An issue of Rite Aid Co. (NYSE:RAD) debt fell 2.9% against its face value during trading on Thursday. The high-yield debt issue has a 6.125% coupon and is set to mature on April 1, 2023. The debt is now trading at $99.00 and was trading at $101.88 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.
Several equities research analysts have recently issued reports on RAD shares. Mizuho reissued a “positive” rating and set a $6.75 price objective (down previously from $9.00) on shares of Rite Aid in a research report on Monday, January 30th. Deutsche Bank AG reissued a “hold” rating and set a $6.50 price objective (down previously from $9.00) on shares of Rite Aid in a research report on Monday, March 6th. Zacks Investment Research downgraded shares of Rite Aid from a “hold” rating to a “sell” rating in a research report on Wednesday, March 8th. Vetr downgraded shares of Rite Aid from a “strong-buy” rating to a “buy” rating and set a $6.58 price objective for the company. in a research report on Monday, February 20th. Finally, Credit Suisse Group AG reissued an “outperform” rating and set a $6.50 price objective on shares of Rite Aid in a research report on Monday, March 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $6.58.
Shares of Rite Aid Co. (NYSE:RAD) traded down 2.70% during midday trading on Thursday, hitting $3.97. 37,967,985 shares of the stock traded hands. Rite Aid Co. has a 52 week low of $3.75 and a 52 week high of $8.77. The firm has a 50-day moving average price of $4.64 and a 200-day moving average price of $6.57. The stock has a market capitalization of $4.15 billion, a P/E ratio of 50.25 and a beta of 1.89.
Hedge funds have recently added to or reduced their stakes in the stock. Ursa Fund Management LLC bought a new stake in Rite Aid during the fourth quarter worth $367,000. Skandinaviska Enskilda Banken AB publ raised its stake in Rite Aid by 7.3% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 143,300 shares of the company’s stock worth $1,102,000 after buying an additional 9,700 shares during the period. Russell Investments Group Ltd. bought a new stake in Rite Aid during the fourth quarter worth $3,366,000. Comerica Bank bought a new stake in Rite Aid during the fourth quarter worth $354,000. Finally, TIAA CREF Investment Management LLC raised its stake in Rite Aid by 5.8% in the third quarter. TIAA CREF Investment Management LLC now owns 3,832,813 shares of the company’s stock worth $29,474,000 after buying an additional 210,579 shares during the period. 59.92% of the stock is owned by hedge funds and other institutional investors.
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About Rite Aid
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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