Rite Aid Corporation (RAD) Bonds Drop 1.6% During Trading

An issue of Rite Aid Corporation (NYSE:RAD) bonds fell 1.6% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 6.125% coupon and will mature on April 1, 2023. The bonds in the issue are now trading at $98.50 and were trading at $97.10 one week ago. Price changes in a company’s bonds in credit markets often anticipate parallel changes in its stock price.

RAD has been the subject of a number of recent analyst reports. Cowen and Company reiterated an “outperform” rating and set a $4.70 price target on shares of Rite Aid Corporation in a report on Monday, June 12th. Evercore ISI initiated coverage on shares of Rite Aid Corporation in a report on Friday, June 30th. They set an “underperform” rating and a $2.50 price target for the company. Bank of America Corporation reiterated an “underperform” rating and set a $2.00 price target on shares of Rite Aid Corporation in a report on Friday, June 30th. Guggenheim reiterated a “neutral” rating on shares of Rite Aid Corporation in a report on Monday, July 3rd. Finally, Zacks Investment Research lowered shares of Rite Aid Corporation from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $4.08.

Rite Aid Corporation (NYSE RAD) traded up 1.67% during mid-day trading on Wednesday, hitting $2.44. 53,613,142 shares of the stock were exchanged. The stock’s market cap is $2.55 billion. Rite Aid Corporation has a 52-week low of $2.21 and a 52-week high of $8.77. The stock has a 50 day moving average of $2.38 and a 200-day moving average of $3.36.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. grew its stake in shares of Rite Aid Corporation by 0.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 141,287 shares of the company’s stock valued at $600,000 after purchasing an additional 968 shares during the last quarter. Capstone Asset Management Co. grew its stake in shares of Rite Aid Corporation by 7.9% in the 1st quarter. Capstone Asset Management Co. now owns 25,870 shares of the company’s stock valued at $110,000 after purchasing an additional 1,890 shares during the last quarter. Geneva Advisors LLC grew its stake in shares of Rite Aid Corporation by 6.5% in the 2nd quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock valued at $127,000 after purchasing an additional 2,616 shares during the last quarter. TD Asset Management Inc. grew its stake in shares of Rite Aid Corporation by 4.4% in the 1st quarter. TD Asset Management Inc. now owns 63,943 shares of the company’s stock valued at $272,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Kellner Capital LLC grew its stake in shares of Rite Aid Corporation by 0.9% in the 1st quarter. Kellner Capital LLC now owns 321,400 shares of the company’s stock valued at $1,366,000 after purchasing an additional 2,900 shares during the last quarter. 52.62% of the stock is currently owned by institutional investors.

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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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