200 day moving average price is $3.44. Rite Aid Corporation has a one year low of $2.21 and a one year high of $8.77. The company’s market capitalization is $2.88 billion.
Rite Aid Corporation (NYSE:RAD) last posted its earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Rite Aid Corporation had a positive return on equity of 0.52% and a negative net margin of 0.21%. The business had revenue of $7.78 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the previous year, the company posted $0.02 earnings per share. Rite Aid Corporation’s revenue for the quarter was down 4.9% compared to the same quarter last year. On average, analysts anticipate that Rite Aid Corporation will post ($0.10) earnings per share for the current fiscal year.
RAD has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 4th. Cowen and Company reiterated an “outperform” rating and issued a $4.70 target price on shares of Rite Aid Corporation in a report on Monday, June 12th. Guggenheim reiterated a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Bank of America Corporation reiterated an “underperform” rating and issued a $2.00 target price on shares of Rite Aid Corporation in a report on Friday, June 30th. Finally, Mizuho cut shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 target price for the company. in a report on Thursday, July 20th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $4.28.
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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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