M&T Bank Corp Decreases Position in Rite Aid Co. (RAD)

M&T Bank Corp decreased its stake in shares of Rite Aid Co. (NYSE:RAD) by 87.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,940 shares of the company’s stock after selling 1,448,976 shares during the period. M&T Bank Corp’s holdings in Rite Aid were worth $867,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RAD. Franklin Resources Inc. raised its position in shares of Rite Aid by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 34,173,992 shares of the company’s stock valued at $281,594,000 after buying an additional 880,922 shares in the last quarter. State Street Corp raised its position in shares of Rite Aid by 0.9% in the fourth quarter. State Street Corp now owns 18,968,015 shares of the company’s stock valued at $156,302,000 after buying an additional 178,242 shares in the last quarter. APG Asset Management N.V. raised its position in shares of Rite Aid by 70.6% in the first quarter. APG Asset Management N.V. now owns 15,262,729 shares of the company’s stock valued at $64,867,000 after buying an additional 6,315,600 shares in the last quarter. Highfields Capital Management LP raised its position in shares of Rite Aid by 15.4% in the fourth quarter. Highfields Capital Management LP now owns 15,000,000 shares of the company’s stock valued at $123,600,000 after buying an additional 2,000,000 shares in the last quarter. Finally, Two Sigma Investments LP raised its position in shares of Rite Aid by 19.1% in the fourth quarter. Two Sigma Investments LP now owns 14,378,645 shares of the company’s stock valued at $118,480,000 after buying an additional 2,308,288 shares in the last quarter. Hedge funds and other institutional investors own 59.92% of the company’s stock.

Institutional Ownership by Quarter for Rite Aid (NYSE:RAD)

Rite Aid Co. (NYSE:RAD) traded up 4.25% during trading on Friday, reaching $3.68. The company’s stock had a trading volume of 23,743,282 shares. The stock has a market capitalization of $3.88 billion, a PE ratio of 920.00 and a beta of 1.89. The stock has a 50 day moving average price of $3.88 and a 200 day moving average price of $5.87. Rite Aid Co. has a 1-year low of $3.32 and a 1-year high of $8.77. Rite Aid also was the recipient of unusually large options trading on Wednesday. Traders purchased 9,144 put options on the stock. This is an increase of approximately 107% compared to the average volume of 4,425 put options.

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Several equities analysts have recently commented on RAD shares. Credit Suisse Group AG restated an “outperform” rating and set a $6.50 price target on shares of Rite Aid in a research note on Monday, March 20th. Zacks Investment Research upgraded Rite Aid from a “sell” rating to a “hold” rating in a research note on Monday, February 27th. Guggenheim lowered Rite Aid from a “buy” rating to a “neutral” rating in a research note on Tuesday, April 25th. Deutsche Bank AG restated a “hold” rating and set a $6.50 price target (down previously from $9.00) on shares of Rite Aid in a research note on Monday, March 6th. Finally, Vetr upgraded Rite Aid from a “buy” rating to a “strong-buy” rating and set a $6.58 price target on the stock in a research note on Thursday, March 2nd. Four analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $6.58.

Rite Aid 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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