Alpine Partners VI LLC bought a new stake in Rite Aid Corp. (NYSE:RAD) during the second quarter, Holdings Channel reports. The fund bought 255,692 shares of the company’s stock, valued at approximately $1,915,000.
Several other hedge funds have also modified their holdings of the company. Geode Capital Management LLC boosted its stake in shares of Rite Aid Corp. by 4.5% in the first quarter. Geode Capital Management LLC now owns 6,558,933 shares of the company’s stock valued at $53,423,000 after buying an additional 285,370 shares during the period. State Street Corp boosted its stake in Rite Aid Corp. by 3.4% in the first quarter. State Street Corp now owns 18,204,115 shares of the company’s stock worth $148,362,000 after buying an additional 603,510 shares during the last quarter. Quantum Capital Management boosted its stake in Rite Aid Corp. by 27.4% in the first quarter. Quantum Capital Management now owns 2,258,875 shares of the company’s stock worth $18,409,000 after buying an additional 485,529 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in Rite Aid Corp. by 25.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,000,000 shares of the company’s stock worth $8,150,000 after buying an additional 200,000 shares during the last quarter. Finally, Welch Capital Partners LLC NY purchased a new stake in Rite Aid Corp. during the second quarter worth about $5,555,000. 63.13% of the stock is owned by institutional investors and hedge funds.
Rite Aid Corp. (NYSE:RAD) opened at 7.58 on Thursday. Rite Aid Corp. has a 1-year low of $5.98 and a 1-year high of $8.74. The company has a market capitalization of $7.92 billion, a price-to-earnings ratio of 58.76 and a beta of 1.77. The stock has a 50 day moving average price of $7.79 and a 200-day moving average price of $7.69.
Rite Aid Corp. (NYSE:RAD) last posted its quarterly earnings data on Thursday, September 22nd. The company reported $0.03 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.03. Rite Aid Corp. had a net margin of 0.41% and a return on equity of 32.41%. The company earned $8 million during the quarter. During the same quarter in the prior year, the company earned $0.02 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Equities analysts predict that Rite Aid Corp. will post $0.14 earnings per share for the current year.
A number of analysts recently issued reports on the company. Zacks Investment Research raised Rite Aid Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, June 8th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Rite Aid Corp. in a research report on Friday, June 17th. Finally, Vetr raised Rite Aid Corp. from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $9.11.
About Rite Aid Corp.
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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