Rite Aid Corporation (RAD) Bonds Drop 2.3% During Trading

An issue of Rite Aid Corporation (NYSE:RAD) bonds fell 2.3% against their face value during trading on Tuesday. The debt issue has a 7.7% coupon and will mature on February 15, 2027. The debt is now trading at $86.25 and was trading at $88.75 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

Several brokerages have issued reports on RAD. Mizuho set a $2.00 target price on Rite Aid Corporation and gave the company a “hold” rating in a research report on Saturday, October 7th. Loop Capital restated a “hold” rating and set a $2.00 target price (down previously from $2.50) on shares of Rite Aid Corporation in a research report on Friday, September 29th. Guggenheim reiterated a “neutral” rating and issued a $2.00 price target on shares of Rite Aid Corporation in a report on Monday, October 2nd. Zacks Investment Research lowered Rite Aid Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. Finally, Evercore ISI started coverage on Rite Aid Corporation in a report on Friday, June 30th. They issued an “underperform” rating and a $2.50 price target for the company. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $3.73.

Rite Aid Corporation (NYSE RAD) opened at 1.78 on Thursday. Rite Aid Corporation has a 52-week low of $1.75 and a 52-week high of $8.77. The company has a 50 day moving average price of $2.29 and a 200 day moving average price of $3.06. The firm has a market capitalization of $1.87 billion, a P/E ratio of 21.19 and a beta of 1.79.

Rite Aid Corporation (NYSE:RAD) last announced its quarterly earnings results on Thursday, September 28th. The company reported ($0.01) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). Rite Aid Corporation had a net margin of 0.28% and a negative return on equity of 7.51%. The firm had revenue of $7.68 billion for the quarter, compared to analyst estimates of $7.83 billion. During the same period last year, the business earned $0.03 EPS. Rite Aid Corporation’s revenue for the quarter was down 4.4% compared to the same quarter last year. On average, equities analysts forecast that Rite Aid Corporation will post $0.92 EPS for the current fiscal year.

In related news, Director Myrtle S. Potter sold 28,189 shares of Rite Aid Corporation stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $2.09, for a total transaction of $58,915.01. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.29% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. increased its stake in Rite Aid Corporation by 0.7% in the first 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 period. Geneva Advisors LLC increased its stake in shares of Rite Aid Corporation by 6.5% during the second quarter. Geneva Advisors LLC now owns 43,000 shares of the company’s stock worth $127,000 after acquiring an additional 2,616 shares during the period. TD Asset Management Inc. increased its stake in shares of Rite Aid Corporation by 4.4% during the first quarter. TD Asset Management Inc. now owns 63,943 shares of the company’s stock worth $272,000 after acquiring an additional 2,700 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Rite Aid Corporation by 8.1% during the second quarter. Pinnacle Associates Ltd. now owns 38,900 shares of the company’s stock worth $115,000 after acquiring an additional 2,900 shares during the period. Finally, Blair William & Co. IL increased its stake in shares of Rite Aid Corporation by 6.5% during the first quarter. Blair William & Co. IL now owns 49,398 shares of the company’s stock worth $296,000 after acquiring an additional 3,000 shares during the period. Institutional investors own 52.62% of the company’s stock.

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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.

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