Tyers Asset Management LLC Buys Shares of 302,632 Rite Aid (RAD)

Tyers Asset Management LLC bought a new stake in shares of Rite Aid (NYSE:RAD) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 302,632 shares of the company’s stock, valued at approximately $508,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RAD. Sequoia Financial Advisors LLC purchased a new stake in Rite Aid in the 4th quarter worth about $101,000. Quantitative Systematic Strategies LLC purchased a new stake in Rite Aid in the 1st quarter worth about $134,000. Brave Asset Management Inc. raised its position in Rite Aid by 52.4% in the 4th quarter. Brave Asset Management Inc. now owns 80,000 shares of the company’s stock worth $158,000 after purchasing an additional 27,500 shares during the period. Parametrica Management Ltd purchased a new stake in Rite Aid in the 4th quarter worth about $182,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Rite Aid in the 4th quarter worth about $195,000. Hedge funds and other institutional investors own 50.37% of the company’s stock.

Rite Aid opened at $1.69 on Monday, Marketbeat.com reports. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.85 and a current ratio of 1.37. The stock has a market capitalization of $1.80 billion, a P/E ratio of -84.50 and a beta of 1.74. Rite Aid has a 1-year low of $1.38 and a 1-year high of $4.21.

Rite Aid (NYSE:RAD) last issued its earnings results on Thursday, April 12th. The company reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $5.39 billion for the quarter, compared to the consensus estimate of $5.75 billion. Rite Aid had a net margin of 3.60% and a negative return on equity of 8.25%. Rite Aid’s quarterly revenue was down 8.6% compared to the same quarter last year. sell-side analysts expect that Rite Aid will post 0.04 EPS for the current fiscal year.

A number of research firms recently weighed in on RAD. Mizuho reissued a “hold” rating on shares of Rite Aid in a research report on Tuesday, April 17th. Zacks Investment Research lowered shares of Rite Aid from a “buy” rating to a “hold” rating in a research report on Friday, April 13th. Finally, Vetr raised shares of Rite Aid from a “buy” rating to a “strong-buy” rating and set a $2.54 price objective on the stock in a research report on Thursday, January 25th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $2.33.

Rite Aid Company Profile

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

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

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