Rite Aid Corporation (RAD) Debt Trading 2% Lower

An issue of Rite Aid Corporation (NYSE:RAD) bonds fell 2% against their face value during trading on Tuesday. The high-yield debt issue has a 7.7% coupon and will mature on February 15, 2027. The bonds in the issue are now trading at $96.28 and were trading at $95.75 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.

Several research firms have issued reports on RAD. Royal Bank of Canada began coverage on shares of Rite Aid Corporation in a research report on Tuesday. They issued a “sector perform” rating and a $2.50 price objective for the company. Loop Capital began coverage on shares of Rite Aid Corporation in a research report on Monday, September 11th. They issued a “hold” rating and a $2.50 price objective for the company. Zacks Investment Research raised shares of Rite Aid Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Mizuho cut shares of Rite Aid Corporation from a “buy” rating to a “neutral” rating and set a $2.95 price objective for the company. in a research report on Thursday, July 20th. Finally, Guggenheim reissued a “neutral” rating on shares of Rite Aid Corporation in a research report on Monday, July 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $4.08.

Shares of Rite Aid Corporation (NYSE RAD) traded down 12.09% during midday trading on Tuesday, hitting $2.40. 102,836,248 shares of the stock traded hands. The stock has a 50-day moving average of $2.38 and a 200-day moving average of $3.36. Rite Aid Corporation has a 52-week low of $2.21 and a 52-week high of $8.77. The company’s market cap is $2.51 billion.

Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings results on Thursday, June 29th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). Rite Aid Corporation had a negative net margin of 0.21% and a positive return on equity of 0.52%. The company had revenue of $7.78 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same quarter in the prior year, the business earned $0.02 earnings per share. Rite Aid Corporation’s revenue was down 4.9% on a year-over-year basis. On average, equities analysts predict that Rite Aid Corporation will post ($0.10) earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Rite Aid Corporation by 0.4% in the second quarter. Vanguard Group Inc. now owns 84,788,103 shares of the company’s stock valued at $250,125,000 after purchasing an additional 353,087 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Rite Aid Corporation by 4,995.0% in the first quarter. BlackRock Inc. now owns 50,473,198 shares of the company’s stock valued at $214,510,000 after purchasing an additional 49,482,563 shares in the last quarter. FMR LLC grew its holdings in shares of Rite Aid Corporation by 204.0% in the second quarter. FMR LLC now owns 29,123,366 shares of the company’s stock valued at $85,914,000 after purchasing an additional 19,542,772 shares in the last quarter. State Street Corp grew its holdings in shares of Rite Aid Corporation by 6.2% in the first quarter. State Street Corp now owns 20,138,093 shares of the company’s stock valued at $85,585,000 after purchasing an additional 1,170,078 shares in the last quarter. Finally, Morgan Stanley grew its holdings in shares of Rite Aid Corporation by 14.9% in the first quarter. Morgan Stanley now owns 8,801,138 shares of the company’s stock valued at $37,405,000 after purchasing an additional 1,143,809 shares in the last quarter. Institutional investors and hedge funds own 52.62% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Rite Aid Corporation (RAD) Debt Trading 2% Lower” was first reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this piece of content on another domain, it was stolen and republished in violation of international copyright & trademark legislation. The original version of this piece of content can be accessed at https://www.chaffeybreeze.com/2017/09/19/rite-aid-corporation-rad-debt-trading-2-lower.html.

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.

Receive News & Ratings for Rite Aid Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rite Aid Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply