Rite Aid (RAD) Given a $1.00 Price Target at Royal Bank of Canada

Royal Bank of Canada set a $1.00 price objective on Rite Aid (NYSE:RAD) in a research report released on Monday. The brokerage currently has a hold rating on the stock.

A number of other brokerages also recently issued reports on RAD. Zacks Investment Research raised shares of Rite Aid from a sell rating to a hold rating in a research report on Friday, August 24th. Mizuho reaffirmed a hold rating and issued a $2.00 price objective on shares of Rite Aid in a research report on Thursday, August 9th. Cowen downgraded shares of Rite Aid from an outperform rating to a market perform rating and upped their price objective for the stock from $2.35 to $6.00 in a research report on Monday, August 13th. TheStreet downgraded shares of Rite Aid from a c- rating to a d rating in a research report on Wednesday, August 8th. Finally, Goldman Sachs Group started coverage on shares of Rite Aid in a research report on Thursday, September 6th. They issued a sell rating and a $1.00 price objective for the company. Two analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $2.25.

Shares of RAD stock opened at $1.24 on Monday. Rite Aid has a 52-week low of $1.23 and a 52-week high of $2.55. The company has a quick ratio of 0.85, a current ratio of 1.49 and a debt-to-equity ratio of 1.75.

Rite Aid (NYSE:RAD) last issued its quarterly earnings data on Wednesday, June 27th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). Rite Aid had a net margin of 5.18% and a negative return on equity of 2.88%. The business had revenue of $5.39 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period in the prior year, the firm posted ($0.05) EPS. The firm’s quarterly revenue was down .9% compared to the same quarter last year. research analysts anticipate that Rite Aid will post -0.02 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. NEXT Financial Group Inc boosted its stake in Rite Aid by 62.5% in the first quarter. NEXT Financial Group Inc now owns 73,850 shares of the company’s stock valued at $124,000 after acquiring an additional 28,400 shares during the last quarter. Rhumbline Advisers boosted its stake in Rite Aid by 2.8% in the second quarter. Rhumbline Advisers now owns 1,096,828 shares of the company’s stock valued at $1,898,000 after acquiring an additional 30,154 shares during the last quarter. Gamco Investors INC. ET AL boosted its stake in Rite Aid by 4.2% in the first quarter. Gamco Investors INC. ET AL now owns 842,639 shares of the company’s stock valued at $1,416,000 after acquiring an additional 33,866 shares during the last quarter. Xact Kapitalforvaltning AB boosted its stake in Rite Aid by 24.2% in the second quarter. Xact Kapitalforvaltning AB now owns 180,143 shares of the company’s stock valued at $312,000 after acquiring an additional 35,100 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp boosted its stake in Rite Aid by 25.0% in the first quarter. OMERS ADMINISTRATION Corp now owns 212,600 shares of the company’s stock valued at $357,000 after acquiring an additional 42,500 shares during the last quarter. Hedge funds and other institutional investors own 55.58% of the company’s stock.

Rite Aid Company Profile

Rite Aid Corporation, through its subsidiaries, operates a chain of retail drugstores in the United States. It operates through two segments, Retail Pharmacy and Pharmacy Services. The Retail Pharmacy segment sells prescription drugs and a range of other merchandise, including over-the-counter medications, health and beauty aids, personal care items, cosmetics, household items, food and beverages, greeting cards, seasonal merchandise, and other every day and convenience products.

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