MetLife Investment Advisors LLC Increases Position in Rite Aid Co. (RAD)

MetLife Investment Advisors LLC increased its stake in shares of Rite Aid Co. (NYSE:RAD) by 53.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 740,540 shares of the company’s stock after acquiring an additional 258,006 shares during the quarter. MetLife Investment Advisors LLC’s holdings in Rite Aid were worth $948,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in RAD. Northern Trust Corp increased its position in Rite Aid by 124.0% during the second quarter. Northern Trust Corp now owns 12,115,100 shares of the company’s stock worth $20,959,000 after acquiring an additional 6,706,701 shares during the period. Private Management Group Inc. acquired a new stake in Rite Aid during the second quarter worth $11,435,000. Schwab Charles Investment Management Inc. boosted its stake in Rite Aid by 58.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 7,129,600 shares of the company’s stock worth $12,335,000 after buying an additional 2,618,183 shares in the last quarter. Kepos Capital LP acquired a new stake in Rite Aid during the third quarter worth $2,560,000. Finally, Bank of New York Mellon Corp boosted its stake in Rite Aid by 26.8% during the second quarter. Bank of New York Mellon Corp now owns 5,522,163 shares of the company’s stock worth $9,553,000 after buying an additional 1,168,099 shares in the last quarter. 49.92% of the stock is currently owned by institutional investors and hedge funds.

RAD opened at $0.81 on Friday. Rite Aid Co. has a fifty-two week low of $0.60 and a fifty-two week high of $2.55. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.90 and a current ratio of 1.59. The firm has a market cap of $867.27 million, a price-to-earnings ratio of -40.64 and a beta of 1.81.

Rite Aid (NYSE:RAD) last issued its earnings results on Wednesday, December 19th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.02. Rite Aid had a net margin of 2.85% and a negative return on equity of 0.94%. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.45 billion. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Rite Aid Co. will post -0.02 EPS for the current fiscal year.

A number of equities research analysts have weighed in on the stock. Zacks Investment Research downgraded shares of Rite Aid from a “buy” rating to a “hold” rating in a research note on Monday, December 3rd. Royal Bank of Canada set a $1.00 price target on shares of Rite Aid and gave the stock a “hold” rating in a research note on Monday, September 24th. Finally, Loop Capital decreased their price target on shares of Rite Aid from $1.35 to $1.00 and set a “hold” rating on the stock in a research note on Thursday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a strong buy rating to the company’s stock. Rite Aid has an average rating of “Hold” and a consensus target price of $2.11.

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Rite Aid Profile

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

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

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